Soybeans Slide as Rainfall Hits the Midwest
Soybeans for July delivery fell 2.3% to $15.08 1/2 a bushel on the Chicago Board of Trade Thursday as traders sold following a fresh wave of rainfall in Midwestern growing areas. Corn for July delivery fell 2.1% to $6.84 1/2 a bushel. Wheat for July delivery fell 0.4% to $6.80 3/4 a bushel.
A new round of overnight Midwest rainfall was the chief source of pressure for grain futures on the CBOT today. "Futures are broadly weaker on a cold front that passed across the Dakotas producing needed rainfall," said AgResource. Monday's crop progress report should provide further indication on whether or not these rains helped bolster crop health.
Distiller Grain Prices Lower -- Market Talk
1447 ET - Prices for dried distillers' grains -- a byproduct of ethanol production commonly used for animal feed -- have dropped this week, according to data from DTN. According to the firm, prices for DDGS have fallen in the past week to an average of $206 per ton, which is down $3 per ton from the previous week. "Increased plant production is adding more supply and buyers have pulled away from the spot market," says Mary Kennedy of DTN. On Wednesday, the EIA reported that daily ethanol production had risen to 1.07 million barrels per day, which is the highest rate of production since February of last year. (firstname.lastname@example.org; @kirkmaltais)
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Lawmakers Seek Cyberattack Documents From JBS -- Market Talk
0958 ET - US lawmakers are stepping up scrutiny of cyberattacks -- and companies' response to them. House Oversight Committee Chairwoman Rep. Carolyn Maloney (D, NY) sent a letter late Thursday to Andre Nogueira, CEO of meat processor JBS USA, seeking documents and communications related to the May 30 ransomware attack against the company, as well as the $11M payment that JBS ultimately made to the attackers a few days later. That includes communications with the cybercriminals; Maloney writes that paying them could risk similar attacks in the future, and Congress needs more information to consider legislation. A JBS spokesman says the company will comply with the request. (email@example.com; @Jacobbunge)
Hogs Drop With Hams Price Seen Slipping -- Market Talk
1502 ET - A drop in hams prices put pressure on the most-active lean hogs contract on the CME -- with the contract finishing down 1.1% to $1.19975 per pound. "The selling is tied to a spooky quote in the hams yesterday," says Dennis Smith of Archer Financials, pointing to a nearly $10 per cwt drop in ham cutout prices reported by the USDA late yesterday. Although ham prices recovered roughly $7 per cwt by midday today to a price of $97.07 per cwt, traders think the drop in prices could have been related to a drop in demand from Mexico -- a prime customer for US pork. Meanwhile, live cattle futures traded up 1.2% to $1.20025 per pound. (firstname.lastname@example.org; @kirkmaltais)
(END) Dow Jones Newswires