Corn Prices Rise on USDA Supply Report
U.S. corn prices rallied Thursday after the U.S. Department of Agriculture lowered domestic corn production and yield forecasts, surprising many analysts.
Corn contracts for December delivery rose 1.8% higher to $3.69 a bushel at the Chicago Board of Trade. November soybean contracts rose 0.7% and December wheat prices fell 0.5%.
The USDA also anticipates larger wheat supplies and higher ending stocks this month. The agency increased wheat production estimates by 7 million bushels to 1.8 billion bushels, and anticipates ending stocks at 956 million bushels.
Grain Markets Rise on Lower Soybean, Corn Production Estimates
Grain markets are rising after the U.S. Department of Agriculture lowered its production and yield forecasts for domestic corn, taking traders by surprise.
The agency said on Thursday that corn production for 2018-19 is forecasted at 14.78 billion bushels, lower than what analysts and traders were expecting, down 49 million bushels from the prior month due to reduced yield forecasts.
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USDA Forecasts Recovery for Florida Orange Production -- Market Talk
1222 ET - Orange juice futures fall 0.3% to $1.434 a pound as the USDA gives its initial forecast for the 2018-2019 season for Florida citrus at 79 million boxes, a 79% increase over last year's production of 44.95 million boxes, which was the lowest since 1945. Florida's citrus industry has struggled with an incurable disease called citrus greening that causes fruit to drop before it is ripe and last year a hurricane wiped out about half of an already struggling crop. This year, citrus areas narrowly avoided Hurricane Michael. (firstname.lastname@example.org)
Glanbia Agrees to Buy SlimFast for $350 Mln
Nutrition group Glanbia PLC (GLAPY) said Thursday that it has agreed to buy weight-management and health-and-wellness brand SlimFast for $350 million.
Ireland-headquartered Glanbia said it expects its deal with the owners of KSF Holdings LLP and HNS Intermediate Corporation, who collectively own SlimFast, to close before the end of 2018.
Hog Futures Finish Down On Slower Slaughter Pace -- Market Talk
15:08 ET - Livestock futures end mixed, as December cattle contracts rise 0.2% and December hog contacts fall 2.7%. Analysts say the pace of hog slaughter has been lower than expected compared to the same time in prior years, partially due to delays related to tropical storm Florence. Hurricane Michael is also causing disruptions in slaughter for meat processors around the Carolinas, analysts say. (email@example.com; @francescamarief)