Corn Jumps to New Multi-Year High
Corn for July delivery rose 3.9% to $6.73 1/4 a bushel, its highest close since July 2013 on the Chicago Board of Trade, with the rally progressing as U.S. old-crop supplies stay limited and Brazilian growing weather still poses an obstacle to a healthy harvest. Soybeans for July delivery rose 2.1% to $15.34 1/4 a bushel. Wheat for July delivery rose 0.8% to $7.34 3/4 a bushel.
CBOT corn futures were solidly higher Friday, closing limit-up with a 25-cent uptick.
"The market is searching for any old crop in storage and finding no takers," said Craig Turner of Daniels Trading. "The job of the futures market is to price the spot month high enough to get farmers to part with their remaining old crop."
Even so, many traders said there are signs corn could soon turn lower.
"If the spreads get extreme we could see China to roll sales from old crop to new crop," said Mr. Turner.
Nestlé Expands in Vitamins With $5.75 Billion Nature's Bounty Deal -- Update
Nestlé SA has agreed to buy the main brands of vitamins maker Bountiful Co. for $5.75 billion, in the Swiss food giant's latest move to capitalize on growing demand for minerals and nutritional supplements.
The world's biggest packaged-food company said Friday the deal would add brands including Nature's Bounty, Solgar, Osteo Bi-Flex and Puritan's Pride to its offering. The Wall Street Journal reported last week that Nestlé was in talks to buy the company, which is majority-owned by private-equity firm KKR & Co.
STORIES OF INTEREST:
Restaurant Brands International Inc. shares rose in Friday trading.
U.S.-listed shares were up 2% to $69.33 in afternoon trading and shares in Toronto were up 2% to C$84.95.
The company before the market open reported first-quarter earnings that beat analyst estimates.
The quick-service restaurant company, which owns the Tim Hortons, Burger King and Popeyes brands, reported first-quarter earnings per share of 58 cents, up from 48 cents in the year-ago period.
Hog Futures Close Up For Week -- Market Talk
15:49 ET - In a volatile week for grain trading, lean hog futures close higher, rising 2.8% to $1.09725 per pound on Friday. That makes it 4.3% rise in the past week, and 8.4% over the past two weeks--fueled largely by an uptick in cutout prices amid expectations of higher demand from the food service industry. Live cattle futures, meanwhile, closed Friday up 0.5% to $1.16575 per pound, and up 0.4% for the week. (firstname.lastname@example.org; @kirkmaltais)
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