Grains Rise on China Soybean Buy, Wheat Tender
Wheat contracts for March delivery rose 1.5% to $5.24 1/4 a bushel on the Chicago Board of Trade on Friday, amid reports that U.S. wheat would be an option in a tender by an Ethiopian buyer. Corn contracts for March delivery rose 0.5% to $3.78 1/4 a bushel. March soybean contracts also rose 0.3% to $9.17 3/4 a bushel.
Soybeans posted modest gains on cautious optimism after Chinese Vice Premier Liu He told President Trump on Thursday that Beijing would buy 5 million metric tons of the oilseed from the U.S. on top of the 5 million tons it agreed to buy late last year. "Soybeans are taking support from what is being termed a positive outcome from trade talks between the U.S. and China," Karl Setzer of Citizens Elevator said.
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Nestle Accelerates Supply Chain Transparency
Nestle SA (NESN.EB) said Friday it plans to accelerate efforts toward full supply-chain transparency by disclosing the list of suppliers and a variety of data for its key commodities.
The Swiss food and beverage giant said the 15 commodities included in the move accounts for 95% of its annual sourcing of raw materials.
"Consumers want to know what is in their food and where it comes from," said Magdi Batato, executive vice president and head of operations at Nestle.
Argentina Soybean Conditions Point to Good Harvest -- Market Talk
1009 ET - Argentine farmers have finished their work planting soybeans for the 2018-2019 growing seasons, and the harvest is expected to reach 53 million metric tons, according to the Buenos Aires Grain Exchange. The figure was unchanged from the Exchange's September forecast, despite the planted area being smaller than previously forecast because of excessive rain in some areas. Good conditions in the fields should offset losses caused by the smaller planted area, the Exchange said. Corn planting is approaching its end, covering 96.8% of the expected planted area for the crop, according to the Exchange, which raised its forecast for the harvest to 45 million tons from 43 million tons because of good conditions in the field. Argentina is the world's third-biggest soybean producer, after the US and Brazil. (firstname.lastname@example.org)
Brazil Soybean Crop to Drop as Harvest Hit by Bad Weather -- Market Talk
0812 ET - Brazil's soybean crop in the 2018-2019 growing season will fall to 112.2 million metric tons because of hot, dry weather in some regions in December and January, according to INTL FCStone. In the 2017-2018 season, Brazilian farmers produced a record soybean crop of 119.3 million tons, according to crop agency Conab. INTL FCStone also cut its forecast for Brazilian soybean exports in this year, to 68 million tons from 72 million tons. That will leave the country with soybean stocks of less than 1 million tons when the 2018-2019 season ends, the company said. If INTL FCStone's forecast for 2018-2019 production is correct, it would be Brazil's smallest soybean crop since the 2015-2016 season. (email@example.com)
Livestock Futures Quiet As Traders Look To Data Next Week -- Market Talk
14:50 ET - Livestock futures finish little changed from the start of the day with lean hog futures on the CME down 0.2% to 60.125 cents per pound and live cattle futures down 0.1%, at $1.26275 per pound. Cold weather through the Midwest has been the main driver for trading this week, but outside of that there's been little news to push prices in either direction. Further releases of USDA data, as well as clarity on China's handling of its African swine fever outbreak, will likely lead to more activity on the livestock markets. (firstname.lastname@example.org; @kirkmaltais)