TOP STORIES: 



  Corn Futures Rise as Brazilian Currency Gains 


  Corn for July delivery rose 0.5% to $3.20 1/2 a bushel on the Chicago Board of Trade on Wednesday, with traders finding little else to get excited about other than a stronger Brazilian real, which makes U.S. grains more attractive. Soybeans for July delivery rose 0.2% to $8.48 1/2 a bushel. Wheat for July delivery fell 0.4% to $5.04 1/2 a bushel. 


  The Brazilian currency traded 1.2% higher, marking its fifth session in a row of gains. A stronger Brazilian currency may make China more willing to buy corn and soybeans from the U.S. instead of Brazil. How long the U.S. dollar weakens in comparison to other currencies remains to be seen. "When the dollar basket gets unwound, it tends to have a long tail, and we have just come off a three-year upside run on the greenback," said Charlie Sernatinger of ED&F Man Capital. 


  ADM and Marfrig Launch Meat Alternative JV -- Market Talk 


  0923 ET - Archer Daniels Midland and Marfrig plan to launch a new joint venture that will sell meat alternative products in North and South America, expanding on the companies' existing partnership in plant-based foods. The U.S. grain giant and the Brazilian meat processor have plenty of company in the burgeoning sector, which hasn't been slowed by Covid-19, and both are trying not to be disrupted by the trend: Marfrig is one of the world's biggest beef producers and ADM maintains a major animal-feed business. The JV will be called PlantPlus Foods, with ownership split 70-30 between Marfrig and ADM. (jacob.bunge@wsj.com; @jacobbunge) 


  STORIES OF INTEREST: 


  First Corn Condition Report Shows Healthy Crop -- Market Talk 


  08:45 ET - The USDA released its first corn condition report for the year following the market's close Tuesday, showing a healthy corn crop. 70% of US corn is in either good or excellent condition, the USDA says. At this point last year, the agency hadn't even begun to survey the crop's condition, given the lateness of planting due to record wet weather. Corn futures on the CBOT are up 0.5% in pre-market trading Wednesday, but the health and size of the US corn crop is expected to keep pressure on futures. "The rally probably does not have much upside potential without dry weather or heat midsummer," says Tomm Pfitzenmaier of Summit Commodity Brokerage, who forecasts that corn prices could fall to as low as $2.70 to $2.90 per bushel this year. (kirk.maltais@wsj.com; @kirkmaltais) 


  Le Pain Quotidien's U.S. Restaurants File for Bankruptcy 


  The U.S. division of bakery chain Le Pain Quotidien filed for bankruptcy protection as pandemic restrictions continue to wreak havoc on fast-casual dining chains. 


  The Belgian company's U.S. arm said in court papers it hoped to avert a complete liquidation of its 98 Le Pain Quotidien locations with a proposed $3 million sale of the business to fast-casual restaurant operator Aurify Brands LLC. 


  THE MARKETS: 


  Cattle Closes Above $1 For First Time Since March -- Market Talk 


  15:31 ET - Live cattle futures on the CME finished the day up 1.5%, at $1.00725 per pound. It's the first time live cattle futures have closed above $1 per pound since March 31, and makes it nearly 24% that the cattle contract has risen since finding a decade-low of roughly 81 cents per pound on April 24. Meanwhile, lean hog futures fell 0.5% to 59.3 cents per pound, cutting into yesterday's 6.6% jump. While hog prices are down in May, they are still well up from April price trough of 41 cents per pound -- a 44% uptick. (kirk.maltais@wsj.com, @kirkmaltais)