GRAIN HIGHLIGHTS : Top Stories of the Day

TOP STORIES:

Grain Prices Rise As China Buying Streak Continues -- Market Talk

14:47 ET - Grains close mostly higher as Chinese importers keep buying US corn and soy. Capital Economics says global demand for grains is likely to grow over the next few years, thanks mostly to higher demand for animal feed. CE believes there's pent up demand for meat coming out of the pandemic, and higher animal welfare standards also call for more corn and soy fed to cattle. "The outbreaks of COVID-19 and ASF have highlighted the need to improve food safety standards and many countries, including China, are actively tightening their policies," CE says. Corn rises 2.3%, soybeans gain 1.2% and wheat closes 2.5% higher. ([e-mail]; @ptrevisani)

STORIES OF INTEREST:

Cuomo Says New York City's Indoor Dining Can Restart Feb. 14

New York Gov. Andrew Cuomo said Friday that New York City's dining establishments will be able to open for indoor dining on Feb. 14. Capacity indoors will be maxed at 25%.

The ability to reopen for indoor dining, however, is tied to the decrease in the rate of people testing positive for Covid-19. Mr. Cuomo, a Democrat, said restaurateurs wanted a few weeks to prepare to reopen and plan.

Millennials Most Frequent Users of Restaurant Delivery -- Market Talk

15:40 ET - Millennials are the most frequent users of restaurant delivery and Generation X consumers are the most prone to use delivery, according to consumer survey data from Citi Research. "It is plausible that delivery becomes these 2 generations' most preferred off-premise channel when they grow older (possibly overtaking drive-thru)," Citi says. Delivery sales have not only surged in the pandemic, but ticket sizes have grown as well, as delivery customers were less price sensitive and lockdowns meant customers were buying for whole families, Citi says. "The pandemic accelerated the restaurants' adoption of delivery, and its negative stigma from incremental complexity and costs is fading," the analysts say. ([e-mail])

Brazil Soybean Crop Boosted by Higher Productivity, Bigger Area -- Market Talk

11:35 ET - Brazilian farmers will produce a soybean crop of 133.1M metric tons in the 2020-2021 growing season, for which harvesting is currently underway, according to agricultural consultancy Safras & Mercado. Safras's previous forecast, from December, was for a crop of 132.5M tons and Brazil grew 127.2M tons in the 2019-2020 season, the consultancy says. Unusually hot and dry weather in some areas has affected the size and quality of the crop, but Safras still expects a slight increase in productivity, while a 3.2% increase in the area planted with soybeans will also help boost production, according to the group. Dry weather going forward will be favorable for harvesting work in Brazil's biggest soybean-producing states, but for Rio Grande do Sul state, as well as states in the north and northeast, more rain during February would be favorable, Safras says. ([e-mail])

THE MARKETS:

Hogs Gain As Demand Remains Strong -- Market Talk

14:36 ET - Live cattle slides 0.7%, but hogs gain 0.4%. RJO Futures expects hogs to keep rising "due to the packer interest in keeping the processing speeds going at an accelerated rate." The broker says weights are decreasing and demand is very strong. "The large supply of pork is being met with soaring demand and is helping to support the market," RJO says, adding that "continued talk of African Swine Fever in China," is supporting US exports. ([e-mail]; @ptrevisani)

(END) Dow Jones Newswires

01-29-21 1736ET