GRAIN HIGHLIGHTS: Top Stories of the Day
June 13 2018 - 6:05PM
Dow Jones News
TOP STORIES:
Soybean Futures Fall to 9-Month Low on Trade Fears
Soybean futures fell to the lowest close in nine months as
traders bet tensions between the U.S. and China were due to flare
up.
July-dated contracts fell 1.9% to $9.36 a bushel at the Chicago
Board of Trade on Wednesday, hitting the lowest close since late
August.
July-dated wheat futures fell 3.4% to $5.16 1/2 a bushel, while
corn contracts for delivery the same month slid 0.4% to $3.76 a
bushel.
Tariffs Further Pinch Consumer-Staple Stocks -- Update
Escalating trade tensions have made times even harder for shares
of companies that provide everyday goods.
Already struggling with pricing pressures and sluggish growth,
the fortunes of consumer-staple companies in the S&P 500 were
further shaken after Canada, Mexico and the European Union
retaliated against the U.S.'s imposition of tariffs on steel and
aluminum imports.
Canadian Prime Minister Justin Trudeau pledged to impose
billions of dollars of tariffs on steel, aluminum and other U.S.
goods, such as food and agricultural products. Mexico's Economy
Ministry is targeting lamps, berries, grapes, apples, cold cuts,
pork chops and cheese products, among other goods the U.S. produces
and sends there. The EU will start imposing EUR2.8 billion worth of
tariffs in July, including 25% levies on peanut butter, orange
juice and cranberries, among other goods.
STORIES OF INTEREST:
Coca-Cola Warns of Currency Impact on 2Q, 2018 Revenue
Coca-Cola Co. (KO) on Wednesday warned that currency impacts
could reduce second-quarter and full-year comparable revenue by up
to 1%, but the beverage giant affirmed its 2018 earnings
guidance.
The Atlanta-based company in April had said it expected a 1%
boost to revenue from currency in the second quarter and full year.
Coca-Cola now expects a negative impact of 0% to 1%.
Trade-Sensitive Stocks Slide on Tariff Report -- Market Talk
15:46 ET - Shares of companies that investors believe are
vulnerable to tightening trade policies are sliding as a report
suggests the Trump administration could levy tariffs on tens of
billions of dollars of Chinese goods in the coming week. Senior
trade officials have agreed that the U.S. should move forward with
the tariffs, people briefed on the talks told WSJ. Investors and
analysts have worried the moves could trigger retaliatory trade
measures that crimp profits at U.S. firms. Farm-machinery maker
Deere off 2.9%, while Boeing down 1.6% and Caterpillar off 1.7%.
Polaris, which relies on steel and aluminum to make off-road
vehicles, was down 0.6%. (akane.otani@wsj.com)
THE MARKETS:
Hog Futures Rally on Improving Supply-Demand Outlook -- Market
Talk
15:09 ET - Hog futures continued a recent rally sparked by
tighter supplies and solid demand. Meatpackers have paid more for
pigs to slaughter in recent days, with average prices rising $1.27
to $79.17 per 100 pounds on Tuesday. The rally has been helped by
falling hog weights, Midwest Market Solutions says, prompting a
seasonally tight patch that has given producers more leverage to
raise their asking prices. Wholesale pork prices, meanwhile, have
also recently risen. All that has futures traders betting the hog
market has higher to go. CME June lean hog contracts rose 0.6% to
81c a pound. June-dated cattle futures fell 0.6% to $.107925 a
pound. (benjamin.parkin@wsj.com; @b_parkyn)
(END) Dow Jones Newswires
June 13, 2018 17:50 ET (21:50 GMT)
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