TOP STORIES:

Wheat Higher as Cold Rally Reignites Winterkill Concerns

Wheat for March delivery rose 2.7% to $6.65 1/4 a bushel on the Chicago Board of Trade Thursday as grains traders refocused on frigid temperatures in the Midwest and their effect on the U.S. winter wheat crop. Corn for March delivery fell 0.5% to $5.50 1/4 a bushel. Soybeans for March delivery fell 0.6% to $13.75 a bushel.

Ultra cold weather in U.S. wheat-growing areas provided support for wheat futures Thursday. Temperatures in the Midwest are expected to stay below seasonal averages through the weekend, according to DTN. Winterkill concerns remain elevated with heavy snow accumulations and temperatures below zero degrees Fahrenheit. During a presentation at the USDA's Agricultural Outlook Forum this morning, the USDA confirmed that it expects U.S. wheat planting to rise slightly off of the 100-year low in planting seen last year. The USDA cautioned that adverse weather conditions could affect farmers' ability to plant.

Nestle 2020 Net Profit Fell; Sees Organic Growth Improvement

Nestle SA said Thursday that 2020 net profit fell while sales rose organically and that it expects continued improvement in organic growth and profitability.

The Swiss food-and-beverage company said net profit for the year was 12.23 billion Swiss francs ($13.65 billion) compared with CHF12.61 billion the previous year.

Mondelez Launches Investing Platform to Support ESG Ventures

Mondelez International Inc. said Thursday it launched an impact investing platform called Sustainable Futures to incubate, finance and support self-sustaining ventures that address key challenges in the world, including climate change.

The company said the new platform gives it the opportunity to pursue and nurture innovative projects, together with like-minded investors, that align with its sustainability strategy and help deliver on its commitments.

STORIES OF INTEREST:

Severe Winter Weather to Curb Fertilizer Production, CF Says -- Market Talk

1017 ET - Harsh winter weather in the US plains is sowing disruption in the fertilizer sector, likely leading to tighter supplies of nitrogen fertilizer ahead of farmers' spring planting season, says CF. The Illinois-based fertilizer maker says it's Oklahoma plants have been most affected, though so far it's been able to adjust operations based on the availability of natural gas. Still, widespread disruptions in the industry could result in losses in coming weeks and months totaling hundreds of thousands of tons of nitrogen, CF said, boosting the company's already strong outlook for 2021. "The tightening of North American supply could be noticeable," said CF CEO Tony Will. (jesse.newman@wsj.com; @jessenewman13)

US Ethanol Inventories Rise -- Market Talk

1202 ET - US ethanol inventories jumped this week, according to EIA data. Ending stocks rose 501,000 barrels to 24.3M barrels, the agency says. Meanwhile, daily production fell 26,000 barrels to 911,000 barrels this week--the lowest production since mid-July. On the policy side of ethanol, the US government is waiting for guidance from the EPA on renewable fuel standards before moving forward with any new policy favorable for ethanol, USDA officials said during the agency's virtual Agricultural Outlook Forum Thursday. (kirk.maltais@wsj.com; @kirkmaltais)

Dining Chains Reopening Indoor Service -- Market Talk

0809 ET - Bloomin' Brands says about 99% of its US restaurants are open for indoor dining, up from 85% at the end of December. Cheesecake Factory also noted progress of reopening restaurants in 4Q earnings, with roughly 80% of locations running with limited indoor dining. States are allowing for indoor dining again this year after cracking down on it late last year, prompting sales to plunge. (heather.haddon@wsj.com; @heatherhaddon)

THE MARKETS:

Livestock Futures Stay Lower to End Day -- Market Talk

1453 ET - Livestock futures trading on the CME finished mostly lower -- with live cattle futures dropping 1% to $1.22925 per pound while lean hog futures were virtually unchanged at 84.925 cents per pound. The drop in prices comes even as cold weather continues throughout the US Midwest, where temperatures are below zero degrees Fahrenheit. Boxed beef prices are currently not reflecting much in the way of a pinch in prices for cuts of beef, with these prices generally flat today, according to USDA data. (kirk.maltais@wsj.com; @kirkmaltais)

(END) Dow Jones Newswires

02-18-21 1745ET