TOP STORIES:

Corn Lower After Volatile Day

Corn for July delivery fell 1.6% to $6.44 a bushel on the Chicago Board of Trade Wednesday, with some traders taking advantage of last week's rally to sell and collect profits while others saw an opportunity to buy a dip in futures. Wheat for July delivery fell 1.4% to $7.22 3/4 a bushel. Soybeans for July delivery fell 0.4% to $15.13 3/4 a bushel.

Grain futures as a whole started the day lower, turning higher in midday trading before finishing down.

Corn saw the widest swings, with the urge to lock in profits among traders conflicting with the sentiment that corn prices aren't done rallying.

"Corn did the round-trip ticket today, starting down hard, rallying up on the day, only to close down on a battle between the bull spreads and the weak longs exiting," said Charlie Sernatinger of ED&F Man Capital.

Yum Returns to Restaurant, Digital Development -- Market Talk

0859 ET - Yum Brands says it expects to increase its number of global restaurants by at least 3% in FY21, and expects to return to its pre-pandemic 4% unit growth sooner than expected. The KFC owner says in 1Q earnings that its sales are recovering from pandemic, particularly as its invested in online order technologies. Digital sales placed ahead of time are helping to improve US drive-through times at KFC and Taco Bell, the company says, even as the volume of cars surged during the pandemic. (heather.haddon@wsj.com; @heatherhaddon)

STORIES OF INTEREST:

Grubhub Beats 1Q Revenue Forecasts But Loss Widens

Grubhub Inc. reported stronger demand and better revenue for the first quarter, but a wider loss.

The food-delivery service being acquired by Just Eat Takeaway.com NV reported a net loss for common shareholders of $75.5 million for the quarter. That was deeper than $33.4 million loss for the year-earlier period.

Uber Tweaks App to Further Integrate Food With Rides

Uber Technologies Inc. is adding features to its app that will further entwine the rides and food-delivery businesses as it steers toward a future when a vaccinated public starts traveling, going to work and potentially ordering-in less frequently.

One feature enables passengers to book and pick up meals while en route somewhere in an Uber. The San Francisco-based company said its rides app will ping passengers requesting trips from airports, asking whether they would like food delivered through its Eats app wherever they are headed.

Unions Criticize Nestle for UK Job Cuts

U.K. trade unions GMB and Unite have criticized Nestle SA's plans to cut nearly 600 jobs in the U.K.

On Wednesday, GMB said the Swiss consumer-goods giant is set to cut 98 jobs at its York facility, and 475 jobs at its Fawdon site by 2023, where it produces Kit Kat chocolate bars and Fruit Pastilles.

THE MARKETS:

Hog Futures Up on Supply View -- Market Talk

1530 ET - Indications that hog supplies are tight have lifted the most-active futures contract Wednesday, with the contract closing up 2.3% to $1.09125 per pound. Tightness in pig availability in the supply chain is being felt in prices today. "Tightening of the breeding herd has limited available hog supplies and kept feeder pig prices counter seasonally high," says Steiner Consulting Group. "Since the start of the year, early weaned feeder pig prices have been holding steady at about $50 per head. Typically, during the summer months, early weaned pig prices will decline, but so far that decline has been slow to occur." Meanwhile, live cattle futures closed down 0.4% to $1.1545 per pound. (kirk.maltais@wsj.com; @kirkmaltais)

(END) Dow Jones Newswires

04-28-21 1725ET