Oilseed processor Bunge (BG) was rising 0.4% to $72.02 in morning trading.
May corn futures were rising 0.7% to $7.57 ¾ a bushel and May wheat futures were 0.7% higher to $7.65 a bushel on expectations of a surge in Japanese grain imports, as Japan plays catch-up post-earthquake.
"While Japan's immediate commodity demand will likely slow, future imports may be considerably larger than what we have seen in the past," noted MaxYield Cooperative analyst Karl Setzer. "Not only will these imports cover grain that was lost in March's earthquake and tsunami, but meat products as well."
In a report, Setzer also wrote about risks of bacterial and fungal damage to stored grains as temperatures begin to rise.Also lending support was the attraction of bargain hunters in the ethanol and livestock markets following Tuesday's corn futures drop, according to reports. Grain transporter Archer Daniels Midland (ADM) was rising 0.4% to $35.68, while ethanol producer BioFuel Energy (BIOF) was falling 0.3% to 70 cents. Food company General Mills (GIS) was gaining 0.6% to $36.82. Meanwhile, plant nutrient producer Mosaic (MOS) was up 0.2% to $76.85 and peer Agrium (AGU) was flat at $89.20. Meat processor Tyson Foods (TSN) was falling 0.3% to $19.44. >>Search for Highest Dividends by Rate or Yield
|More on Earnings Today's Top Earnings|
>To contact the writer of this article, click here: Andrea Tse. >To follow the writer on Twitter, go to Andrea Tse. >To submit a news tip, send an email to: email@example.com.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV