GRAIN HIGHLIGHTS: Top Stories of the Day
March 05 2018 - 5:51PM
Dow Jones News
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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