Crop prices soar during storm

Agricultural commodity prices, including wheat, corn and sugar, rose as crops were hit by unfavorable weather.

Record-low temperatures in the U.S. are endangering livestock and rail lines in the latest blow to American food supplies.

Frigid cold on the Plains is raising the threat of so-called winterkill for wheat crops, already under stress because of a prolonged drought.

Dry weather and rising temperatures will return in Argentina on Sunday, further stressing soy and corn fields.

“From a climatic point of view, the drop of temperatures in the U.S. over the weekend will be closely watched with the risk of frost damage to winter crops,” according to Agritel analysts.

The Bloomberg Agriculture Spot Index was heading for third weekly gain as of Thursday, with most markets extending gains Friday.

Macy’s workers begin strike

Macy’s Inc. workers at a flagship location in San Francisco’s Union Square began a two-day strike on Friday, walking out on some of the most crucial holiday shopping days of the year.

Macy’s said in a statement that “our top priority is to ensure the safety of our colleagues and customers,” adding that the store location will remain open.

The company didn’t comment on how the store will be staffed or whether opening hours will shift.

Organizers say the strike involves 400 employees, and that 93% of workers voted for the work stoppage.

The strike comes after workers overwhelmingly rejected a proposed contract from Macy’s on Thursday.

The workers, who are represented by United Food & Commercial Workers Local 5, had been looking to get higher wages, broader access to health care benefits and better safety measures, according to Jim Araby, the union’s director of strategic campaigns.

From wire reports