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OFFON

WHEAT FUTURES (W) - CBR (FLOOR)/C1

End-of-day quote. End-of-day quote Chicago Board Of Trade - 09/24
723.75 USc   +0.84%
09/24Wheat Climbs on Indications of Tighter Supply -- Daily Grain Highlights
DJ
09/24Wheat finds two-week high on strong global demand
RE
09/24Wheat finds two-week high on strong global demand
RE
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GRAIN HIGHLIGHTS : Top Stories of the Day

07/02/2021 | 05:44pm EDT

TOP STORIES:

Wheat Futures Sink With Rain On The Way

Wheat for September delivery fell 1.9% to $6.52 3/4 a bushel on the Chicago Board of Trade on Friday, in anticipation of rainfall arriving in the Northern Plains over the course of the holiday weekend. Corn for December delivery fell 1.6% to $5.79 3/4 a bushel. Soybeans for November delivery rose 0.3% at $13.99 a bushel.

Weather forecasts predict more rainfall in parched Northern Plains growing areas, where wheat is the primary crop being hurt by drought conditions. "The weather forecasts on a Friday before a weekend are usually ignored, even more so when it is in front of long weekend, but for good order's sake, the [Global Forecast System] this morning put rains back in the forecast for Minnesota and eastern North Dakota," said Charlie Sernatinger of ED&F Man Capital. However, this rain may be too late to salvage a crop that was assessed nationally at 20% good-or-excellent condition earlier this week, Mr. Sernatinger said.

US Grain Exports Remain Attractive to China, Says FAS -- Market Talk

1438 ET - Amid reports that China has almost completed its rebuild of its hog herd to pre-ASF levels, the USDA's Foreign Agricultural Service says that the US will export more corn to China in the current marketing year than previously expected--totaling 28M metric tons. Meanwhile, earlier this week, the FAS reported that US soybean exports sold to China hit $7.7B in 1Q, nearly a record. Looking ahead, China likely aims to import less US grains, but the cut looks to be mild. "It's a reasonable assumption that increased wheat feeding and high global prices will slow Chinese corn acquisitions in the year ahead, although it will still face a longer-term problem of balancing supply and demand," says Arlan Suderman of StoneX. (kirk.maltais@wsj.com; @kirkmaltais)

STORIES OF INTEREST:

Krispy Kreme Shares Fall in Day Two of Publicly Trading

Shares of doughnut seller Krispy Kreme Inc. are down 5.9% in their second day of trading after the company's return to being a publicly traded company.

Shares rose 24% to $21 a share on Thursday. The company's stock opened at $16.30 a share, lower than its IPO price of $17.

Total Produce 1Q Trading Has Been Strong

Total Produce PLC said Friday that trading for the first quarter of the year has been strong, with revenue and adjusted metrics ahead of the same period last year.

The Irish fresh-produce company--which is in the process of merging with its 45%-owned Dole Food Co. under a newly created, U.S.-listed company--added that it continues to expect full-year adjusted earnings per share to be in line with market expectations.

THE MARKETS:

Livestock Futures Finish Lower to End Week -- Market Talk

1541 ET - Livestock futures trading on the CME finished lower to cap off the week -- with live cattle futures dropping 1.3% to $1.22 per pound, and lean hog futures inching 0.1% lower to $1.00225 per pound. The drop in cattle futures comes as prices for both boxed beef and feed fell. On the feed side, corn prices today relaxed in reaction to news of rainfall prospects in growing areas over the long holiday weekend, as well as indications that China may take less US grain exports in the 2021/22 marketing year than initially forecast. (kirk.maltais@wsj.com; @kirkmaltais)

(END) Dow Jones Newswires

07-02-21 1743ET

Stocks mentioned in the article
ChangeLast1st jan.
CORN FUTURES (C) - CBR (FLOOR)/C1 -0.47% 526.75 End-of-day quote.9.35%
WHEAT FUTURES (W) - CBR (FLOOR)/C1 0.84% 723.75 End-of-day quote.13.00%
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