TOP STORIES:

Wheat Drop Extends as World Stocks Look to Grow

Wheat for March delivery fell 2.3% to $6.60 1/4 a bushel on the Chicago Board of Trade Friday, in reaction to a new outlook from the International Grains Council showing growing wheat stocks globally in the next marketing year. Corn for March delivery fell 0.4% to $5.47 1/2 a bushel. Soybeans for March delivery fell 0.2% to $14.04 1/4 a bushel.

Wheat futures on the CBOT led the move down on grains Friday, due in part to Thursday's forecast from the International Grains Council showing expectation of global wheat stocks growing in the next marketing year. "The International Grain Council obviously believes that the global wheat crop is looking better as a whole, as they have increased estimates in the latest update," said Dan Hueber of the Hueber Report. Wheat harvests are now expected to yield 773 million tons of the grain, the IGC says--with stocks rising 2% in 2021/22.

STORIES OF INTEREST:

Archer Daniels Rejiggers Finance Executives -- Market Talk

11:11 ET - Archer Daniels Midland names Molly Strader Fruit vice president, corporate controller and chief accounting officer, starting March 1. Strader Fruit, 42 years old, succeeds John Stott, who will now serve as group vice president, finance and corporate treasurer, and as chief financial officer of global technology and 1ADM, ADM's business-transformation initiative. Strader Fruit has been the agribusiness's vice president of global financial services since May 2019. (colin.kellaher@wsj.com)

THE MARKETS:

Livestock Futures Turn Lower -- Market Talk

1524 ET - Livestock futures close out trading on the downside Friday, with the live cattle futures contract finishing off 1.4% to $1.20 per pound and lean hog futures finishing 2.9% lower to 87.15 cents per pound. Beef and pork cutouts also drop today, according to the USDA, with pork carcass cutouts falling 52 cents per hundredweight to $94.61 per cwt mid-day, while boxed beef prices also inch lower. For the week, cattle futures lose ground, shedding 2.2% since Monday. Hogs meanwhile finish 3% higher for the week. (kirk.maltais@wsj.com; @kirkmaltais)

(END) Dow Jones Newswires

02-26-21 1737ET