Wheat Falls on Disappointing Egyptian Tender
Wheat for March delivery fell 1.9% to $5.25 1/4 a bushel on the Chicago Board of Trade on Tuesday, folowing Egypt's cheaper-than-anticipated purchase of Russian wheat.
Corn for March delivery fell 0.2% to $3.81 1/4 a bushel.
Soybeans for January delivery rose 0.1% to $8.71 a bushel.
STORIES OF INTEREST:
Corn Futures Little Affected by Harvest Delay -- Market Talk
13:02 ET - Even though the 2019/20 corn crop harvest progress is 9 percentage points behind the five-year average progress, according to the latest crop progress report from the USDA, corn futures are showing little reaction. "We've known about the late harvest for weeks and weeks, it's not a new story," says Rich Nelson of Allendale. So far Tuesday, corn futures are up 0.3%, at $3.83 per bushel. Corn harvesting in the US progressed by only 5% in the last week to 89% complete--9% lower than the five-year average of 98% for this time of year, according to the latest report. (email@example.com; @kirkmaltais)
Cargill Sets New Greenhouse Gas Goal -- Market Talk
15:58 ET - Agricultural conglomerate Cargill says it's setting a new target to reduce greenhouse gas emissions across its global supply chains by 30% per ton of product by 2030. Cargill has taken heavy fire this year from environmental groups after saying the company will fall short of a previously set goal to halt deforestation, and the new target relies on improving soil content, reducing carbon emissions in its ocean shipping and planting trees. "Without bold and decisive actions by all involved in the production of food, climate change will destabilize the food system," says Cargill CEO David MacLennan. (firstname.lastname@example.org; @jacobbunge)
French Dairy Sector Exposed to Proposed US Tariffs -- Market Talk
1123 GMT - U.S. tariffs on French cheese would strike a dairy sector that has benefited from rising American demand for Camembert, Roquefort, Brie and the like. France exported 16,655 metric tons of cheese to the U.S. in the first nine months of the year, according to European Union data, or 16% of all the cheese the EU sold to the U.S. in that period. Only Italy was more successful, exporting 29,493 tons. The EU as a whole runs a healthy trade surplus in cheese and the U.S. is the biggest importer, though Chinese demand has been rising faster. The Trump administration on Monday proposed tariffs of up to 100% on various French products, including Roquefort and blue-veined cheese. (email@example.com)
Hog Futures Recover From Monday Decline -- Market Talk
15:47 ET - Hog futures on the CME rebound from a Monday slide, finishing 3.4% higher at 68.375 cents per pound. Today's bounce-back erases yesterday's 3% fall, and brings the February contract to its highest close in nearly two weeks. Meanwhile, live cattle futures slipped by 0.1%, falling to $1.2565 per pound. (firstname.lastname@example.org; @kirkmaltais)