RAD Rite Aid Corp

TOP STORIES:

Grains, Soybeans Rise as Dry Weather Lingers

Grain futures rebounded and soybeans marked a new high Monday as global weather forecasts show little relief in sight for drought-afflicted crops.

Wheat prices moved higher, resuming a more than weeklong rally spurred by dry weather in the U.S. Plains that is hurting the nation's crop. Private weather forecasters said farmers growing hard-red winter wheat likely wouldn't see rain for the next two weeks, exacerbating a drought that already has dented crop conditions in key growing regions like Kansas.

Investor Continental Grain Is Set to Pressure Bunge to Sell Itself -- Update

Agricultural investment firm Continental Grain Co. is preparing to push Bunge Ltd. to consider strategic options, ramping up pressure on the commodity-trading giant to strike a deal.

Continental Grain, which owns more than 1% of Bunge, on Monday secured approval from U.S. antitrust regulators to purchase more stock, according to people familiar with the matter. That clearance would only be needed under the Hart-Scott-Rodino Act if the firm intended to attempt to influence management. Such a filing is often a precursor to an activist campaign -- public or private.

STORIES OF INTEREST:

Bunge Shares Bounce on Investor Filing -- Market Talk

13:14 ET - Bunge shares rise 4% after agricultural investment firm Continental Grain secures FTC approval to acquire more shares in the grain giant and potentially engage with management, perking up speculation that a deal could come for Bunge. Continental five years ago publicly pressured pork supplier Smithfield Foods to consider a breakup, and that company wound up selling itself. Bunge shares jump to their highest in two weeks, though remain lower than the level in early February, following reports that Archer Daniels Midland had approached Bunge about a takeover. Talks between the companies are ongoing but at a slow pace, people familiar with the matter told The Wall Street Journal. (jacob.bunge@wsj.com; @jacobbunge)

Albertsons Hires Former Starbucks CEO For Rite Aid Marriage -- Market Talk

10:47 ET - Albertsons and Rite Aid are bringing in a retail veteran to steer the grocery and pharmacy chains through their complex, roughly $24B merger. Executives of the new company tell WSJ they have named former Starbucks CEO, Jim Donald, as president and COO. Retailers are looking to deals outside their comfort zones to defend themselves from Amazon and Walmart. Rite Aid shares are up 1.1%. (heather.haddon@wsj.com; @heatherhaddon)

THE MARKETS:

Cattle Futures Snap Losing Streak -- Market Talk

14:56 ET - Cattle and hog futures recovered on Monday after falling for most of last week on concerns over expanding U.S. meat supplies. April-dated live cattle futures closed near $1.23 a pound on Monday at the CME, up 0.8% from Friday when the contract fell for a third consecutive day. April-dated lean hog futures also gained on Monday, closing up 1.3% at 68.80 cents a pound. (patrick.mcgroarty@wsj.com; @patmcgroarty)

(END) Dow Jones Newswires

March 05, 2018 17:36 ET (22:36 GMT)

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