TOP STORIES:
Wheat Falls as Russian Quota Weaker Than Anticipated
Wheat for December delivery fell 1.7% to $5.98 a bushel on the Chicago Board of Trade Wednesday in reaction the size of the proposed Russian export quota. Corn for December delivery fell 1.4% to $4.17 1/4 a bushel. Soybeans for January delivery rose 0.6% to $11.52 1/2 a bushel.
Wheat trading on the CBOT led futures lower Wednesday, pressured by a Russian wheat quota that's not as stringent as expected: 15 million metric tons from February to June. "The ability of Russia to keep freely exporting wheat into mid-February was bearish." said AgResource. Meanwhile, corn and soybeans were also under pressure, with grains traders selling after futures hit multi-year highs yesterday.
S&W Seed Shares Rise as 1Q Revenue Increases
Shares of S&W Seed Co. rose 6% in premarket trading after it said its revenue rose, though its loss widened for the latest quarter as it spent more on sales, marketing, research and development and from the acquisition of Pasture Genetics.
The seed company, which supplies crop products, on Wednesday posted a loss for the fiscal first quarter of $7.2 million, or 21 cents a share, compared with a loss of $4.9 million, or 15 cents a share, in the same period last year. Adjusted losses were 21 cents a share.
STORIES OF INTEREST:
Agricultural Giant Louis Dreyfus to Sell Major Stake to Abu Dhabi State Firm
Billionaire heiress Margarita Louis-Dreyfus agreed to sell a major stake in Louis Dreyfus Company B.V., the Dutch agricultural merchant that has borne her family's name for almost two centuries, to a state-owned holding company in the United Arab Emirates.
The agreement with Abu Dhabi-based ADQ completes a yearslong search by Ms. Louis-Dreyfus for an outside investor in the privately held coffee-to-cotton trading house, after she agreed to buy out family members who held minority stakes in 2018. As part of the deal, Louis Dreyfus signed a long-term agreement to supply agricultural commodities to the U.A.E.
FDA, CDC: E.coli Strain Matches One in Recalled Lettuce, Not Enough Information to Determine Cause
Health officials are looking into a third E.coli outbreak in the U.S., with 12 cases including five hospitalizations.
The Centers for Disease Control and Prevention and the Food and Drug Administration said the outbreak strain matches the one found in a test of Tanimura & Antle Inc. romaine lettuce, but said there isn't enough information available at this time to determine if the company's lettuce caused the illnesses. The company recalled certain bags of single head romaine lettuce last week.
New York Sets 10 P.M. Curfew For Bars, Restaurants Serving Liquor and Gyms -- Update
New York will set a 10 p.m. curfew for most bars and restaurants and will limit gatherings at private residences to 10 people, Gov. Andrew Cuomo said Wednesday, as the number of novel coronavirus cases and hospitalizations continued to rise around the state.
The Democratic governor also said gyms must close by 10 p.m. The new restrictions take effect on Friday, and come two weeks before Thanksgiving, possibly throwing a wrench in some families' holiday plans. Mr. Cuomo said private gatherings, bars, restaurants and gyms have been a source of increase for the virus, which killed 21 New Yorkers on Tuesday.
THE MARKETS:
Livestock Futures Finish Mixed -- Market Talk
15:09 ET - Livestock futures trading on the CME finished mixed -- with live cattle futures ending up 0.5% to $1.124 per pound, while lean hog futures closed trading down 0.5% to 64.8 cents per pound. Based on data released by the USDA yesterday, meat prices may move higher in the coming months, especially if grain futures continue to move higher. "Grain futures have been flying high in recent weeks and the latest numbers from USDA did little to tone down the bullishness in the complex," says Steiner Consulting Group. "High feed costs eventually bolster meat price inflation and combined with projections for better demand next year the implication is clear -- buyers need to prepare for higher meat prices." (kirk.maltais@wsj.com; @kirkmaltais)
(END) Dow Jones Newswires
11-11-20 1732ET
