Wheat Drops Amid Rain Forecasts for Major Growing Areas
Wheat for December delivery fell 1.1% to $6.22 3/4 a bushel on the Chicago Board of Trade Thursday in response to new forecasts for rainfall in Russian and U.S. wheat-growing areas over the weekend. Soybeans for November delivery rose 0.2% to $10.73 3/4 a bushel. Corn for December delivery rose 0.6% to $4.16 1/4 a bushel. Wheat futures dropped Thursday on wet weather forecasts. "U.S. wheat areas as well as Russian areas are expected to get some rain, so sales or purchases of downside protection makes sense," said Doug Bergman of RCM Alternatives. Scattered showers are expected in Eastern Europe on Friday and Saturday, and heavier rainfall is expected in the U.S. Plains next week, according to agricultural weather firm DTN.
Bayer's Request for Roundup Appeal Rejected by California Court
The California Supreme Court declined to hear an appeal by Bayer AG seeking to reverse a jury verdict that the company's Roundup herbicide caused a groundskeeper's cancer, leaving the company with few remaining options to avoid paying a $20.4 million judgment. The German drug and agriculture conglomerate had challenged a 2018 verdict in California state court that found the company's Roundup products posed a danger to users like plaintiff Dewayne "Lee" Johnson, and that the company failed to warn consumers of potential health risks. It was the first of three jury decisions in favor of Roundup-using plaintiffs, helping build a wave of lawsuits and eventually leading Bayer to strike a $10.9 billion settlement deal with tens of thousands of plaintiffs in July.
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Restaurant Openings Begin to Rebound -- Market Talk
0900 ET - National restaurant openings were down 10% in 3Q compared to 2019, but the pace of new food-service locations picked up later in the pandemic, according to listing site Yelp. New restaurant openings plunged in April, but rebounded month over month from May to July, new data from the firm finds. Openings flattened in August and September. Food trucks proved particularly popular for new ventures as customers search for outdoor dining options, along with companies catering to celebrations such as cupcake and dessert purveyors. (firstname.lastname@example.org; @heatherhaddon)
Argentina Wildfires Threaten Soybean Production, Dollar Inflow -- Market Talk
1123 ET - Wildfires burning in important soybean-producing areas of Argentina are threatening the country's soybean crop and the flow of dollars it receives from exports of the oilseeds, according to analysts at Verisk Maplecroft. Almost 900,000 hectares have been affected by the fires, with over half of that in important soybean producing provinces of Argentina, according to the consultancy. Agricultural exports produce close to half of the country's dollar inflow, and the fires could undermine efforts to protect Argentina's dwindling foreign reserves, Verisk Maplecroft said. Argentina is the world's third-biggest producer and exporter of soybeans, after Brazil and the US, according to the USDA. (email@example.com)
Unilever 3Q Underlying Sales Rose on Strong Hygiene, Food-at-Home Growth
Unilever PLC said Thursday that third-quarter underlying sales rose thanks to growth in hand and home hygiene products, as well as in food consumed at home. The Anglo-Dutch multisector retailer -- which owns consumer brands such as Ben & Jerry's ice cream, Dove soap and Cif and Domestos cleaning products -- said quarterly underlying sales rose 4.4% year-on-year, while turnover fell 2.4% to 12.9 billion euros ($15.3 billion).
Hog Futures Finish Down 4.3% -- Market Talk
15:08 ET - Lean hog futures finish firmly in the red, with the most-active contract down 4.3% to 66.2 cents per pound. The drop in hog futures coincides with news that China expects to fulfill much of its own pork ahead of its next Lunar New Year -- a time when a lot of pork is consumed in China. "Estimates are China will have 30% more pork in reserve this year than last as the country's hog herd rebuilds," says Karl Setzer of AgriVisor. "Not only has China opened 12,500 new hog facilities but reopened 13,000 that were closed when the African Swine Fever outbreak took place." Meanwhile, live cattle futures finished down 1.1% to $1.03475 per pound -- the lowest they've closed at since late August. (firstname.lastname@example.org; @kirkmaltais)
(END) Dow Jones Newswires