TOP STORIES:
Soybeans Fall as Soyoil Futures Collapse
Soybeans for July delivery fell 1.2% to $14.48 1/2 a bushel, on the Chicago Board of Trade Wednesday, weighed down by the steep decline in soyoil futures. Wheat for July delivery rose 0.2% to 6.62 3/4 a bushel. Corn for July delivery rose 0.8% to $6.73 a bushel. Both soybean oil and soybean futures fell Wednesday, with soyoil finishing down 5.3%. It is the sixth straight day that those futures have declined--with the most-active contract shedding over 14% in that timeframe. This comes after these futures had risen to all-time highs of over 72 cents a pound, based on enthusiasm surrounding the renewable fuels market. However, speculation that the Biden Administration may extend aid to oil refineries seeking to avoid clean-fuel mandates has put pressure on soyoil -- which has pressured soybeans.
Plant-Based Ingredients Maker Motif FoodWorks Raises $226 Million
Motif FoodWorks, a maker of plant-based ingredients and flavorings, on Wednesday said it raised $226 million at an undisclosed valuation in a series B funding round led by Ontario Teachers' Pension Plan Board and funds and accounts managed by BlackRock Inc. The Boston startup, which was spun out of biotechnology solutions company Ginkgo Bioworks in 2019, said it has now raised a total of $345 million.
STORIES OF INTEREST:
Consolidation Takes Root Among Farm Startups -- Market Talk
1157 ET - Consolidation is afoot among startups that are aiming to transform farming with data science and digital technology. Bushel, a North Dakota company working to automate grain transactions between farmers, grain elevators and crop processors, has acquired FarmLogs, an online management system for farmers, in a deal that Bushel CEO Jake Joraanstad says will strengthen digital links from farms to crop buyers. Ag-tech startups have drawn heavy investment from venture capital investors but have faced lean years in the farm belt over much of the past decade, making it tougher to peddle new services to cash-strapped farmers. (jacob.bunge@wsj.com; @jacobbunge)
Egypt Reenters Wheat Export Market -- Market Talk
0957 ET - After bowing out of a tender yesterday, Egypt's grain buying authority has relisted its tender for 55,000 metric tons to 60,000 tons of soft or milling wheat, for delivery in late August. As yesterday's cancelation of its tender yesterday sent a signal that wheat prices are too high, today's relisting of its tender suggests that high prices are not as large of an issue as previously thought. "US wheat is higher as Egypt retenders," says Terry Reilly of Futures International. Wheat futures were up pre-market, but have since pared gains in early trading Wednesday. (kirk.maltais@wsj.com; @kirkmaltais)
THE MARKETS:
Hog Futures Finish Limit Down on Word Of Rebuilt Chinese Herds -- Market Talk
15:06 ET - The Chinese government's claims that its hog herds are close to being fully rebuilt after their decimation due to African swine fever weighed on CME hog futures today, with the most-active contract finishing down 3 cents per pound to $1.155 per pound--a 2.5% drop. According to China's Ministry of Agriculture, the country's hog population is 98.4% of where it was in 2017, prior to the onset of African swine fever. "As these numbers continue to increase, the chances of high US pork exports decrease," says Karl Setzer of AgriVisor. Meanwhile, live cattle futures finished trading today up 0.8% to $1.24925 per pound. (kirk.maltais@wsj.com; @kirkmaltais)
(END) Dow Jones Newswires
06-16-21 1732ET
