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GRAIN HIGHLIGHTS : Top Stories of the Day

09/15/2020 | 05:32pm



Wheat Drops on Larger World Supplies

Wheat for December delivery fell 1.4% to $5.38 1/4 a bushel on the Chicago Board of Trade Tuesday, amid indications of higher Black Sea wheat supply.

Corn for December delivery fell 1% to $3.66 a bushel.

Soybeans for November delivery fell 0.8% to $9.91 1/2 a bushel.




Soybean Crush Falls to Lowest Level in Nine Months -- Market Talk

13:05 ET - Soybeans being crushed for use as oil have fallen to their lowest level in nine months, according to the latest data from the National Oilseed Processors Association. According to NOPA's latest data, soybeans crushed for August totaled 165.1M bushels, down from 172.8M bushels in July and 168.1M bushels in the same month last year. Prior to the onset of Covid-19, soybean crush figures were running at a record high. "The lower than expected crush and high soybean oil stocks relative to the crush rate looks like it adds to the negative sentiment you see for the overall soybean complex," says Terry Reilly of Futures International. Soybean futures on the CBOT are down 0.7% Tuesday. (kirk.maltais@wsj.com; @kirkmaltais)


US Crops Maturing Faster Than Last Year -- Market Talk

08:31 ET - Crops in the US are maturing faster than they were at this point last year, the USDA said late Monday. In its weekly crop progress report, the USDA reported that US corn was 41% mature, while 37% of US soybeans have dropped their leaves -- both exceeding last year's figures. Harvesting has only begun for US corn, with 5% of it being harvested. The progress of the harvest is expected to be a growing focus going forward. "We will start to see more attention on actual field collected data as harvest will gain momentum over the next few weeks," says Karl Setzer of AgriVisor. "When it comes to harvest the most interest will likely fall on Iowa to see if crops are as bad as indicated." (kirk.maltais@wsj.com; @kirkmaltais)


Cracker Barrel Warns That Weather Could Cool Outdoor Dining -- Market Talk

1436 ET - Cracker Barrel Old Country Store skips giving full guidance for its fiscal year that began Aug. 1, and finance chief Jill Golder says the company is taking a cautious approach amid the pandemic. "There continues to be much uncertainty around consumer willingness to revisit full-service restaurants as well as our ability to continue front-porch dining in the fall and winter," she told investors earlier Tuesday. The front-operation that Cochran mentioned is an initiative rolled out to about 350 stores to help increase capacity by adding five to six tables, according to Golder. But that kind of outdoor dining likely will be curtailed as the weather cools off, she adds. Shares off 3.9%. (micah.maidenberg@wsj.com; @MicahMaidenberg)


China's Hog Herd Rebuild Could Push Up Demand for US Agriculture -- Market Talk

China has been active buying US exports, a trend that has continued today with 132,000 metric tons of soybeans being sold there for delivery in 2020/21 marketing year. One factor that may be adding to the demand for US agriculture in China is the rebuilding of hog herds in China decimated by African swine fever. "Food waste is massive in China, where the culture prides itself in extravagant meals," explains Arlan Suderman of StoneX. "There was a whole industry created to channel this food waste to hog farms prior to ASF, but that is now illegal due to the risk of spreading ASF. That food waste must be replaced, with corn and soymeal the primary components doing the job." Corn and soybean futures on the CBOT are down Tuesday. (kirk.maltais@wsj.com; @kirkmaltais)




Hog Futures Decline Extends -- Market Talk

15:03 ET - Lean hog futures on the CME finished down 0.8% to 63.05 cents per pound. Futures prices followed pork cutouts lower yesterday, but they've since rebounded - with carcass prices rising $6.64 per hundredweight to $86.35 per cwt through the end of business today. "With the market at a big premium to the cash market, and the technical overbought condition of the market, we cannot rule out a significant pullback short-term," says RJO Futures. Meanwhile, live cattle futures finished trading 0.2% higher at $1.071 per pound. (kirk.maltais@wsj.com; @kirkmaltais)

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