GRAIN HIGHLIGHTS: Top Stories of the Day

TOP STORIES:

Soybeans Break $11 Per Bushel on Brazilian Weather Worries

Soybeans for January delivery rose 1.6% to $11.03 3/4 a bushel on the Chicago Board of Trade Thursday. It was the first time in over 4 years that soybeans climbed over $11 per bushel. Dry weather in southern Brazil and other areas is expected to affect the region's soybean yields.

The most active soybean contract trading on the CBOT surged above $11 per bushel Thursday -- the highest U.S. soybean futures have traded at since June 2016. The uptick isn't expected to end here, said Arlan Suderman of StoneX. "The question now is, how much will South America's production be negatively impacted by this La Nina weather pattern," said Mr. Suderman. "For now, the pattern is quite dry for Argentina and southern Brazil. "Dryness in southern Brazil is expected to continue over the weekend, said agricultural weather-forecasting firm DTN.

Dollar Weakness Helps Lift Grains -- Market Talk

12:31 ET - Weakness in the US dollar is helping push grain futures higher. "The dollar is dropping hard and fast and weather in South America is less than ideal," says Dennis Smith of Archer Financials. Weather service DTN expects dryness in southern Brazil to continue over the weekend. The USD index trading on the Intercontinental Exchange is down 0.7% Thursday, owed in part to signs that former Vice President Joe Biden is favored to win the US presidential election once the vote counting is complete. Meanwhile, corn futures on the CBOT are up 1.4%, while soybeans climb up 1.5%. ([e-mail]; @kirkmaltais)

STORIES OF INTEREST:

Improving Farm Economy Gives Corteva Room to Lift Prices -- Market Talk

10:28 ET - Seed and pesticide maker Corteva says it sees more room to raise prices for farm supplies as economic prospects improve for US farmers. CEO Jim Collins points to rising US agricultural exports to China and improving crop prices as boosting farm income: "We could be heading into an improving marketplace," he says on the former DowDuPont unit's quarterly earnings call. Collins says that Corteva's able to justify higher prices as its seeds and chemicals deliver more profitable crops for farmers. Corteva shares up 5% after posting a smaller quarterly net loss, a better result than analysts expected. ([e-mail]; @jacobbunge)

Corn Export Sales Higher on Strong Sales to Mexico -- Market Talk

09:09 ET - Strong sales to Mexico were the main driver for higher corn export sales, the USDA reported in its weekly report. Net sales of corn exports totaled 2.61 million metric tons, the USDA says -- with 1.06 million tons being purchased by Mexico. Meanwhile, sales to China totaled 212,300 metric tons. Overall, corn sales fell within the expectations of grains traders surveyed by The Wall Street Journal, as did wheat and soybeans -- at 597,100 tons and 1.53 million ton, respectively. ([e-mail]; @kirkmaltais)

THE MARKETS:

Livestock Futures Finish Higher -- Market Talk

14:58 ET - Livestock futures trading on the CBOT finishedhigher, even with counting of the election results still yet to yield a final decision. For live cattle, however, the main factor pushing those futures higher appears to be more technical factors. "My sources report a changing mood in the wholesale beef," says Dennis Smith of Archer Financials. "This market is headed higher. Perhaps the major seasonal low I'm expecting in Dec is already in place." Live cattle futures rose 0.4% to $1.0835 per pound, while lean hog futures rose 1.6% to 67.425 cents per pound. ([e-mail]; @kirkmaltais)

(END) Dow Jones Newswires

11-05-20 1740ET