TOP STORIES:

Corn Rises as Chinese Futures Jump on Drought

Corn for December delivery gaining 0.8% to $4.05 1/4 a bushel, on the Chicago Board of Trade Monday, rising in tandem with Chinese corn futures amid drought issues there.

Soybeans for November delivery rose 0.4% to $10.54 1/4 a bushel.

Wheat for December delivery rose 0.3% to $6.27 a bushel.

STORIES OF INTEREST:

European Agricultural Commodities Hit by Euronext Trading Halt -- Market Talk

0930 GMT - A technical issue has halted all trading in European agricultural futures. Euronext, the operator of the Paris exchange on which European milling wheat, rapeseed, and corn futures trade said the issue was affecting all its products and that it was working to resolve the issue. The technical issue appears to have affected stock exchanges operated by Euronext, such as in Paris and Amsterdam, at around 0750 GMT, according to market data from FactSet. Euronext's agricultural futures were due to open for trading at 0845 GMT, but haven't according to market data. Paris milling wheat futures closed Friday at EUR209 a metric ton, rapeseed at EUR392.75 a ton, and corn at EUR186.25 a ton. (william.horner@wsj.com)

Wheat Export Inspections Low -- Market Talk

11:24 ET - Export inspections for US wheat were lower than expected this week, according to USDA data. Export inspections for US wheat for the week ended Thursday totaled only 239,688 metric tons, well below analyst expectations of anywhere from 400,000 tons to 600,000 tons, Terry Reilly of Futures International says. Of that amount, Indonesia was the leading destination, at 54,606 tons, according to the USDA. Corn and soybean inspections met the high end of analyst expectations at 911,012 tons and 2.17M tons, respectively. Wheat futures on the CBOT are down 0.1% after trading higher premarket. (kirk.maltais@wsj.com; @kirkmaltais)

Export Sales Keep Grain Demand Outlook Optimistic -- Market Talk

13:29 ET - Data released by the USDA this morning didn't show any new flash sales to China by the US, but what it did show seemingly has had a positive effect on the market's movement. The USDA announced this morning that 345,000 metric tons of US corn were sold to unknown destinations, and 123,000 tons of corn were sold to Mexico. "China did not show up in the export market this morning, but we did see a couple of good sales nevertheless," says Dan Hueber of the Hueber Report. The indication of new sales is likely the main factor keeping prices up, according to USDA data. Corn is up 0.9%, soybeans rise 0.6% and wheat gains 0.9%. (kirk.maltais@wsj.com; @kirkmaltais)

Brazil Soybean Planting Helped by Rains, Farmers Ready to Pick Up Pace -- Market Talk

0854 ET - Brazilian farmers had planted 7.9% of the area expected to be sown with soybeans in the 2020-2021 growing season as of Oct. 15, the slowest start to the planting season in 10 years, according to agricultural consultant AgRural. The planting has been slowed by a lack of rain, but recent precipitation in various parts of the country's soybean-growing areas means producers will be able to pick up the pace and start to catch up to previous years, the consultancy said. The amount of moisture in the soil is still below normal, however, so farmers are unlikely to make up for all the lost ground in just one week, AgRural said. Brazilian farmers will grow a record 133.7 million metric tons of soybeans in 2020-2021, according to government crop agency Conab. (jeffrey.lewis@wsj.com)

THE MARKETS:

Cattle Futures Close at Lowest Level in Over a Month -- Market Talk

15:26 ET - Live cattle futures trading on the CME fell 3.2% to $1.0515 per pound. That makes it eight consecutive sessions that cattle futures have declined, falling 6.9% in that timeframe. A decline in boxed beef prices appears to be occurring as well, suggesting that both futures and wholesale prices are suffering as cattle slaughters remain elevated. "Elevated slaughter rates are keeping pressure on the beef market," says AgResource. "The decline in beef prices is a little concerning as the market tends to forge seasonal lows in the first half of October." Meanwhile, hog futures closed 2.3% higher at 71.425 cents per pound. (kirk.maltais@wsj.com; @kirkmaltais)

(END) Dow Jones Newswires

10-19-20 1732ET