GRAIN HIGHLIGHTS: Top Stories of the Day

02/09/18 05:21 PM EST

TOP STORIES:

 

Soybean Futures End Week in the Red

Grain and soybean futures fell going into the weekend as traders locked in profits on recent gains.

Wetter forecasts for Argentina's crop belt, an important source of corn and soybeans, and the wheat-growing U.S. Plains eased concerns about those crops, pressuring prices. The Commodity Weather Group said both regions have better chances for rain next week. That was unlikely to offset the consequences of several weeks of dry weather.

 

Ag Groups Cheer Farm Belt Help in Budget Deal -- Market Talk

13:12 ET - Farm groups applaud provisions in the newly-inked budget deal that beef up the federal safety net for U.S. cotton and dairy farmers, and help producers hit by natural disasters. The deal signed by President Trump includes a measure long sought by the cotton industry to make growers of the crop eligible for key government subsidies, as well as others aimed at improving what dairy producers argued was a broken support system. "Congress has taken important steps to address two of our biggest farm bill priorities," said Zippy Duvall, president of the American Farm Bureau Federation. Inclusion of the measures is expected to make passing the nation's next Farm Bill, the often-controversial legislation up for renewal this year, easier. (jesse.newman@wsj.com; @jessenewman13)

 

STORIES OF INTEREST:

 

Egyptian GASC Buys 360,000 Tons of Wheat in Tender, Not All of it Russian

LONDON--Egypt's state grain buyer, the General Authority for Supply Commodities, bought 360,000 metric tons of wheat in its latest tender, traders said late Friday.

The deal comprises four 60,000-ton cargoes of Russian wheat and two 60,000-tons cargoes of Romanian wheat. This is only the second tender out of GASC's most recent 13 to include non-Russian wheat.

 

Why Border Controls on Trade Will Rise Again in Europe

The leading voice of British business argued this week for staying in a customs union with the European Union, saying it was "part of the answer to the tough questions facing the government" over trade.

As the Confederation of British Industry was setting out its case, the government made clear it has other ideas. Britain, it said, wouldn't be a part of any customs union after the post-Brexit transition period it hopes to secure ends in about three years.

 

THE MARKETS:

 

Cattle Futures End Week Under Pressure

Cattle futures were mixed as traders waited for the week's physical cattle trade to start.

The absence of cash trade for slaughter-ready herds this week left market participants with fewer signals to trade with. But some meatpackers on Friday started to raise their bids, offering feedlots $126 per 100 pounds for their animals. That was up from $124, and steady with a week earlier. Feedlots, meanwhile, were asking for prices in the region of $130.

 

(END) Dow Jones Newswires

February 09, 2018 17:21 ET (22:21 GMT)

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