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GRAIN HIGHLIGHTS: Top Stories of the Day

10/29/2020 | 04:35pm

TOP STORIES:

Wheat Down For Fourth Straight Session

Wheat for December delivery fell 0.8% to $6.03 3/4 a bushel on the Chicago Board of Trade Thursday in reaction to more rain in major wheat-growing areas in the U.S. and Russia. Corn for December delivery fell 0.8% to $3.98 1/2 a bushel. Soybeans for January delivery fell 0.4% to $10.50 1/2 a bushel.

Precipitation in the U.S. Plains and Russia pressured CBOT wheat futures Thursday, marking the fourth consecutive session that wheat lost ground. "Showers are more promising Friday through the weekend as a system gets cut-off and meanders in the area," agricultural weather firm DTN said.

Archer-Daniels-Midland 3Q Revenue Misses Estimates, Adj Earnings Beats

Archer-Daniels-Midland Co.'s revenue fell 9.6% in the third quarter and its profit slipped.

The company's bottom line was $225 million for the quarter, which was lower than its profit of $407 million a year prior. Earnings were 40 cents a share, ADM said Thursday, down from 72 cents a share.

Biden Win Could Put Ethanol Demand in Question -- Market Talk

11:01 ET - If Joe Biden, who's leading incumbent Donald Trump by nine points in the presidential race, according to data from FiveThirtyEight, prevails come Election Day next week, then grains traders may become concerned that a Biden Administration could affect domestic corn demand. "The spring shutdown of the economy slashed ethanol demand by 50% at the time, and we are still paying the price for that," Arlan Suderman of StoneX says. "Trump has stated that he will not do that again, while Biden has hinted that he might, and that has the corn and ethanol industry very nervous." Corn futures on the CBOT are down 0.1%. (kirk.maltais@wsj.com; @kirkmaltais)

STORIES OF INTEREST:

Kraft Heinz Tags Food Affordability As Growing Issue -- Market Talk

09:27 ET - Food affordability is a rising issue for many consumers, executives at Kraft Heinz tell analysts on a call about 3Q results. That focus, coming after the coronavirus-related economic shock left millions of people out of work in the US and elsewhere, could pose a threat to demand for pricier branded products at Kraft and other packaged-food items if shoppers opt for lower-cost private-label brands offered by retail chains. Kraft executives say consumers want to buy big, trusted brands during recessions, as well as some private-label lines, but smaller food brands don't perform as well amid downturns. Shares up 1% ahead of the market open. (micah.maidenberg@wsj.com; @MicahMaidenberg)

Dunkin' Talks Continue with Inspire -- Market Talk

0653 ET - Dunkin' Brands says talks continue with Inspire Brands as to an acquisition, and declines to comment further in a 3Q earnings release. "There is no certainty that any agreement will be reached," the coffee and ice-cream chain says. Dunkin' said Sunday that it was in preliminary discussions by private-equity backed Inspire for a possible deal. Dunkin' says it will defer issuing a decision on dividend until 4Q given the talks. Dunkin' up 33% this year. (heather.haddon@wsj.com; @heatherhaddon)

THE MARKETS:

Hog Futures Finish Lower as Export Sales Weaken -- Market Talk

15:27 ET - Weaker export sales reported by the USDA Thursday appear to have dragged down lean hog futures on the CME, with the most-active contract finishing the day down 1.1% to 65.625 cents per pound. In its report Thursday, the USDA said that export sales of US pork for the week ending Oct. 22 totaled 29,000 metric tons - which is down 24% from the prior 4-week average. Sales of US pork to China totaled only 2,500 tons, only a sliver of total US pork exports. "Mandatory price reporting data, which is limited, has been signaling a slowdown in pork export sales and the update released this morning confirmed that," says Steiner Consulting Group. Meanwhile, live cattle futures finished up 3.2% higher to $1.07975 per pound. (kirk.maltais@wsj.com; @kirkmaltais)

(END) Dow Jones Newswires

10-29-20 1734ET

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