Market Line Shakeup in Grain Trading
For today's Market Line Report we've got a shake-up within grain trading industry. Late last week two of the top grain trading companies Archer Daniels Midland and Bunge Ltd. announced millions of dollars in cuts and major restructuring. Bunge chief executive Soren Schroder interviewed by the Wall Street Journal said it had been a humbling year for grain traders. shifting global markets, the fact farmers are storing not selling grains, a global crop glut and US crops lack of competitiveness as reasons for Bunges $250 million in cuts and the elimination of 150 jobs.Bunge chief executive Soren Schroder interviewed Citing the need to get leaner. ADM has announced $200 million in cuts impacting both crop trading and its shipping arm. On the cattle front here's the USDA's Greg Sanders with a recap of last weeks cattle on Feed Report
Sanders : Last week's cattle on feed report were up 5% placements in feedlots during were 13 Percent above 2016 and marketings of fed cattle were 3% above 2016.