MARKET MOVEMENTS:
–Brent crude oil is up 0.7% to $69 a barrel
–European benchmark gas is down 1.1% to EUR34.81 a megawatt-hour
–Gold futures are down 0.6% to $3,339.30 a troy ounce
–LME three-month copper futures are up 0.1% to $9,644 a metric ton
TOP STORY:
Trump Said Coke Will Use Cane Sugar Again. Why This Agricultural Stock Tumbled Instead.
President Donald Trump said in a Wednesday social media post that Coca-Cola had agreed to use cane sugar in its beverages in the U.S. after he talked with the company.
Coca-Cola neither confirmed nor denied what Trump said. "We appreciate President Trump's enthusiasm for our iconic Coca‑Cola brand," the company said in a statement on its website, "More details on new innovative offerings within our Coca‑Cola product range will be shared soon."
The company didn't respond to a question on what the change in ingredients would mean for its production costs. The stock was up 0.9% in early Thursday trading.
OTHER STORIES:
U.S. Corn Export Sales Post Marketing-Year Low
Export sales of U.S. corn for the 2024-2025 marketing year landed at a marketing-year low, according to data from the Department of Agriculture.
In its latest weekly report, the USDA said that 2024-2025 corn sales for the week ended July 10 totaled 97,600 metric tons--which the agency says is a new low. 2025-2026 sales totaled 565,900 tons. The combined total of 663,500 tons falls below the forecasts of analysts surveyed by The Wall Street Journal this week, who had projected sales between 900,000 tons and 2 million tons.
--
Cocoa Grind Volumes Fall in Europe, Fueling Demand Concerns
Cocoa grind volumes in Europe fell sharply in the second quarter as historically high prices curbed demand in one of the world's largest chocolate-consuming regions.
The volume of beans processed for chocolate production fell 7.2% on year to 331,762 metric tons, according to a quarterly report from the European Cocoa Association.
--
Santos Second-Quarter Output Rises as Takeover Campaign Continues
SYDNEY- Santos reported an 1% rise in quarterly oil and natural gas production as it waits on a consortium led by Abu Dhabi's national oil company to firm up a US$18.72 billion takeover bid.
Santos said it produced 22.2 million barrels of oil equivalent in the three months through June, up from 21.9 million BOE in the first quarter. Sales volumes rose by 3% over the same period to 23.9 million barrels of oil equivalent. Revenue was 1% lower at US$1.29 billion, reflecting lower liquids pricing.
--
Qarlbo Biodiversity Aims to Reshape Timber Production
Qarlbo Biodiversity, formed by the founder of Swedish private-equity firm EQT AB, expects its latest deal to show that improving timber production sustainability can benefit both the environment and profits.
The investment and forestry management business has agreed to sell as much as 500,000 tons of material generated by U.S. forest thinning-removing trees and underbrush to improve health and growth-to Woodland Biofuels in Canada over a number of years. The maker of renewable natural gas based in Toronto will use the supplied material as feedstock.
--
Liquid Death Expands Into Energy Drinks-Easy on the Octane
Liquid Death, the six-year-old brand best known for selling water in large beer cans emblazoned with dripping skulls, is moving into the energy drinks aisle. The hook? Its offering will be less loaded with caffeine than most new entrants.
Next January, the company will introduce Sparkling Energy, which it will promote as a better-for-you alternative to some of the competition, executives said. Twelve-ounce skinny cans will promise vitamins, no sugar or artificial sweeteners, and what Liquid Death calls an "unextreme" caffeine level of 100 milligrams.
--
PepsiCo 2Q Revenue Rises Despite Lower North America Volumes -- Update
PepsiCo said its business remained resilient during the recent quarter, logging higher revenue despite a small drop in volumes.
The Purchase, N.Y., snacks and soda maker on Thursday noted an improvement in organic volume and market-share trends for its North America food business as the second quarter progressed. The company said the improvement occurred as the company stepped up commercial activities, such as increasing value for consumers and new product innovations.
--
Alcoa Posts Higher Second-Quarter Earnings Despite $115 Million in Aluminum Tariff Costs
Alcoa reported a higher second-quarter profit, topping analyst expectations, and said it mitigated U.S. aluminum tariff costs by redirecting Canadian aluminum to customers outside of the U.S.
The Pittsburgh aluminum producer reported $164 million in net income, or 62 cents a share, up from $20 million, or 11 cents a share, in the prior-year quarter.
--
Johnson Matthey Appoints Andrew Cosslett as Chairman
Johnson Matthey said it appointed Andrew Cosslett as Chairman of its board, and that he will replace Patrick Thomas at the end of its annual general meeting later in the day.
