USDA Raises Corn Harvest, Stockpile Forecasts -- Update
U.S. farmers will harvest more grain than expected this year, exacerbating a glut of grain supplies that has kept prices low.
The U.S. Department of Agriculture said farmers will reap 14.578 billion bushels of corn in 2017-2018, up from its previous estimate, thanks in part to a record yield of 175.4 bushels per acre.
Soybean futures also fell after the report. CBOT January oilseed contracts dropped 1.2% to $9.86 1/2 a bushel.
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Kroger Hires Thousands for the Holidays -- Market Talk
11:50 ET - Kroger says it will add 14,000 part-time and seasonal workers as the nation's largest supermarket chain gears up for the holidays. The Cincinnati-based company says it will spend $500M on workers across the next three years. Kroger is fighting increased competition in groceries, with its stock down 36% so far this year. ([email protected]; @heatherhaddon)
Jordan Buys 50,000 Tons of Barley in Tender
LONDON--The Jordanian state grain agency bought 50,000 metric tons of animal-feed barley as part of a 100,000-ton tender that closed on Wednesday, according to traders.
The grain will be shipped in the second half of March 2018. The cargo will cost $227 a ton including shipping fees, and was bought from trading houses GTC, a trader added.
Cattle futures were mixed on Thursday after a downturn in physical cattle prices continued to weigh on the market.
Meatpackers paid an average of $123.23 per 100 pounds on a live basis for slaughter-ready cattle on Wednesday, according to the U.S. Department of Agriculture. That was slightly lower than last week's average, despite expectations that prices would rise when this week's trade began.
December live cattle futures at the Chicago Mercantile Exchange fell 0.4% to $1.22475 a pound, while February-dated contracts were also lower. Prices for later months rose.
Hog futures were also mixed. The CME front-month December lean hog contract fell 0.6% to 63.175 cents a pound, while later months rose.