TOP STORIES: 



  Wheat Extends Gains Amid Calm Day for Futures 


  Wheat for September delivery rose 1.3% to $5.34 1/4 a bushel on the Chicago Board of Trade on Wednesday as some traders expect China to buy the grain in the near future, despite tensions with the U.S. Corn for December delivery rose 1.2% to $3.34 3/4 a bushel. Soybeans for November delivery rose 0.3% to $8.95 1/4 a bushel. 


  Wheat led grain prices as traders expected China to buy old stocks of wheat and rice for livestock feed, AgResource said. Meanwhile, weather remains bad for wheat crops in parts of Russia, and Ukraine's stocks of the grain are at a 10-year low, both price-boosting factors. Short-covering also helped, AgResource says, warning that favorable crop conditions in the U.S. breadbasket will continue to prevent a rally. 


  "A trend reversal does not appear to be in the offing amid improved Central US weather," the broker says. 


  Restaurants Rack up Most Closures -- Market Talk 


  0706 ET - Restaurants have suffered the most permanent closures since the pandemic hit, surpassing retailers, according to new findings from Yelp Inc. There have been 26,160 restaurant closures from March 1 to July 10. The total grew by 2,179 in roughly the last month. Sixty percent of the restaurant closures in July were for good, the ratings site found. Restaurants are having to close indoor dining again in many states and cities, a particular headwind after staffing up and buying supplies to serve more diners. (heather.haddon@wsj.com; @heatherhaddon) 


  STORIES OF INTEREST: 


  Corn Demand's Positive Trend May Not Last -- Market Talk 


  12:07 ET - Global demand for corn is in a positive trend, but supply remains too high to sustain a rally, says broker Marex Spectron. The firm says its metrics "suggests that a positive short-term demand shock continues to accumulate." But the presence of crop-boosting weather conditions makes the surge in demand coincide "with the surge in supply." Weak global credit markets add to downward pressure on prices, Marex says. "It remains to be determined which side of the S&D equation which will prevail." (paulo.trevisani@wsj.com; @ptrevisani) 


  Unilever Investors to Eye Dividend at 1H Results -- Market Talk 


  1505 GMT - Unilever's dividend is likely to attract investor attention when the Anglo-Dutch consumer-goods company reports first-half results Thursday. Despite downbeat 1Q sales and scrapping of full-year margin guidance, Unilever has offered reassurance that it would keep paying dividends, rather than cutting them, A.J. Bell says. "It kept the 1Q payment unchanged at EUR0.4104 a share and income-seekers will hope for more of the same, not least as analysts forecast Unilever to be the tenth biggest FTSE 100 dividend payer in cash terms in 2020," says Bell's Russ Mould. Investors are also likely to eye underlying sales growth, operating profit and any broader earnings guidance, the brokerage says. (philip.waller@wsj.com) 


  THE MARKETS: 


  Livestock Prices Stable Amid Demand Uncertainty -- Market Talk 


  14:57 ET - Hog markets weaken as signs of improving demand give way to concerns about oversupply, while live cattle traders face uncertainty after months of unusually low slaughtering activity. "It's a guessing game as of (whether) demand is up to eat all the beef that's coming our way," says independent trader Dan Norcini. He says a rise in hog prices yesterday was caused by a spike in cutout value, likely because of higher demand for ham, but that factor wasn't present today. "There's no consistency, we are like a ping pong ball." Live cattle slides 0.4% and hogs rise 0.1%. (paulo.trevisani@wsj.com; @ptrevisani)