July 23 (Reuters) – Eight months ago in front of a crowd of
food industry executives gathered at a fancy Chicago hotel, a
top McDonald’s Corp executive lauded the boss of meat supplier
OSI Group for his dedication to the fast-food giant’s
On Wednesday, McDonald’s stood by its long-time
business partner OSI in the face of a deepening food safety
scandal at a unit of OSI in China where five people are
July 22 (Reuters) – McDonald’s Corp feels “a bit
deceived” by the audit it received for Shanghai Husi Food Co
Ltd, a China supplier that was shut down this week after a TV
report showed workers mishandling meat, Chief Executive Don
Thompson said on Tuesday.
“We are no longer serving product from the primary facility
there that has the challenges and the issues,” Thompson said on
a conference call after McDonald’s reported lower-than-expected
CHICAGO, July 9 (Reuters) – U.S. new-crop corn futures fell
to a new contract low below $4 a bushel on Wednesday as
forecasts for nearly ideal crop weather raised expectations for
New-crop soybean futures dropped to their lowest level since
early February, while wheat futures joined corn in setting
By Tom Polansek
(Reuters) – The world’s largest chicken breeder has discovered that a key breed of rooster has a genetic issue that is reducing its fertility, adding to problems constraining U.S. poultry production and raising prices at a time when beef and pork prices are already at record highs.
The breed, Aviagen Group’s standard Ross male, is sire through its offspring to as much as 25 percent of the nation’s chickens raised for slaughter, said Aviagen spokeswoman Marla Robinson.
CHICAGO, June 27 (Reuters) – U.S. soybean futures on Friday retreated from a
two-week high reached the previous session as traders booked profits ahead of
the release of key U.S. crop reports.
Wheat futures climbed after Canada said farmers had planted fewer acres of
the crop than expected, while corn was little changed.
CHICAGO, June 26 (Reuters) – U.S. soybean futures jumped to
a two-week high on Thursday as stronger-than-expected export
sales re-ignited concerns about dwindling old-crop supplies.
Corn futures advanced for the first time in four sessions,
while wheat gained for a second straight session, bouncing from
a four-month low set early on Wednesday.
CHICAGO, June 25 (Reuters) – U.S. wheat futures edged higher
on Wednesday after setting a new four-month low earlier in the
day, while corn futures slipped for the third consecutive
session on expectations for a bumper U.S. harvest.
Wheat rebounded after crumbling recently under sustained
pressure due to the advancing U.S. harvest and amid intense
competition for export business. The market shed nearly 4
percent in the previous three sessions.
Corn remained under pressure as warm, wet conditions were
seen as beneficial for the U.S. crop.
“Weather forecasts remain nearly ideal,” said Brian Hoops,
president of brokerage Midwest Market Solutions.
Front-month wheat futures rose 0.5 percent, or 3
cents, to $5.74 a bushel by 10:40 a.m. CDT (1540 GMT). The
contract earlier fell to $5.67-3/4, its lowest since Feb. 7.
Front-month corn futures dipped 0.1 percent, or 1/4
cent, to $4.42-3/4 a bushel after closing down 0.3 percent on
Spot soybean futures added 0.1 percent, or 1 cent, to
$14.14-1/2 a bushel on concerns about tight supplies after
closing off 0.8 percent in the previous session.
Traders adjusted positions ahead of U.S. Department of
Agriculture reports due on Monday that will provide data on
plantings and quarterly grain inventories.
The agency will likely report U.S. corn stocks totaled 3.722
billion bushels as of June 1, a four-year high for that date,
and soybean stocks came to 378 million bushels, a 37-year low,
according to a Reuters survey of analysts.
“Trade focus is starting to shift to next week’s quarterly
stocks and acreage report,” Hoops said.
Exporters struck deals to sell 217,400 tonnes of U.S. corn
to unknown destinations for delivery in the marketing year that
starts on Sept. 1, according to the USDA.
Prices did not rally after the sales were disclosed because
the United States will have plenty of corn from the next
harvest, traders said.
The markets felt some pressure as China, a major importer,
said it would boost domestic grain reserves by 25 million tonnes
this year, they added.
Prices at 10:44 a.m. CDT (1544 GMT)
LAST NET PCT
CBOT corn 442.00 -1.00 -0.2%
CBOT soy 1414.50 1.00 0.1%
CBOT meal 449.80 1.40 0.3%
CBOT soyoil 40.73 -0.24 -0.6%
CBOT wheat 574.25 3.25 0.6%
CHICAGO (Reuters) – U.S. wheat futures slid to a four-month low on Tuesday as the country’s advancing harvest increased supplies, while soybean futures dropped on better-than-expected U.S. crop conditions.
Weather conditions are expected to improve for the wheat harvest in the U.S. Plains after recent rains slowed progress.
CHICAGO, June 23 (Reuters) – U.S. corn futures fell on Monday after topping
a two-week high as expectations for a massive harvest in the United States
overshadowed concerns that some areas had received too much rain.
Losses in the corn market dragged down soybean futures, traders said, while
wheat futures slumped after top importer Egypt snubbed the United States in a
Wet weather during the weekend set the stage for declines in corn and
soybeans as analysts said crops should ultimately benefit from the moisture.
Some areas have received too much rain, causing flooding and localized crop
Some analysts expect the U.S. Department of Agriculture, in a weekly crop
report due at 3 p.m. CDT (2000 GMT) Monday, to reduce its ratings for corn and
However, rains have “put a far larger part of the growing area into very
good conditions,” said Sterling Smith, futures specialist for Citi in Chicago.
Front-month corn fell 2 percent, or 9 cents, to $4.44-1/4 a bushel by
10:25 a.m. CDT (1525 GMT) at the Chicago Board of Trade. The contract pulled
back after touching a session high of $4.57-3/4, a level last reached on June 6.
Spot soybeans dropped 0.5 percent, or 7-1/4 cents, to $14.08-1/2 a
bushel, off the session high of $14.34-1/2, which was a one-week peak.
A better-than-expected reading for factory activity in China helped underpin
soybeans as the data reassured traders about demand from the world’s top
importer of the oilseed, traders said.
“Any time you have good economic news out of China, it’s friendly to
soybeans because they’re such big importers,” said Jim Gerlach, president of A/C
Trading in Fowler, Indiana.
Egypt said on Saturday that it had bought 180,000 tonnes of Russian and
Romanian wheat for shipment Aug. 1-10 and none from the United States.
“Russian new-crop prices were seen easing in the last week, and this serves
to further highlight the big supplies and tight competition that is currently
dominating the wheat market,” Smith said.
Spot wheat was down 1.2 percent, or 6-3/4 cents, at $5.78-1/2 a
CHICAGO (Reuters) – The owners of a U.S. futures brokerage that regulators have ordered to close for helping to misappropriate customer funds will open a new brokerage with the same leadership and staff, company executives said.
The National Futures Association (NFA), which is based in Chicago and funded by industry fees, on Friday ordered Vision Financial Markets to shut its brokerage within six months and pay a $1.5 million fine for “failure to observe high standards of commercial honor.”