TOP STORIES: U.S. Soybeans Sink as Weather Concerns Abate; Corn Mixed Stock Market Quotes, Business News, Financial News from http://commodity-market-news.com
CHICAGO–Soybean prices tumbled to a two-month low as concerns eased over adverse weather during the summer growing season and worries emerged over export demand for the crop.
Meanwhile, wheat slid while corn was mixed.
Soybean prices dropped for the fourth consecutive session as fund managers bailed out of bets that the market would continue to rally, due partly to favorable Midwest weather, which could aid crop yields. Rainfall is expected to douse much of the Farm Belt this week, adding beneficial moisture to soils before August, which is the most critical month for the U.S. soybean crop.
Agricultural Commodities See Sharpest Monthly Price Rise in Four Years
LONDON–Agricultural commodity prices saw their sharpest monthly increase in four years in June, the United Nations reported on Thursday, highlighting a steep increase in sugar pricing. On the rise since February, the Rome-based Food and Agriculture Organization’s food price index is up 4.2% month-on-month, averaging 163.4 points in June.
STORIES OF INTEREST: Pepsi, Buoyed by Domestic Growth, Boosts Its Outlook -- 2nd Update
PepsiCo Inc. raised its 2016 outlook Thursday after second-quarter profit topped expectations as the company weathered overseas turbulence through cost-cutting and strong U.S. snack sales.
The snack and beverage giant also defended a Diet Pepsi overhaul that sent cola sales plunging and indicated it doesn’t plan to join a recent wave of M&A activity, focusing instead on developing new products in-house to lift revenue. Chief Executive Indra Nooyi said management now expects adjusted earnings-per-share to rise 9% this year, up from its earlier 8% estimate, despite “what continues to be an incredibly volatile global macro environment.”
In all, the company reported a profit of $2.01 billion, or $1.38 a share, up from $1.98 billion, or $1.33, a year earlier. Excluding certain items, PepsiCo reported core earnings of $1.35 a share. Revenue declined 3.3% to $15.4 billion, with weakening foreign currencies contributing a negative impact of 4 percentage points.
USDA Says 120,000 Tons of Soybeans Sold to China In 2016-17
WASHINGTON–Private exporters reported to the U.S. Department of Agriculture export sales of 120,000 metric tons of soybeans for delivery to China during the 2016-2017 marketing year, the USDA said Thursday. The 2016-17 marketing year for soybeans begins Sept. 1.
THE MARKETS: U.S. Cattle Futures Slide to 5-Year Lows on Demand Worries
CHICAGO–Livestock futures settled lower on Thursday, with the cattle market tumbling to the lowest levels in five years as traders brace for a swell of supplies. August live-cattle futures fell 0.85 cent, or 0.8%, to $1.1180 a pound on the Chicago Mercantile Exchange, the lowest closing price for a front-month contract since July 2011. Feeder-cattle futures for August dropped 0.95 cent to $1.43625 a pound.
Copyright (c) 2016 Dow Jones & Company, Inc.