TOP STORIES:

Wheat Rises on Global Winterkill Worries

Wheat for March delivery rose 2.3% to $6.85 1/2 a bushel on the Chicago Board of Trade on Wednesday amid fears that cold temperatures in places such as Russia would cramp the world wheat supply. Soybeans for March delivery rose 1.2% to $14.25 3/4 a bushel. Corn for March delivery rose 0.8% to $5.57 a bushel.

Wheat led grain futures higher Wednesday, with traders focusing on cold temperatures in Russia after last week's frigid spell in many parts of the U.S. The possibility of winterkill crop damage in other parts of the world could further pressure world wheat supply.

"There wasn't a clear catalyst to boost the wheat, but there are several snippets around the globe," said ED&F Man Capital.

Farmers Ask for Extension in Applying for Covid Relief -- Market Talk

12:13 ET - In the wake of bitter cold temperatures descending on farmlands across the country, the American Farm Bureau is asking the federal government to extend the deadline for applying for the Coronavirus Food Assistance Program, which would supply farmers $13B in aid. "The current deadline is this Friday, February 26, but recent severe weather and the suspension of CFAP payments led to challenges and confusion surrounding the application process," says Farm Bureau president Zippy Duvall in a letter addressed to Agriculture Secretary Tom Vilsack. (kirk.maltais@wsj.com, @kirkmaltais)

STORIES OF INTEREST:

Fresh Del Monte Produce 4Q Sales Fall

Fresh Del Monte Produce Inc. on Wednesday posted a decline in fourth-quarter sales.

For the quarter ended Jan. 1, the Coral Gables, Fla.-based food company reported a net profit of $900,000, compared with last year's loss of $25.8 million. Earnings per share were two cents compared with a loss of 54 cents in the fourth quarter of 2019.

On an adjusted basis, it reported a loss of eight cents a share versus last year's loss of 45 cents a share.

Instacart Adds to Board Ahead of Expected IPO -- Market Talk

12:05 ET - Instacart bolsters its board with a pair of tech veterans as expectations continue to build for a blockbuster initial public offering this year. Fidji Simo, head of Facebook's mobile app, and Barry McCarthy, who served stints as chief financial officer of Spotify and Netflix, join as directors of the grocery-delivery service, just weeks after Instacart brought in Goldman Sachs banker Nick Giovanni to serve as chief financial officer. Reuters in November reported Instacart had tapped Goldman to lead an IPO that come early this year and value the company at around $30B. Rival DoorDash saw its shares surge 86% in their trading debut after an IPO in December, pushing that company's valuation above $70B. (colin.kellaher@wsj.com)

Supermarkets Are Pressured to Raise Hazard Pay -- Update

Grocery chains are coming under pressure to boost hourly employees' pay again, as municipalities push continued aid for frontline workers nearly a year into the Covid-19 pandemic.

Seattle, Long Beach, Calif., and other cities have passed new rules requiring supermarkets to provide employees temporary bonus pay. Los Angeles approved the mandate on Wednesday and more cities are considering similar measures designed to help employees who have to show up for work in public-facing jobs like cashiers or baggers and risk exposure to the coronavirus.

THE MARKETS:

Lean Hog Futures Extend Climb -- Market Talk

1522 ET - Lean hog futures on the CME closed up 3.5%, to 89.425 cents per pound. That makes it three days in a row that hog futures have risen -- climbing 5.7% in that period. Pork carcass cutouts rose by nearly $3 per hundredweight through midday today, putting that price at $95.31 per cwt -- up 5% over the past five days. Hog futures have been rising amid indications of stronger demand from consumers. Meanwhile, live cattle futures rose 0.8% to $1.22225 per pound. (kirk.maltais@wsj.com; @kirkmaltais)

(END) Dow Jones Newswires

02-24-21 1744ET