Corn, Soybeans Consolidate After Bumper Harvest Forecasts
Corn and soybean futures inched higher on Friday, recovering from unexpected forecasts for bumper corn-and-soybean harvests this year.
The U.S. Department of Agriculture surprised traders on Thursday by raising its soybean yield estimate to 49.4 bushels per acre and forecasting a higher-than-expected corn yield at 169.5 bushels per acre.
WASDE Bearishness Surpasses Rabobank Expectations -- Market Talk
0915 GMT - The U.S. Department of Agriculture's August World Agricultural Supply and Demand Estimates Report is bearish for grains and oilseeds, with "higher-than-anticipated U.S. production and therefore ending stocks likely to weigh heavily on prices," according to Rabobank in a morning note. While the USDA upped its forecast for soybean production, it cut its corn forecast, but not enough, Rabobank says. "We view a 2017/18 U.S. corn yield forecat of 169.5bpa as too high," the bank says. On top of that, a huge Russian crop means global wheat ending stocks will "surpass all expectations" as well. Wheat is up 0.51% at $4.41 a bushel, corn is up 0.27% at $3.72 a bushel, and soybeans are down 0.11% at $9.39 a bushel. EU wheat is flat at $167.50 a ton. ([email protected]; @davidhodari)
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Oil Gains After IEA Revises Data
Crude futures turned from losses to gains Friday, recovering from a selloff after the International Energy Agency revised its historical demand figures lower, indicating oil supplies might not be as tight as previously thought.
U.S. crude futures rose 23 cents, or 0.47%, to $48.82 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, rose 20 cents, or 0.39%, to $52.10 a barrel on ICE Futures Europe.
Eggs Contaminated With Insecticide Found in EU and Hong Kong
BRUSSELS -- Sixteen countries in Europe as well as Hong Kong received eggs contaminated with banned insecticide fipronil, the European Union's executive branch said Friday.
A meeting of European agriculture ministers and regulators is scheduled for Sept. 26 to discuss the incident, said Mina Andreeva, a spokeswoman for the European Commission.
Livestock Futures Climb After Mixed Week
Cattle futures rose as traders took profits on a recent selloff, with prices down 5% for the week.
Contracts for live and feeder cattle have fallen sharply in recent days as traders faced an increasingly negative outlook. Cash-market and wholesale beef prices slid this week while cattle weights and herd sizes recently trended higher.