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GRAIN HIGHLIGHTS : Top Stories of the Day

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02/13/2018 | 11:30 pm


TOP STORIES:





Traders Gobble Up Soybean Meal



A squeeze in soybean meal supplies pushed oilseed prices to a six-month high on Tuesday.



Argentina, the world's largest exporter of soybean meal, is struggling through a hot-and-dry growing season which analysts say will likely harm the country's soybean crop. Combined with a weakening Argentine peso, that has encouraged farmers in the country to sit on their existing supplies rather than sell them to processors.





Bayer Taking Russia Antitrust Authorities to Court Over Monsanto



Bayer AG (>> Bayer) is taking Russian antitrust authorities to court in relation to its planned takeover of U.S. agrochemical company Monsanto Co. (>> Monsanto), the German company said Tuesday.



The case is connected to antitrust approval from Russia for the deal, which Bayer still hasn't received. The company declined to elaborate further.





STORIES OF INTEREST:





While Deal Talk Swirls, Some Positive Signs for Bunge -- Market Talk



16:51 EST [Dow Jones] -- It may be tough for Bunge (>> Bunge Ltd) investors to focus on much beyond deal speculation when the commodity-trading firm reports 4Q results Wednesday. But while big agriculture firms continue to struggle, some market forces are working in favor of Bunge's day-to-day business of buying and processing crops, JPMorgan says. In Brazil, where Bunge maintains a big crop-trading network, soybean exports jumped 255% versus 4Q of 2016, and corn exports climbed 309% to a record high, JPM says. Soybean processing margins are also "significantly" improved. While analysts surveyed by Thomson Reuters expect a 21% decline in quarterly income, Bunge's stock is up 18.5% since the beginning of the year, after the WSJ reported an approach from rival Archer Daniels Midland (>> Archer-Daniels-Midland Company). ( jacob.bunge@wsj.com ; @jacobbunge)





Sugar Prices Head Lower As Market Discounts Ethanol Factor -- Market Talk



10:55 ET - Raw sugar prices are off 2.6% at 13.37 cents a pound following a volatile week for sugar in BRIC countries, including Brazil and Russia, which saw prices fall 3.3% and 4.5%, respectively, says Agrilion Commodity Advisers. The moves came after ethanol prices fell, encouraging production of sugar over ethanol. However, Marex says regardless of the price of ethanol, it's unlikely that the mix of sugar will fall below 41%, which won't be enough to unwind surplus production. May cocoa rises 1.2% to $2,031 a ton, arabica coffee for May is up 0.2% at $1.237 a pound, FCOJ loses 0.1% to $1.482 a pound and March cotton is off 0.3% at 76.20 cents a pound. (julie.wernau@wsj.com)





Chipotle Picks Taco Bell CEO Brian Niccol to Be Its New Chief



Chipotle Mexican Grill Inc. on Tuesday will name Taco Bell CEO Brian Niccol its next chief executive, tapping a fast-food veteran to try to revive the struggling burrito chain.



Mr. Niccol, 43 years old, has run Taco Bell for three years as the chain has been the most successful in the portfolio of Yum Brands Inc., which also owns Pizza Hut and KFC. He will succeed Chipotle founder Steve Ells on March 5.





THE MARKETS:





Cattle Futures Turn Lower Despite Supply Squeeze



Livestock futures mostly fell on Tuesday.



Contracts for live cattle initially rose before turning lower late in the session at the Chicago Mercantile Exchange. February-dated futures fell 0.2% to $1.26825 a pound.





Stocks mentioned in the article : Bayer, Monsanto, Bunge Ltd, Archer-Daniels-Midland Company
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