GRAIN HIGHLIGHTS: Top Stories of the Day

TOP STORIES:

Wheat Futures Fall on Supply Growth Signals

Wheat for December delivery fell 1.6% to $5.49 a bushel on the Chicago Board of Trade on Wednesday following indications that the planting of winter wheat in the U.S. is ahead of schedule. Soybeans for November delivery fell 0.5% to $10.14 1/2 a bushel. Corn for December delivery fell 0.2% to $3.68 1/2 a bushel. Traders expect U.S. winter wheat planting to hit the ground running. The weather has been dry, so farmers have been able to easily get out to their fields. In its last crop progress report, the USDA estimated that 20% of the crop has been planted, up from the five- year average of 19%.

S&W Seed Reports 4Q Results, Shares Trading Lower

Shares of S&W Seed Co. are trading lower on the Nasdaq Wednesday, after the company released fourth-quarter results that showed lower revenue and a wider loss. At 11:49 a.m. EDT, the company's shares were trading 11.31% lower at $2.51. The stock opened at $2.71 and touched as high as $2.74 earlier in the session before giving back gains. Year to date, the stock is up over 20%. Before the bell Wednesday, S&W reported a fourth-quarter net loss of $4.8 million, or 14 cents a share, on revenue of $25.8 million. In the year-ago period, the company reported a net loss of $3.2 million, or 10 cents a share, on revenue of $46.8 million.

General Mills Adds Manufacturing Capacity as Volumes Remain Heightened -- Market Talk

0900 ET - For General Mills, the name of the game right now is volume. Sales volumes jumped 17% for its business focused on retailers in the US and Canada, its largest unit by sales, even as prices it charges for products eased. The company says volume gains helped drive a 24% jump in operating profit for the North America-retail segment, offset in part by increased media spending. The question remains how long will volumes remain elevated. Still, the company has added, since the start of the pandemic, around 30 new outside manufacturers to help the US and Canada business keep up with demand, CEO Jeff Harmening says, a move that raised the unit's external production capacity by roughly 25%. Shares up 1.7% premarket after results beat expectations and General Mills boosts its dividend. (micah.maidenberg@wsj.com; @ MicahMaidenberg)

STORIES OF INTEREST:

Laird Superfood Shares Surge in Debut After Upsized IPO

Laird Superfood Inc. shares jumped more than 45% in their trading debut Wednesday after the company's upsized initial public offering was priced at the high end of increased expectations. Laird shares were recently changing hands at $32, up about 45.5%, after opening at $33.55.

CDPQ to Invest $125 Million in Food System Sustainability

Caisse de Depot et Placement du Quebec on Wednesday said it will invest up to $125 million over the next three years in ventures that aim to make the food and agriculture industry more sustainable and climate friendly. Montreal-based CDPQ, one of Canada's biggest pension funds, said it has formed a co-investment partnership with S2G Ventures, an investment firm that targets companies working to improve the overall health and sustainability of the food system.

THE MARKETS:

Livestock Futures Finish Higher Ahead of Major USDA Reports -- Market Talk

14:51 ET - Livestock futures trading on the CME finished today higher -- with live cattle futures finishing up 0.9% to $1.112 per pound and lean hog futures up 0.4% to 64.35 cents per pound. In both cases, major USDA reports are expected to cap off the week, with the quarterly hogs and pigs report being released at 3pm ET tomorrow, and the monthly cattle on feed report coming out 3pm ET on Friday. For the hogs and pigs report, analysts are mostly expecting the total hog supply to be up from this time last year, by as much as 6%. (kirk.maltais@wsj.com; @kirkmaltais)


  (END) Dow Jones Newswires
  09-23-20 1742ET
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