Record-Setting U.S. Corn Yield Estimate Prompts Sell Off
Domestic corn farmers are due to harvest a larger-than-expected crop after the U.S. Department of Agriculture forecast record yields Wednesday, taking traders by surprise.
The U.S. Department of Agriculture raised its estimate for domestic corn production for 2018-19 to 14.8 billion bushels, up 241 million from last month's estimate. The agency said in its monthly supply and demand report that it expects to see a record corn yield of 181.3 bushels per acre, surprising analysts who were expecting smaller production.
September soybean futures closed up 1.1% at $8.29 a bushel. Wheat futures for December fell 2.3%, and corn futures for September ended down 3.9%.
U.S. Businesses Ramp Up Lobbying Against Trump's Tariffs
WASHINGTON -- From California apple growers to Maine lobstermen, businesses are joining forces to try to persuade President Trump that tariffs are hurting U.S. industries.
On Wednesday, organizations representing thousands of companies in industries including retailing, toy manufacturing, farming and technology plan to announce they are cooperating on a lobbying campaign called Tariffs Hurt the Heartland to oppose tariffs on imports.
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Hurricane Florence Could Hurt Major Restaurant Chains -- Market Talk
10:12 ET - Several national restaurant chains have a large enough footprint in the Southeast that Hurricane Florence, expected to hit landfall in North Carolina by the weekend, could experience a material sales impact, according to Jefferies. Chipotle, Bojangles, Zoe's Kitchen and Bloomin' Brands are among the chains with the most exposure to the areas in Florence's expected path. Many of the same chains were also hurt by Hurricanes Harvey and Irma around this time last year. In addition to immediate restaurant closures and damage, restaurants often face lingering sales declines in the wake of a major storm due to residents facing heightened price sensitivity. (firstname.lastname@example.org)
Amazon Expands Prime Now Grocery Delivery From Whole Foods in 10 New Cities -- MarketWatch
Amazon.com Inc. (AMZN) said Wednesday that it has added Prime Now grocery delivery from Whole Foods Markets in Las Vegas, Charlotte and Raleigh, N.C., Nashville, Memphis, New Orleans, Oklahoma City, Phoenix, Seattle, and Tucson, Ariz. Prime Now delivery, which gets groceries to customers in as little as an hour, has also been added to more neighborhoods in New York City, Los Angeles and the Dallas/Ft. Worth area. This brings Prime Now service to 38 cities. Amazon shares have gained 69% for the year to date while the S&P 500 index is up 7.8% for the period.
Livestock Prices Rise As Hurricane Florence Nears -- Market Talk
15:29 ET - Livestock futures end higher as traders watch for developments on Hurricane Florence and on the growing swine disease outbreak in China. Hog futures rise 2.4% to 55.8 cents a pound, while cattle futures rise 2%. The hurricane approaching the Southeast coast has caused hog processors in the region to enact hurricane preparedness plans, which could interfere with slaughter schedules. "The massive disruption in the kill will tighten up the product pipeline and we should see a higher to sharply higher cutout value develop," says Dennis Smith of Archer Financial Services. (email@example.com; @francescamarief)