TOP STORIES:
Wheat Higher as Funds Pile In to Grains
Wheat for December delivery rose 2.5% to $6.07 1/2 a bushel on the Chicago Board of Trade Wednesday, finding a two-year high as managed money funds boosted their long positions in grains futures. Corn for December delivery rose 1% to $3.88 3/4 a bushel. Soybeans for November delivery rose 0.7% to $10.51 a bushel.
Grain futures trading on the CBOT rose Wednesday, driven in part by a continued appetite for futures among managed money funds.
"Volume and fund buying are active with corn, soybeans and wheat each scoring a new rally high," said AgResource.
Wheat and soybean futures are both trading at a two-year high, while corn futures are at their highest since March.
STORIES OF INTEREST:
Just Eat Takeaway Shareholders Reject Grubhub CEO's Remuneration Supplement
Just Eat Takeaway.com NV said Wednesday that shareholders have rejected a proposed supplement to its management-remuneration policy in respect of Grubhub Inc.'s Chief Executive Matthew Maloney.
Shareholders in the European food-delivery group approved the combination between the Amsterdam-based company and Grubhub, as well as the appointment of Mr. Maloney to the management board, and those of Lloyd Frink and David Fisher as members of its supervisory board.
Rave Restaurant Group Shares Jump in Premarket Trade
Rave Restaurant Group Inc. shares more than tripled to $2.01 in premarket trading Wednesday in heavy trade.
Volume for Wednesday's premarket session was 1.2 million shares, compared with its 65-day average volume of 374,000 shares. The stock ended Tuesday up 9% to 51 cents a share.
China's Food and Beverage Sector Likely the Clear Beneficiary of National Holiday Spending -- Market Talk
0844 GMT - China's food and beverage sector is likely the clear beneficiary of the country's ongoing weeklong national holiday, UOB Kay Hian says. The brokerage notes dining-out demand will likely jump during Golden Week as tourism traffic surges and drives up customer traffic for restaurant and drink outlets. Moreover, the food and beverage sector is also well-positioned to capture holiday spending from consumers who decide not to travel and instead seek entertainment options in their home area, UOB KH adds. Beijing's consumption stimulus such as coupon offerings could offer a further boost, the brokerage says. Its top picks include chain restaurant operators Jiumaojiu and Haidilao. (yifan.wang@wsj.com)
THE MARKETS:
Livestock Futures Follow Cutouts Higher -- Market Talk
14:53 ET - Livestock futures trading on the CME finished higher - with live cattle futures trading up 1% to $1.131 per pound, while lean hog futures rose 1.1% to 64.575 cents per pound. It's the third consecutive day that livestock futures have risen. Lean hog futures appear to have followed pork cutouts higher today, with the carcass price up $3.68 per hundredweight to $96.23 per cwt, according to the USDA. Meanwhile, national daily boxed beef cutouts are at $217.13 per cwt, up 89 cents per cwt from yesterday. (kirk.maltais@wsj.com; @kirkmaltais)
(END) Dow Jones Newswires
10-07-20 1658ET
