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Corn, Soybean Futures Wobble Despite Strong Demand

Corn and soybean futures fell on Thursday despite signs of a healthy global appetite for U.S. crops.

The U.S. Department of Agriculture said exporters sold 2.1 million metric tons of soybeans and 1.2 million tons of corn in the week ended April 12, both above the range of pre-report estimates.

Corn futures for May delivery fell 0.3% to $3.82 a bushel at the Chicago Board of Trade. May soybean contracts slid 0.4% to $10.37 1/4 a bushel.

If China Doesn't Eat U.S. Soybeans, Someone Else Will -- Market Talk

13:37 ET - Concern over proposed Chinese tariffs on U.S. soybeans is overblown, says Rich Nelson of Allendale. Soybean futures have wobbled in April as traders bet tension between Washington and Beijing could disrupt trade, potentially leaving American exporters with less business from their biggest customer. But Nelson says rising global appetite for vegetable oil and soybean meal-fattened livestock is a sure bet. If China doesn't buy as many U.S. soybeans, someone else will likely have to. That might mean rerouting global supply chains at worst. "Bottom line is that world soybean demand will continue to increase each year," Nelson says. "You simply cannot have U.S. soybean exports drop." (benjamin.parkin@wsj.com; @b_parkyn)

Square Acquires Food-delivery Platform Zesty to Boost Office-catering Business -- MarketWatch

Square Inc. (SQ) announced Thursday that it had acquired assets from Zesty, a food-delivery service that specializes in office catering. Square, which bought food delivery business Entrees On-Trays earlier in the year, sees Zesty enhancing its Caviar platform. "Expanding our corporate catering product with Zesty enables us to offer our restaurant partners another way to boost sales through higher-margin, large-format catering orders," said Gokul Rajaram, Square's Caviar chief. Caviar is part of Square's fast-growing subscription and services segment. Square shares are little changed in aftermarket trading but up 194% in the past 12 months. The S&P 500 has gained 15% in that time.

STORIES OF INTEREST:

Hilton Food Shares Aren't Cheap But Valuation Is Fair: Numis -- Market Talk

1426 GMT - Hilton Food Group's shares aren't cheap but the valuation reflects the company's strong track record over the last decade, its balance sheet and its good visibility on earnings growth, says Numis. The brokerage raises its target price on the stock to 1,075 pence, from 1,000 pence. Numis says one of the key emerging trends in global grocery retailing is the consolidation of suppliers. Hilton Food is broadening capabilities, has a unique business model and is well-positioned to play a strategic role in the supply chains of new and existing customers, says Numis. Shares are up 2.1% at 868 pence. (dimitrios.kontos@dowjones.com)

Amid Sanctions, U.S. Targets Venezuelan Food Program -- Market Talk

1429 ET - U.S. investigators are putting a Venezuelan military-run food distribution program under greater scrutiny to target allegedly corrupt officials enriching themselves off the program, U.S. Treasury Secretary Mnuchin says. His comments, which underscore the Trump administration's promise of tougher sanctions against Venezuela's authoritarian government, comes after a meeting Mnuchin hosted with representatives from 15 Latin American and European countries aimed at greater collaboration to further pressure Caracas. Participants reviewed identities of Venezuelan authorities allegedly stealing from the food program, which has been slammed as a scheme to buy Venezuelan votes in a country ravaged by food shortages, Mnuchin says. The U.S. has sanctioned dozens of Venezuelan officials in recent years and has warned it is evaluating potentially stronger moves against the country's floundering oil industry. (kejal.vyas@wsj.com)

For Brazil Mills, Ethanol is Sweeter Than Sugar -- Market Talk

1413 ET - Brazilian sugar mills have a sour taste in their mouth. Sweetener prices have fallen to multiyear lows in 2018 as output increases around the globe. In Brazil, the world's largest producer and exporter, mills are so sick of the rot that they're using more cane for ethanol instead. Stronger energy prices helped push the ethanol-to-sugar premium to a five-year high in March, says Commerzbank, which should curb sugar production in the country's all-important center-south region next year. "Producers are likely to continue channelling more sugar cane into ethanol production than on average last season," the bank says. "This should help the sugar price to stabilise and then to recover." May sugar futures rise 0.1% to 11.75 cents a pound, down over 20% for the year. (benjamin.parkin@wsj.com; @b_parkyn)

THE MARKETS:

Cattle Futures Fall; Beef Demand Weak

Cattle prices halted a recent rally as bad weather capped demand.

Live cattle futures for April delivery fell 1% to $1.178 a pound at the Chicago Mercantile Exchange on Thursday. Prices had rallied over 6% since early April.

Hog futures were mixed, also correcting after recent gains. CME June lean hog contracts slid 0.6% to 78.075 cents a pound.

(END) Dow Jones Newswires

April 19, 2018 17:40 ET (21:40 GMT)

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