Corn Futures Rise on Forecasted Drop in Midwest Temperatures
Corn for May delivery rose 1.1% to $5.60 1/2 a bushel on the Chicago Board of Trade on Wednesday, amid expectations that Midwestern weather may soon turn less hospitable for farmers planting their crops.
Wheat for May delivery rose 0.1% to $6.16 1/4 a bushel.
Soybeans for May delivery fell 0.7% to $14.08 3/4 a bushel.
Beyond Meat Plans Production Facility in China
Beyond Meat Inc. will open its own production facility in China, the plant-based meat company said Wednesday.
The facility, to be located in the Jiaxing Economic and Technological Development Zone near Shanghai, will be Beyond Meat's first end-to-end manufacturing site outside the U.S. and will help the company grow its scale in China, Beyond Meat said.
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CHS Has Gain in Agriculture Segment on Better Trade Relations -- Market Talk
0755 ET - Agribusiness cooperative CHS says its agriculture segment benefited from better US trade relations. "Improved trade relations between the United States and foreign trade partners combined with our operating efficiency initiatives led to record grain and oilseed volume increases and continued price gains, significantly improving our Ag segment earnings over the prior year," CEO Jay Debertin says. "Additionally, favorable growing conditions and overall strength in agriculture, helped drive demand for crop inputs, including crop nutrients and crop protection products and services." The co-op still took a hit from its pandemic-stricken energy segment in F2Q. (email@example.com; @depsebastian)
Soybeans Follow Soy Oil Prices Lower -- Market Talk
12:45 ET - US soybean futures fall, partially in reaction to lower soyoil futures on CBOT today, with the most active soyoil contract down 2.2%. Soyoil in particular has been strong due to strong crush demand and low vegetable oil stocks globally, but traders are watching China for further indications of direction in the soy complex. "This week China should start seeing a major increase in the arrivals of Brazilian soybeans," Darin Friedrichs of StoneX says. "If there's a big increase in arrivals, but crush doesn't pick up much, it would signal bad demand." Soybean futures on the CBOT fall 0.6%. (firstname.lastname@example.org; @kirkmaltais)
Growth in Brazilian Crops Pressures CBOT Futures -- Market Talk
13:20 ET - The latest estimates for next year's Brazilian corn and soybean crops released by the USDA this morning has been a source of pressure for grain futures trading on the CBOT today. For the 2021/22 crop year, the USDA projects Brazilian soybean production at 141M metric tons and corn production at 114M metric tons, versus estimates for the current crop year of 134 MMT and 105 MMT, respectively. "There is certainly nothing outlandish in these numbers, and economically, they should have more than enough incentive to push production higher," Dan Hueber of the Hueber Report says. (email@example.com; @kirkmaltais)
Some Agriculture Companies Could Reap $200B from Climate Change -- Market Talk
13:54 ET - By 2050, weather, pest migration and diseases from climate change could mean a roughly $200B opportunity for makers of better seeds, crop chemicals and agricultural equipment, analysts at Jefferies say, naming AGCO, Corteva and Deere as top picks. "We believe there will be distinct opportunities for investors to capitalize on changing trends in global climate conditions over the next several decades," they say. (firstname.lastname@example.org; @dieterholger)
Gathered Foods Gets Louis Dreyfus Funding -- Market Talk
1534 ET - Gathered Foods, which makes Good Catch plant-based seafood alternatives, reports a $26.35M B-2 bridge funding round that includes Louis Dreyfus Co., Unovis Asset Management and Big Idea Ventures. The investment "underscores global confidence in the ever-growing plant-based seafood sector," according to Gathered Foods, and will help the company expand its international retail presence and "dramatically increase" Good Catch product offerings. Others in the plant based seafood sector include New Wave Foods, which said in January that it completed an $18M Series A financing. New Wave announced financing from the venture arm of Tyson Foods in 2019. (email@example.com)
Pork Cutouts Extend Their Climb -- Market Talk
1607 ET - US prices for pork cutouts extended their climb today, providing lean hog futures on the CME the juice they needed to continue rising. Lean hog futures finish up 2.2% to $1.079 per pound, driven in part by higher prices for pork belly, ham, and ribs. Overall carcass prices rose over $3 per hundredweight midday Wednesday, bringing the carcass price to $112.41 per cwt, according to the USDA. Higher demand for pork cutouts by food service providers has been a driver for higher livestock futures. Meanwhile, live cattle futures finished trading up 0.5% to $1.25275 per pound. (firstname.lastname@example.org; @kirkmaltais
(END) Dow Jones Newswires