TOP STORIES: 



  Wheat Futures Slide on Expectations of Higher Russian Output 


  Wheat for September delivery fell 2.2% to $5.27 3/4 a bushel on the Chicago Board of Trade on Monday, in reaction to a Russian agency increasing its projections for the 2020 wheat crop. 


  Corn for December delivery fell 0.2% to $3.34 1/2 a bushel. 


  Soybeans for November delivery rose 0.1% to $8.99 3/4 a bushel. 


  STORIES OF INTEREST: 


  Corn and Soybean Export Inspections Miss Mark -- Market Talk 


  11:32 ET - Export inspections of US corn and soybeans came in lower than trader expectations, says Terry Reilly of Futures International. For corn, the 797,487 metric tons inspected for export are less than trader projections, and for soybeans the projection of 472,680 tons is only somewhat higher than expectations. However, most of the big export sales announced by the USDA in the past two weeks are for delivery in 2020/21 - meaning that much of the sales won't be present on the weekly inspections reports. Even so, China and Mexico are the two largest destinations for US beans shipped this week, according to the USDA. (kirk.maltais@wsj.com; @kirkmaltais) 


  Improvement to US Crop Ratings Anticipated -- Market Talk 


  11:21 ET - Grains traders anticipate today's crop progress report from the USDA will show improvements to the crop quality of corn, soybeans and wheat, which is providing pressure to futures trading on the CBOT. "The overall weather outlook here in the US appears favorable for crop development, particularly now that the weekend heat has subsided, and the trade is looking for steady to improved crop rating this afternoon," Dan Hueber of the Hueber Report says. Hueber also notes crop ratings have improved overseas, with French wheat now at 57% good or excellent condition. This morning, corn futures are down 0. 


  Papa John's to Hire 10,000 Additional Employees to Meet Demand 


  Papa John's International Inc. said it is seeking to hire 10,000 additional employees in the next few months to meet demand amid the Covid-19 pandemic. 


  The pizza chain said it recently hired 20,000 people, including those who were displaced due to the pandemic. Papa John's last month posted a 28% increase in preliminary comparable sales in North America for the second quarter. 


  THE MARKETS: 


  Livestock Futures Finish Mixed -- Market Talk 


  15:58 ET - Livestock futures on the CME finished mixed -- with the live cattle contract down 1.2% to $1.03825 per pound and the lean hogs contract up 1.2% to 50.75 cents per pound. For the livestock contracts, it's a reversal of this mornings' opening, when hogs opened lower and cattle higher. For cattle, it's the fifth session in the past six that cattle has traded lower -- and makes it the lowest the most-active cattle contract has traded at in roughly two weeks. (kirk.maltais@wsj.com; @kirkmaltais)