Grain Futures Fall as Market Looks for Clarity in Crop Reports
Wheat contracts for March delivery fell 1.1% to $5.25 1/4 a bushel at the Chicago Board of Trade Friday. January soybean contracts also fell 0.8% to $9.09 3/4 a bushel. The spread of African swine fever among pigs in Asia and abroad could prove to be a factor moving soybean demand estimates in Tuesday's WASDE reports.
Investors Speculate on New Bunge Leadership -- Market Talk
09:49 ET - Bunge didn't put any timeframe around its CEO search announced Monday, but investors don't anticipate a long process given the relatively small universe of seasoned grain-trading executives out there. Some see Greg Heckman, the former CEO of rival grain company Gavilon and recent addition to Bunge's board, as a natural candidate. Investors also eye Matt Jansen, a former Archer Daniels Midland exec who briefly led Chinese agricultural giant Cofco, before earlier this year joining a Saudi agricultural investment firm. Mayo Schmidt, previously CEO of Canadian grain company Viterra, is considered another candidate after departing a Canadian power company last summer. Bunge shares up 2%. (firstname.lastname@example.org; @jacobbunge)
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Bunge CEO To Step Down
Bunge Ltd.'s chief executive has agreed to step down from his position, a move that comes as the agricultural giant seeks to placate investors upset by its performance. Bunge said Monday that CEO Soren Schroder will exit his role once a successor is named. The Wall Street Journal reported Friday that Bunge was preparing to replace Mr. Schroder and would initiate a search for his replacement.
Europeans Worried About No-Deal Brexit: BAML -- Market Talk
1644 GMT - European clients are getting "more nervous" as Brexit deadline approaches, says Gilles Moec, head of developed Europe economics at Bank of America Merrill Lynch. The U.K. exiting from the EU without a deal, which is getting more likely, will most definitely hurt European exporters because it will completely stop the entry of European goods into the U.K., Mr. Moec says. However, Europeans are not doing much about it, he says. (email@example.com)
Livestock Futures End Lower -- Market Talk
15:12 ET - Hog futures approach seasonal lows as CME lean hog contracts for February delivery fall 1.6%, while live cattle contracts end 0.3% lower. "In 2019, we will have record large supplies (of pork)," says Don Roose, president of US Commodities. "So the market desperately needs an increase in exports ... whether that's from China or through a third party or from a new location." Meanwhile, African swine fever continues to spread in China, which some analysts think will lead to increased foreign demand coming to US producers. (firstname.lastname@example.org; @francescamarief)