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GRAIN HIGHLIGHTS: Top Stories of the Day

10/16/2020 | 05:54pm

TOP STORIES:

Soybeans Fall as Traders Lock In Profits

Soybeans for November delivery fell 1.2% to $10.50 a bushel on the Chicago Board of Trade Friday as grains traders locked in their profits from recent gains.

Soybean futures fell Friday after rising for three straight trading sessions. The soy complex as a whole was driven by grains traders seeking to lock in profits in the short-term, Terry Reilly of Futures International said. "Soybeans are trading lower on end-of-week profit-taking led by soybean meal. Some traders think the rally for soybean meal yesterday was overdone," said Mr. Reilly, adding that rainfall reported in South America aiding their growing bean crop also applied pressure to futures.

Wheat Elevated as Chinese Interest Eyed -- Market Talk

13:47 ET - Wheat futures are leading CBOT grain futures higher, with the most-active contract up 0.7% this afternoon. A lack of rainfall in Russia supporting their wheat crops has been a factor elevating US wheat futures, but indications that China may be interested in buying more US wheat exports has the contract elevated today. "The diminished rain for Russian wheat areas along with ongoing rumors of China interest in world wheat has the attention of grain traders," AgResource says. While it remains to be seen if China enters the world export market, it's clear that the Russian situation doesn't look to improve soon. "Russian farmers are becoming downright pessimistic on their 2021 crop prospect," says AgResource. (kirk.maltais@wsj.com; @kirkmaltais)

STORIES OF INTEREST:

Corn Export Sales Miss Mark -- Market Talk

09:10 ET - Export sales for US corn for the week ending Oct. 8 fell at the low end of trader estimates, totaling 655,200 metric tons according to the USDA. Grain traders surveyed by The Wall Street Journal had estimated that corn sales would land anywhere from 600,000 tons to 1.4 million tons. This week's total is down 47% from the previous week and down 63% from the prior four-week average. Meanwhile, soybean sales totaled 2.63 million tons and wheat sales totaled 528,500 tons. For soybeans, this week's total is higher than anticipated by traders, and in line with sales totals of the previous weeks. (kirk.maltais@wsj.com; @kirkmaltais)

HelloFresh Shares Jump Amid 2020 Guidance Upgrade

HelloFresh SE shares jumped Friday after the company raised guidance for the full year as adjusted earnings and revenue for the third quarter should be significantly higher than expected, according to preliminary figures.

At 1210 GMT, HelloFresh shares traded 5.5% higher at EUR53.85.

THE MARKETS:

Livestock Futures Finish Week Lower -- Market Talk

Livestock futures finished lower -- with live cattle futures falling for a seven consecutive session ending at $1.08625 per pound, down 0.9% for the day. For cattle, the slippage seen in prices is due to the combination of an elevated slaughter rate in tandem with flagging consumer demand for beef -- something that is not expected to pick up until the holiday season. "The boxed beef trade remains a disappointment," says AgResource. Prices for select-grade cutouts fell $1.90 per hundredweight today, the USDA says. Meanwhile, lean hog futures finished down 0.1% to 69.8 cents per pound, ending a two-day streak of higher closes for the contract. (kirk.maltais@wsj.com; @kirkmaltais)

(END) Dow Jones Newswires

10-16-20 1653ET

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