GNCGY Greencore Group Plc (PK)

TOP STORIES:

Corn Futures Fall Despite Bumper Exports

The largest weekly corn export sales in over two decades weren't enough to stave off selling on Thursday.

The U.S. Department of Agriculture said exporters sold 2.6 million metric tons of corn in the week ended March 8, above pre-report expectations. The weekly sales were the largest for corn in 23 years, said Brian Hoops, president of brokerage Midwest Market Solutions, a reflection a recent strong demand.

The weekly sales were "excellent," Mr. Hoops said, but not enough to push prices higher. Corn futures for May delivery fell 0.5%, to $3.86 3/4 a bushel, at the Chicago Board of Trade.

The main source of pressure came from wheat markets, analysts said. Wheat prices fell sharply on Thursday, partly due to underwhelming exports. CBOT May contracts slid 2.1%, to $4.78 3/4 a bushel.

February Soybean Crush Rises to Record -- Market Talk

12:12 ET - Soybean processors crushed a record amount of oilseed in February, a trade group said, beating pre-report expectations. The National Oilseed Processors Association said that its members crushed 153.7M bushels of soybeans in February, above 142.8M a year earlier and more than average analyst estimates of 148.5M bushels. Strong demand for soybeans to crush has been a bright spot for a market pressured by large supplies. Soybean oil stocks in February rose to 1.856B pounds, up from 1.728B a month earlier and above expectations. (benjamin.parkin@wsj.com; @b_parkyn)

Unilever Picks Rotterdam Over London for Headquarters -- 3rd Update

LONDON -- Unilever PLC will consolidate its dual headquarters in Rotterdam instead of London, a politically charged decision that came despite last-minute lobbying from the British government.

The decision, pending for months, has taken on outsized significance in the U.K., which is in the process of negotiating its exit from the European Union. Critics of that move -- triggered by a 2016 referendum -- have warned the split from the EU could force some big companies to move to mainland Europe.

STORIES OF INTEREST:

Smart & Final Swoons on Online Investments, Weak Inflation -- Market Talk

09:40 ET - Smart & Final Stores down 17% in early trading as the California-based grocery reports light full-year sales guidance, and is the latest food retailer to sink profits into e-commerce efforts to quickly compete with Amazon and Walmart. "We expect that the impact of investments in IT infrastructure and digital commerce and marketing will continue to pressure operating and administrative costs," CFO Richard Phegley tells investors. Executives are hoping the short-term hit will pay off in the long-term. Smart & Final also reports weak inflation in food prices so far this year is making it cautious about sales growth. (heather.haddon@wsj.com, @heatherhaddon)

Greencore's Peacock Foods Buy Hasn't Worked Out: Shore Capital -- Market Talk

1156 GMT - Greencore has experienced steady weakness since the acquisition of Peacock Foods in 2016, and recent talks of delays in new business wins across the acquired estate justify a downgrade to hold from buy, Shore Capital says. The broker says the decision to transfer leadership of Greencore US from divisional management to the CEO suggests that there are material challenges and that there will be no quick fix. "We also question if the U.K. will suffer in any way from this distraction, given recent 'softness' in trading," it says as it downgrades its FY 2018 EPS forecast by 7% to 14.8 pence. (carlo.martuscelli@dowjones.com)

THE MARKETS:

Cattle Futures Fall as Traders See Larger Supplies Ahead

Cattle futures fell despite rising prices for physical animals.

Meatpackers paid steady to higher prices this week for cattle to slaughter. Those values tend to underpin the futures market, but contracts were unable to hold onto those gains on Thursday.

Hog futures were mixed. The front-month April contract for lean hogs at the CME fell 1.7% to 65.725 cents a pound, hitting a new low for the year, while later months rose.

The cash market for hogs has fallen for five consecutive sessions to $59.12 per 100 pounds and was on track to fall further on Thursday. Observers expected meatpackers to bid a further 50 cents to $1 less. Wholesale pork prices have also been under pressure recently.

(END) Dow Jones Newswires

March 15, 2018 17:37 ET (21:37 GMT)

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