Grain Highlights : Top Stories of the Day
Grain, Soybean Futures Find Footing After Brazil Rout
CHICAGO--Grain and soybean futures bounced on Friday, recovering some of the ground lost in selloffs earlier this week. Brazilian politics continued to concern traders as they assessed the implications of a scandal there for the real, which dropped sharply in the aftermath, and by extension Brazil's agricultural exports.
Deere Shares Jump as South American Equipment Demand Improves -- 4th Update
Farm-machinery maker Deere & Co. raised its profit forecast for this year by 33% on booming demand in South America, an unexpectedly rosy outlook that sent shares in agricultural equipment and supply companies up sharply. Cash-flush farmers in Brazil and elsewhere in South America are expected to buy 20% more equipment after record harvests this year, Deere said even as sales are expected to fall 5% in the U.S. amid a multiyear slump in prices for corn, wheat and soybeans.
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Deere Lifts Farm Sector Stocks -- Market Talk
12:26 ET -- Deere's (>> Deere & Company) 2Q beat and raised yearly outlook proves helpful to other U.S. agriculture-related shares, which are broadly higher after the equipment giant reported better-than-expected earnings and boosted its profit forecast for this year. Deere shares jump 7.6% to $121.20, with fellow machinery maker CNH Industrial (>> CNH Industrial NV) up 5.5% to $11.18 while AGCO gains 3.6% to $63.97. Fertilizer makers CF Industries (>> CF Industries Holdings, Inc.) and Mosaic (>> Mosaic Co) are up 4% and 3.5%, respectively, and irrigation specialist Lindsay (>> Lindsay Corporation) up 2.8%. (email@example.com; @jessenewman13)
JBS Executive Says He Illegally Paid Millions to Brazil Leaders
SAO PAULO--The chairman of meatpacking giant JBS SA has told prosecutors he made millions of dollars of illegal payments to President Michel Temer and his predecessors, Dilma Rousseff and Luiz Inacio Lula da Silva. The revelations, in documents released by the country's Supreme Court, came a day after the court said Mr. Temer was being formally investigated for corruption and obstruction of justice.
Livestock Futures Rise as Dollar Slumps
CHICAGO--Livestock futures rose Friday as traders bet that a weak dollar would stoke demand for U.S. meat. The greenback recently slumped to multimonth lows, helping make American beef and pork cheaper in the global export market. That in turn is creating buying interest from major consumers like China, said Mike Seery, president of Seery Futures, and helping inject strength into an otherwise sluggish commodity sector.