The British chemicals company said Cosslett will support its strategy of becoming a highly focused business able to deliver sustainable cash generation.
--
Tesla Readies New Model Y for China EV Battle
Tesla is preparing to launch a six-seat version of its Model Y in China, as it battles to maintain market share amid intensifying competition from local rivals.
The company posted a picture of the sports utility vehicle on social media site Weibo late Wednesday, saying: "Model Y L, see you in the fall!"
--
China Pledges to Address 'Irrational Competition' in EV Sector
China's cabinet has pledged to rein in "irrational competition" in the country's fast-growing electric-vehicle sector, as deflationary pressures continue to weigh on the broader economy.
In a meeting on Wednesday chaired by Chinese Premier Li Qiang, the State Council said it plans to regulate the market order of the new-energy-vehicle sector and strengthen cost surveys and price monitoring.
MARKET TALKS:
U.S. Natural Gas Storage Rises in Line With Expectations -- Market Talk
1106 ET - Last week's build in U.S. natural gas inventories is largely as expected, with storage up by 46 billion cubic feet to 3,052 Bcf, EIA data show. The increase was slightly bigger than the five-year average for the week of 41 Bcf, and increased the surplus to 178 Bcf from 173 Bcf the week before. Inventories were 153 Bcf below their year-earlier level. Analysts in a Wall Street Journal survey had predicted a 47 Bcf storage build. Nymex natural gas futures are holding modest gains, up 0.4% at $3.565/mmBtu. (anthony.harrup@wsj.com)
--
Grain Traders Mull Effect of Coca-Cola Sweetener Switch -- Market Talk
1010 ET - Grain traders are attempting to understand the effect of a switch in the sweetener used in U.S. Coca-Cola from high fructose corn syrup to sugarcane--and what effect that may have on the consumption of U.S. corn crops. "Roughly 410 million bushels of corn--about 8-9% of annual usage--currently go toward high fructose corn syrup production, making this a potentially significant hit to the domestic demand base if more companies follow suit with MAHA's ingredient policy shifts," says John Stewart and Associates in a note. President Trump's post on Truth Social declaring that Coca-Cola has agreed to this change is sending agricultural stocks like ADM and INGR lower in early trading. CBOT corn futures are down 0.1%. (kirk.maltais@wsj.com)
--
Brazil Tries to Step Into Top-Notch Beef With Gene-Edited Calves -- Market Talk
0939 ET - Gene-editing could open the door for Brazilian ranchers to expand into high-quality beef markets. Brazil's state agency for agricultural research and development, Embrapa, announces in a press release the birth of the country's first five gene-edited Angus calves resulting from in-vitro fertilized embryos. The breed is known for its superior meat quality, but its thick, long fur makes it unsuitable for the Brazilian heat. The newly-born calves' genes were edited for shorter hair, increasing their odds of adaptation, Embrapa says. "Edited Angus cattle are expected to experience less heat stress and higher production and reproductive capacity in hot and humid environments," the agency says. (paulo.trevisani@wsj.com; @ptrevisani)
--
U.S. Natural Gas Gains Ahead of Inventory Data
0936 ET - U.S. natural gas futures extend their gradual climb higher with hotter weather forecasts for the second half of July seen lifting demand. "Supportive short-term technicals and building heat suggest the path of least resistance may remain to the upside over the next 7-10 days," Eli Rubin of EBW Analytics says in a note. The EIA's storage report at 10:30 a.m. ET is expected to show an injection of 47 Bcf, according to a Wall Street Journal survey of analysts. That's slightly larger than the 41 Bcf five-year average, and would increase the surplus to 179 Bcf from 173 Bcf the week before. Nymex natural gas is up 1.3% at $3.597/mmBtu. (anthony.harrup@wsj.com)
--
Crude Futures Hold Ground in Sideways Trade
0920 ET - Crude oil futures are holding up after three days of moderate declines. Downward pressure on prices this week has been limited despite underlying concerns about increased output by OPEC+ and an eventual economic impact on demand from U.S. tariffs. "Obviously, as we progress to the latter half of the year, more supply is going to come into the market from OPEC, but ultimately I don't think demand is going to be as bad as had been feared," says Fawad Razaqzada of Forex.com. "There's going to be more sideways chop for the rest of the year than a trend emerging." WTI is up 0.3% at $66.59 a barrel, and Brent is flat at $68.52. (anthony.harrup@wsj.com)
--
Gold Falls on Stronger U.S. Dollar, Easing Concerns Over Fed Independence -- Market Talk
(MORE TO FOLLOW) Dow Jones Newswires
July 17, 2025 11:44 ET (15:44 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.