WHEAT FUTURES (W) -

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GRAIN HIGHLIGHTS: Top Stories of the Day

10/23/2020 | 05:12pm

TOP STORIES:

 
Wheat Bounces Back on New Export Purchases 

Wheat for December delivery rose 1.6% to $6.32 3/4 a bushel on the Chicago Board of Trade Friday in reaction to a new Egyptian tender as well as lingering weather issues in Russia. Soybeans for November delivery rose 0.9% to $10.83 3/4 a bushel. Corn for December delivery rose 0.7% to $4.19 1/4 a bushel. Wheat futures trading on the CBOT rose Friday, bouncing back from a weaker finish Thursday as Egypt seeks an international tender for wheat. Russian wheat priced at $262.97 a metric ton was the cheapest offer at an Egyptian international tender Friday, according to a lineup of offers seen by The Wall Street Journal. Egypt's state grain buyer confirmed that it bought 165,000 metric tons of Russian wheat Friday at that price, more than what Egypt paid last month for Russian wheat.

 
Plant-Based Meat and Dairy to Become $8.9B Market in Europe by 2025, ING Says -- Market Talk 

1221 GMT - The plant-based meat and dairy market is set to be worth EUR7.5 billion in Europe by 2025 compared to EUR4.4 billion last year, ING says. There is a growing number of meat and dairy companies entering the plan-based market in order to cater to shifting consumer demand, ING says, adding that consumers are increasingly considering their health, animal welfare and sustainability in their decision making. However, ING notes the rise of plant-based sales is coming from a small base and that alternatives represent only 0.7% of the market for meat and 2.5% of the dairy market. (maitane.sardon@wsj.com)

STORIES OF INTEREST:

 
Texture, Taste and Price Are Barriers to Plant-Based Meat's Growth, ING Says -- Market Talk 

1225 GMT - ING says the taste, texture and composition of plan-based products are not yet on par with dairy and meat and they are relatively expensive. It also says their availability in supermarkets is limited in certain countries. However, ING says the current level of investment and innovation in the food industry and the supply chain indicate that those barriers will be lowered substantially over the next five years. "We expect the market for meat and dairy alternatives to be able to maintain an annual growth rate of around 10% towards 2025," it says, adding that retail sales of meat alternatives could increase to EUR2.5 billion and retail sales of dairy alternatives to EUR5 billion in 2025. (maitane.sardon@wsj.com)

 
Egypt Buys 165,000 Metric Tons of Russian Wheat 

Egypt's state grain buyer bought 165,000 metric tons of Russian wheat at an international tender on Friday. The General Authority for Supply Commodities launched the tender late Thursday seeking an unspecified amount of wheat for shipment between Dec. 1-10 and/or Dec. 11-20.

THE MARKETS:

 
Hog Futures Finish Higher -- Market Talk 

14:57 ET - Lean hog futures trading on the CME finished up 1.3%, at 67.025 cents per pound. The uptick in futures came following the release of the USDA's cold storage report late Thursday, which was seen as bullish by livestock traders. "[The report] showed pork supplies continue to move very efficiently through the system," says Steiner Consulting Group. "This marks the fifth month in a row that stocks have been more than 20% below a year ago and largely ignored seasonal trends." Meanwhile, live cattle futures finished trading Friday up 0.1% to $1.03575 per pound. (kirk.maltais@wsj.com; @kirkmaltais)

(END) Dow Jones Newswires

10-23-20 1711ET

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