BEST STORIES:
Wheat Rises as Crop Condition in United States Worsens
Wheat for March delivery rose 2.2% to $ 6.17 a bushel on Tuesday at the Chicago Board of Trade, in response to the USDA reporting a decline in the condition of wheat d American winter. Soybeans for January delivery were unchanged at $ 11.91 1/4 a bushel. Corn shipped in March fell 0.2% to $ 4.32-1 / 2 a bushel.
The condition of US winter wheat, in good or excellent condition, fell 3 points last week to 43%, according to the USDA. The main problem with the wheat crop in the United States is Texas where only 24% of its crop is in good / excellent condition. Deteriorating crop conditions are occurring in a dry climate all over the world, which is expected to drive up prices in the future.
Agricultural products will increase in 2021 – Market maintenance
09:14 GMT – Agricultural commodity markets are expected to start 2021 with high prices and a range of factors that may see prices rise further, according to Rabobank’s annual outlook report. “The fallout from the Covid-19 pandemic, which has seen countries around the world stockpile goods, as well as expected poor harvests due to dry weather conditions, are expected to raise prices for agricultural products.” He predicts the strongest upside potential for soybeans, corn and wheat. However, Stefan Vogel, global strategist and head of food markets at Rabobank notes that 2021 comes with its own risks. Even with rising hopes for a vaccine, Covid-19 remains a difficult risk to predict, while La Niña has the potential to achieve crop yields across the world, he says. ([email protected])
Food manufacturers are changing their portfolios with new offerings – Market Talk
0832 ET – Negotiations in the packaged food industry continue, with spice maker McCormick this morning confirming a WSJ report that it has reached a deal to buy the maker of Cholula Hot Sauce from a private equity owner for $ 800 million in cash. Meanwhile, last week, private food and candy giant Mars announced it would buy the North American barmaker Kind’s business, and in October Smucker agreed to sell Crisco to B&G Foods for $ 550 million. In September, Kraft Heinz announced it would sell its US business of natural cheese and a blend of other cheese products to a French company for $ 3.2 billion. ([email protected]; @MicahMaidenberg)
STORIES OF INTEREST:
JM Smucker says 2Q was helped by increased home cooking during pandemic
JM Smucker Co. said it made gains in its food and coffee consumption business in its most recent quarter, with consumers continuing to eat more meals at home due to the Covid-19 pandemic.
The company behind Jif peanut butter, fruit spreads, Folgers coffee and other consumer products on Tuesday reported earnings of $ 230.8 million, or $ 2.02 per share, for its second fiscal quarter, up from $ 211.2 million, or $ 1.85 per share, for the year. earlier.
THE STEPS:
Lean Hog Futures Gloomy After Yesterday’s Rise – Market Discussion
3:55 p.m. ET – Lean hog futures on the CME closed 0.6% lower at 66.75 cents per pound. The drop in the hog contract comes despite USDA data showing a drop in the amount of US pork kept in US cold rooms. Cold room pork totaled 448.2 million pounds at the end of October, up from 612 million pounds in 2019. Pork bellies saw the largest decline, from 45.4 million pounds a year ago to only £ 19.7million at the end of October. Despite this, traders remain concerned about the strong export demand. “The duration of this request is questionable as China continues to rebuild its herd of domestic pigs,” says Karl Setzer of AgriVisor. Live cattle futures ended up 0.9% at $ 1.1395 a pound. ([email protected]; @kirkmaltais)
(END) Dow Jones News Wire
11-24-20 1727ET
