TOP STORIES:

Wheat Drops For Fourth Day on Good Weather

Wheat for July delivery fell 0.5% to $4.81 1/4 a bushel on the Chicago Board of Trade Friday as the weather outlook for the U.S. Corn Belt continues to support crop growth. Soybeans for July delivery rose 0.4% to $8.76 1/2 a bushel. Corn for July delivery rose 0.5% to $3.32 1/2 a bushel.

Grain futures on the CBOT posted limited movement in trading Friday, as the weather forecasts continue to look optimal for grains in the Corn Belt. "The 5-day weather forecast looks fantastic with good rain projected across the majority of the [Western Corn Belt]," said Terry Reilly of Futures International. Isolated showers and normal temperatures are projected over the next 6-10 days, said weather research firm DTN. A good weather outlook has consistently kept a lid on grain futures this week.

STORIES OF INTEREST:

Nestle Faces Negative Out-Of-Home Sales, Guidance Under Threat -- Market Talk

1254 GMT - Nestle's second-quarter sales are expected to be hit by a significant drop in out-of-home channels, says Jefferies. The Swiss food and beverage giant's organic sales growth in the period is expected to be at 1% from a previously forecasted 2.9%, according to analysts at the bank. In the first half, Nestle is also forecast to have flat margins on-year, which leads to a EPS downgrade of about 2% for fiscal 2020, according to Jefferies. "We are now even more strongly of the view that Nestle will have to abandon fiscal-year sales growth guidance." Shares trade 1.3% higher at CHF108.24. (giulia.petroni@wsj.com)

Brazil Winter Corn Crop Will Reach Record Output -- Market Talk

14:54 ET - Brazilian farmers will produce 75.1M metric tons of corn in the winter growing season, up from 74.4M tons a year ago, according to the estimate by agricultural consultancy Safras & Mercado. Brazil's mild winters permit its farmers to grow two corn crops per year, and Safras had previously forecast production of 69.6M tons for this year's winter crop. The group also raised its estimate of the area planted, with an increase of 9.3% over the same period last year. With the revision to the winter crop estimate, Safras forecasts a total corn crop of 108.4M tons for the 2019-2020 growing season. (jeffrey.lewis@wsj.com)

THE MARKETS:

Livestock Futures Finish Week Lower -- Market Talk

15:57 ET - Both live cattle futures and lean hog futures on the CME finished the day trading lower, setting both futures contracts down for the week. August live cattle prices closed trading Friday down 0.7% at 95.4 cents per pound, while lean hogs finished down 1.3% to 52.8 cents per pound. For both livestocks, higher slaughters is the main factor weighing on prices. However, supply issues still remain for cattle -- with marketings for fed cattle totaling 1.5 million head in May - down 28% from this time last year and a record low for May, the USDA said in its Cattle on Feed report released after the market's close Friday. (kirk.maltais@wsj.com; @kirkmaltais)