TOP STORIES: 



  Grains Rise as Traders Eye Weather Conditions 


  Corn for July delivery rises slightly to $3.30 a bushel on the Chicago Board of Trade Friday, after the USDA confirmed expectations of high ending stocks and producers waited for confirmation of favorable weather conditions that are likely to improve yields. Soybeans for July delivery rose 0.6% to $8.71 and 1/4 a bushel. Wheat for July delivery rose 0.6% to $5,02 a bushel. 


  Corn markets were stable after the USDA raised its forecast for ending stocks amid favorable weather conditions and poor demand prospects. Summit Commodity Brokerage's Tomm Pfitzenmaier says funds still hold "a substantial short position," making traders "reluctant to press the short side of the market until more is known about the crop." Pfitzenmaier says that corn "is still heading into its critical stage of production and we doubt there will be much interest in pressing the short side until July weather is known." 


  Constellation Taking $366M Hit From Canopy's Losses -- Market Talk 


  0858 ET - Constellation Brands says it expects to record a loss of about $366M in its fiscal 1Q on its share of cannabis company Canopy Growth, which recently posted a quarterly loss of nearly $1B. The beer and spirits company, which holds a roughly 35% stake in Canopy, records its share of Canopy's results on a two-month lag. Constellation says it will record a pretax loss of $377.6M million, or $365.9M after tax benefits, for its share of Canopy's results in its financials for the 1Q ended May 31. On an adjusted basis, the loss amounts to about $27.1M, the maker of Corona beer and Svedka vodka says. (colin.kellaher@wsj.com) 


  Just Eat Takeaway.com's Grubhub Deal Has Good Arguments for Shareholders -- Market Talk 


  1021 GMT - European food-delivery group Just Eat Takeaway.com's proposed acquisition of U.S. peer Grubhub offers arguments that make it likely to win support from both sets of shareholders, Jefferies says. The deal logic and deal terms allow for both sets of shareholders to approve, the bank says. Just Eat Takeaway.com's management believes that being a leader in markets that don't make money has benefits because that makes it harder to replace, Jefferies says. "This is a theme for the Grubhub shareholder to remember as it considers this economically neutral offer with no synergies--with Amazon able to rapidly dominate any consumer vertical of its choosing, better to be bigger than smaller," Jefferies says. (adria.calatayud@dowjones.com) 


  STORIES OF INTEREST: 


  Food Manufacturer Smucker Opts for Wider Guidance Range Amid Economic Uncertainty 


  Food manufacturer J.M. Smucker Co. in recent weeks widened its guidance range, in contrast with other companies that have withdrawn their financial forecasts amid uncertainty caused by the coronavirus pandemic. 


  Orrville, Ohio-based Smucker -- the maker of Jif peanut butter, Smucker's Jam, Folgers coffee and Meow Mix -- on June 4 said it expects net sales to decline by 1% to 2% in the financial year that runs through April 2021. Adjusted earnings per share are expected to come in between $7.90 and $8.30 in fiscal 2021. The projected sales drop reflects lower expected revenues in Smucker's food-service and office-coffee businesses, as well as higher-than-usual sales in recent quarter ended April 30, due in part to increased consumer demand, the company said. 


  THE MARKETS: 


  Livestock Prices Move Into Negative Territory -- Market Talk 


  15:25 ET - Live cattle and hog prices take a downward turn at the end of trading day as markets digest news of increasing slaughtering activity, with meatpackers reopening from coronavirus lockdowns. Allendale's Rich Nelson says prices are still under the impact of Covid-19. "The question is when are we going back to true live cattle prices?" He said hog June contracts expired today, which may have weakened prices. Live cattle slides 1.17% and hogs, 0.9%. (paulo.trevisani@wsj.com; @ptrevisani)