GRAIN HIGHLIGHTS: Top Stories of the Day
Grain Futures Fall to Multiweek Lows, Soybeans Higher
Grain futures fell to multiweek lows in a quiet session Wednesday, while soybean prices rose.
Oilseed futures got a boost from the soybean oil market, said Bill Nelson, senior economist at Doane Advisory Services, which rose on expectations that lawmakers and trade groups would push back against possible downward revisions to biofuel mandates by the Environmental Protection Agency.
November soybean futures at the Chicago Board of Trade rose 0.3% to $9.58 1/4 a bushel, turning higher as soybean oil contracts rose over 1%.
Monsanto Boosted by Continued Adoption of New Products
Continued adoption of Monsanto Co.'s latest soybean, cotton and corn products drove revenue for the seed giant, even amid what it called a challenging agricultural environment.
Monsanto said Wednesday its sale to German chemical conglomerate Bayer AG was progressing. Bayer's $57 billion deal to create the world's largest supplier of pesticides, seeds and crop genes is expected to close early next year, as regulators continue to review the transaction.
For the quarter Monsanto reported income of $20 million, or 5 cents a share, up from a loss of $191 million, or 44 cents a share, a year ago. Revenue grew 4.8% to $2.69 billion. On an adjusted basis, earnings were 20 cents a share.