TOP STORIES:
Wheat Futures Give Back Gains; Export Sales Exceed Expectations
Wheat for December delivery fell 1.3% to $5.70 1/4 a bushel on the Chicago Board of Trade on Thursday after rising 5.2% in the previous session, as world wheat prices stayed stable. Soybeans for November delivery were unchanged at $10.23 1/2 a bushel. Corn for December delivery rose 1% to $3.82 3/4 a bushel.
Traders pulled back after Wednesday's rally, with the wheat market questioning what it knows about the Russian crop. The previous session was dominated by speculation about dry weather in Russia. "Wheat will be volatile as the trade is rightfully uncertain how to forecast 2021 Russian production," AgResource said.
Conagra Posts Stronger 1Q Sales But Growth Moderates
Conagra Brands Inc. reported another quarterly sales gain but, like other food manufacturers that have been helped by consumers eating more at home during the pandemic, growth was a bit slower than earlier this year.
Conagra reported a profit of $329 million, or 67 cents a share, for its fiscal first quarter to Aug. 30, up from $173.8 million, or 36 cents a share, a year earlier.
STORIES OF INTEREST:
Conagra Brands Raises Quarterly Dividend by 29.4%
Conagra Brands Inc. on Thursday said its board raised the quarterly dividend by 29.4% to 27.5 cents from 21.25 cents.
The new payout, equal to $1.10 a year, represents an annual yield of 3.08% based on Wednesday's closing price of $35.71, up from 2.38%.
Mission Produce Shares Rise in Debut After Downsized IPO
Shares of Mission Produce rose nearly 20% in their trading debut Thursday after the avocado grower's downsized initial public offering was priced at $12 a share, below the expected range of $15 to $17.
Mission shares were recently changing hands at $14.20, up 18.3%, after opening at $12.25.
US Rail Shipments on Grains Higher Than Last Year -- Market Talk
13:01 ET - Rail shipments of US grains are up from last week, and higher than this time last year, according to USDA data. In its weekly grain transportation report, US Class I railroads originated 22,130 grain carloads during the week ending Sept. 19--a 3% increase from the previous week, and 16% more than last year. Barge shipments of grains are also higher for the week, although they're still down for the year, according to the USDA. For US grains, indicators of higher shipments of US grains could bolster thoughts that livestock feed demand is on the rise, which could boost grain prices. (kirk.maltais@wsj.com; @kirkmaltais)
THE MARKETS:
Cattle Falls Despite Higher Export Sales -- Market Talk
15:50 ET - Livestock futures finish lower with live cattle futures off 0.5% at $1.11825 per pound, and lean hog futures down 0.4% at 62.85 cents per pound. For cattle, prices fall despite an uptick in export sales reported this week by the USDA. Beef export sales totaled 24,700 metric tons, up 37% from the previous week and 67% from the prior 4-week average. Japan, South Korea, and China were the main buyers of US beef for the week ending Sept. 24. Meanwhile, pork exports were down 8% from the prior 4-week average, at 39,500 metric tons. (kirk.maltais@wsj.com; @kirkmaltais)
(END) Dow Jones Newswires
10-01-20 1800ET
