MON Monsanto Company (delisted)

TOP STORIES:

Corn, Soybean Crops in Good Condition -- Market Talk

16:31 ET - The U.S. crop season continues its strong start. The USDA says that 78% of the corn crop was in good or excellent condition as of Sunday, in line with expectations and above last year's 68% good-or-excellent rating. Soybeans are rated 75% good or excellent. After a slow start to planting, Midwestern farmers have mostly enjoyed good weather for fieldwork and crop growth. Though early, those conditions have pressured prices as traders bet that's more likely to translate into higher yields. (

benjamin.parkin@wsj.com; @b_parkyn)

Grain, Soybean Futures Tumble on China Tension

Grain and soybean futures started the week lower as increased trade tensions and a better weather outlook left traders mulling the prospect of a larger surplus next season.

Talks aimed at resolving a recent trade dispute between China and the U.S. over the weekend amounted to little, increasing the prospect that Beijing would levy duties on American agricultural exports. The prospect that crops could also fall into Mexico and Canada's crosshairs in retaliation for U.S. metal duties added to the pessimistic sentiment.

STORIES OF INTEREST:

Mexico Conditions Bayer's Acquisition of Monsanto -- Market Talk

14:09 ET - Mexican antitrust authorities approved Bayer AG's acquisition of Monsanto on the condition--proposed by the companies--that they sell genetically modified cottonseed, vegetable seeds, and some herbicides businesses to Germany's BASF. The competition commission said that without the conditions, Bayer would become Mexico's only supplier of genetically modified cottonseed and gain significant market share in seeds for crops including onions, cucumbers, water melon and lettuce, as well as some herbicides, possibly pushing up prices for growers and discouraging innovation and research. BASF "has the capacity and the incentives to compete vigorously in the markets in question," the commission said. (anthony.harrup@wsj.com)

Agco, Monsanto Will Jointly Defend Deere Lawsuit -- Market Talk

11:18 ET - Farm equipment maker Agco says it will join forces with Monsanto to defend a patent infringement lawsuit filed by Deere over seed-planting technology used by Agco's Precision Planting business. "Any claim that alleges products made or sold by Precision Planting infringe on Deere patents are believed to be without merit and will be vigorously disputed," Agco says in response to a complaint filed last week in U.S. District Court in Delaware. Agco acquired Precision last year from Monsanto after Deere abandoned its attempt to purchase the business under pressure from U.S. regulators because of market competition concerns. (robert.tita@wsj.com; @bob_tita)

THE MARKETS:

Livestock Futures Fall on Trade Tension -- Market Talk

14:52 ET - Livestock futures started the week lower as intensifying trade tensions clouded the outlook for an oversupplied domestic meat market. Meetings between senior U.S. and Chinese officials over the weekend amounted to little, as both parties came away without making concessions. For pork producers, who have already been targeted by Chinese duties, the lack of resolution was particularly painful. Pork exports to China have dropped off even as domestic production is set for a record. The threat of tariffs also hangs over beef producers, who had hoped to see exports to China grow. CME June lean hog futures were little changed, while the more-active July contract fell 1.1% to 77.925 cents a pound. Cattle futures were also lower. (benjamin.parkin@wsj.com; @b_parkyn)

(END) Dow Jones Newswires

June 04, 2018 17:32 ET (21:32 GMT)

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