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GRAIN HIGHLIGHTS: Top Stories of the Day

01/08/2021 | 05:28pm EDT


Soybeans Rise Ahead of WASDE

Soybeans for March delivery rose 1.4% to $13.74 3/4 a bushel on the Chicago Board of Trade Friday. Grains traders were optimistic that next week's WASDE will show a decline in U.S. ending inventories. Corn for March delivery rose 0.5% to $4.96 1/4 a bushel. Wheat for March delivery fell 0.5% to $6.38 3/4 a bushel.

Grain futures mostly rose Friday after finishing lower yesterday. Thursday's move to the downside was seen as a brief correction. "USDA [is] likely tightening the U.S. balance sheet next week and hence the market is getting supported," said Marex Spectron.

Covid-19 Recovery Main Factor in Ethanol Rebuild -- Market Talk

11:19 ET - The successful dissemination of Covid-19 vaccines throughout the US is a chief factor in gauging how much the US ethanol industry will be able to recover from what was an 'abysmal' 2020, says Geoff Cooper, president and CEO of the Renewable Fuels Association. "We are being cautiously optimistic," says Cooper, who adds that the biggest factor determining ethanol's ability to rebound is if gasoline consumption in the US is able to return to pre-pandemic levels once a sizable portion of the US is vaccinated. "The big question with the domestic gasoline market is can we get back to pre-pandemic levels and how soon," says Cooper. Such a resurgence would likely bolster ethanol prices, which in turn will allow facilities shuttered in 2020 to turn production back on. (kirk.maltais@wsj.com; @kirkmaltais)


Grocers Step In to Speed Up Covid-19 Vaccine Rollout

Federal and state officials are tapping regional and supermarket-based pharmacies to help speed up administration of Covid-19 vaccines amid a slower-than-planned rollout.

Rite Aid Corp., Kroger Co., Stop & Shop Supermarket LLC and other retailers are being asked to step in and provide inoculations to front-line workers and other vulnerable people. While the timeline is weeks earlier than planned, companies say they hope to test and troubleshoot protocols before distributing vaccines to the masses.

AB Foods Set to Flag Lower Primark Sales in 1Q Update -- Market Talk

1656 GMT - Associated British Foods is likely to report lower Primark sales in a 1Q update Thursday, though strong demand in the group's food business should help to offset that, Numis Securities says. Numis expects ABF to say 1Q sales at Primark fell by about 26% due to a bigger hit from coronavirus-related shop closures, versus a 13% drop in 4Q. Still, ABF is unlikely to have to alter its guidance for higher Primark sales and profit in 2020/21 compared with the previous year, Numis says. "Partly offsetting weakness at Primark will be strength across ABF's food divisions, most notably at grocery," analyst Georgios Pilakoutas says. (philip.waller@wsj.com)


Livestock Futures Close Lower -- Market Talk

15:04 ET - Livestock futures on the CME closed lower -- with live cattle futures finishing down 0.4% to $1.14475 per pound, and lean hog futures finishing down 0.6% to 68.7 cents per pound. Both cattle and hog futures are being affected by high grains prices, as they are making feed grain costs higher. Soymeal futures on the CBOT closed trading Friday up 1.7% to $439.60 per short ton, the highest close for them since September 2014. Soymeal is used primarily as animal feed, with corn also being often used. (kirk.maltais@wsj.com; @kirkmaltais)

(END) Dow Jones Newswires

01-08-21 1727ET

Stocks mentioned in the article
ChangeLast1st jan.
AC (AC) - CBR (FLOOR)/C1 0.83% 1.09 End-of-day quote.-20.73%
ASSOCIATED BRITISH FOODS PLC 0.85% 1905 Delayed Quote.-15.86%
CORN FUTURES (C) - CBR (FLOOR)/C1 1.64% 525.5 End-of-day quote.7.80%
FEEDER CATTLE?FUTURES (GF) - CMG (ELECTRONIC)/C1 -0.02% 154.775 End-of-day quote.11.44%
LIVE CATTLE (LE) - CMG (ELECTRONIC)/C1 0.14% 123.45 End-of-day quote.9.14%
RITE AID CORPORATION 1.06% 15.24 Delayed Quote.-3.73%
S&P GSCI CORN INDEX 0.63% 432.1981 Delayed Quote.6.97%
SOYBEAN MEAL FUTURES (ZM) - CBE (ELECTRONIC)/C1 0.00% 337.9 End-of-day quote.-22.63%
THE KROGER CO. -0.87% 40.1 Delayed Quote.26.26%
WHEAT FUTURES (W) - CBR (FLOOR)/C1 2.25% 705.75 End-of-day quote.7.77%
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