Grain Futures End Mixed as Traders Watch Forecasts
Wheat contracts for July delivery rose Friday, gaining 0.2% to $4.42 1/2 a bushel at the Chicago Board of Trade. Soybean contracts for July delivery decreased 0.7% to $8.67 a bushel. July corn contracts rose 1.1% to $3.61 1/4 a bushel.
Grain markets will continue to monitor planting progress and weather forecasts, analysts say. Weather predictions show significant precipitation in the 6-10 day forecast map and 11-15 day map, Allendale analysts said, while southern Wisconsin and northern Illinois could see some inches of snow this weekend. "In many of these areas conditions are just starting to be fit for field work and if realized, will be set back," MaxYield Cooperative analysts said.
ADM Broadens Revamp After Weather, Trade Challenges -- 2nd Update
Archer Daniels Midland Co. is expanding restructuring efforts as the agricultural company works to rebound from challenges due to bad weather and trade tensions.
The Chicago-based company on Friday said it plans to close aging flour mills, cut production of high-fructose corn syrup and prepare ethanol operations for a potential spinoff. Previously ADM had said it would reduce staff and streamline global operations.
ADM reported a first-quarter profit of $233 million, or 41 cents a share, down from $393 million, or 70 cents a share, a year earlier.
After adjustments, the company recorded earnings of 46 cents a share, weaker than the 60 cents a share analysts predicted.
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Mondelez International Updates Palm Oil Action Plan
Mondelez International Inc. (MDLZ) revealed updates to its Palm Oil Action Plan as the company works to improve transparency and speed the adoption of sustainable practices.
Mondelez said adoption of its Palm Oil Action Plan is a prerequisite to doing business with the company.
Mondelez said in the future, all suppliers to the company must take responsibility to eliminate deforestation in their operations and in their upstream supply chains.
Bunge Names Greg Heckman CEO
Bunge Ltd. appointed longtime agribusiness executive Gregory Heckman chief executive as the grain giant revamps its business amid turbulent agricultural markets.
Mr. Heckman, 56 years old, became Bunge's acting chief executive in January after his predecessor, Soren Schroder, said late last year that he would step down. Mr. Schroder had faced pressure from activist investors after Bunge's performance suffered and discussions with two suitors didn't result in a sale of the company, The Wall Street Journal reported.
Argentina Soybean Harvest Reaches Halfway Point -- Market Talk
10:25 ET - Argentine farmers have finished their harvesting work on 50.7% of the area planted with the crop, according to the Buenos Aires Grains Exchange. Good weather in many areas has helped speed work along, though heavy rain has practically halted harvesting in parts of the Chaco and Santiago del Estero provinces, the exchange says. The exchange maintains its forecast for a crop of 55M metric tons. The corn harvest advanced to 28.1% finished, the exchange says. (email@example.com)
African Swine Fever Weighs on Hog Futures -- Market Talk
15:26 ET - Agricultural commodities affected by China's growing hog disease problem trade lower, including hog and soybean futures. MaxYield Cooperative analysts say that as of this week, the outbreak of African swine fever has now spread to every province in China. "Soybean prices are weaker on follow-through selling on the growing realization that a China trade agreement likely will not 'fix' its balance sheet in the face of African swine fever in China," said Arlan Suderman of INTL FCStone, as the lean hog futures market also struggles to figure out how to account for the effects of the spreading disease. CME hog futures fall 1.1% while cattle futures lose 0.3%. (firstname.lastname@example.org; @francescamarief)