By Dow Jones Business News, October 28, 2013, 04:20:00 PM EDT
Corn Prices Sink to Nearly 38-Month Low; Soy, Wheat Slide -- Update
CHICAGO--U.S. corn futures fell 2.1% to the lowest in more than three years Monday, pressured by an increase in
supplies as the harvest advances across the Midwest.
Soybeans and wheat also declined.
Analysts estimate about 80% of the U.S. soybean harvest and as much as 60% of the corn crop were complete as of
Sunday, as dry weather helped farmers speed collection of crops. Farmers had harvested 63% of the nation's soybean crop
and 39% of the corn crop as of Oct. 20 , according to the U.S. Department of Agriculture, which will issue new estimates
Asian Grain Prices Seen Lower on Weak Demand, Harvest Pressure
SINGAPORE--Asian grain prices are expected to come under pressure this week due to weak demand and harvests in the
U.S. and major Asian producing countries, trade participants said.
Asian countries are currently harvesting their summer plantings of corn, soybeans and rice. The U.S., the world's
largest exporter of agricultural commodities, is harvesting its spring plantings of wheat, corn and soybeans.
STORIES OF INTEREST:
Mosaic to Buy Florida Phosphate Business of CF Industries -- Update
Mosaic Co. (MOS) agreed to buy fellow fertilizer company CF Industries Holdings Inc.'s (CF) phosphate operations for $
1.4 billion in cash, consolidating this business in Florida amid continued weakness across all fertilizer products.
This past summer, the $22 billion global market for another key fertilizer ingredient, that being potash, was hit by
the collapse of a sales partnership that helped underpin potash prices. Mosaic Chief Executive James Prokopanko said it
is "anybody's guess" whether there will be resolution to OAO Uralkali and Belaruskali's dispute, which has weighed on
fertilizer prices broadly and prompted major buyers to hold off on purchases.
Burger King 3rd-Quarter Soars on Decrease in Costs -- Update
Burger King Worldwide Inc.'s (BKW) third-quarter earnings soared from a year earlier as the fast-food chain reduced
its operating expenses after selling hundreds of restaurants to franchisees.
The company had just 74 company-owned restaurants in the quarter, down from 595 in the prior-year quarter. In addition
to refranchising its restaurants, the chain has been focusing on accelerating the pace of new-restaurant development
globally, remodeling existing restaurants and launching fewer but "more impactful" menu items, like Satisfries, its
lower-fat, lower-calorie French fries.
Cattle Futures Climb to Nearly 11-Month High Amid Supply Pinch
CHICAGO--U.S. live-cattle futures jumped to their highest closing prices in nearly 11 months Monday, following an
intrasession high touched Friday amid record cash cattle trade and historically tight supplies of slaughter-ready
Chicago Mercantile Exchange live cattle for October advanced 0.57 cent, or 0.4%, at $1.3315 a pound, which is just shy
of the all-time closing price for the spot contract. The last time the cattle market was trading at these levels was
Jan. 3, when the spot contract hit a record $1.3385 a pound, as traders braced for the effects of the most severe
drought across the central U.S. in sixty years to impact prices of cattle and beef.
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(END) Dow Jones Newswires
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