TOP STORIES

U.S. Grains, Soybeans Drift to Multiweek Lows

CHICAGO--Grain and soybean futures sank to multiweek lows Monday as widespread selling weighed on agricultural markets.

Corn and wheat prices slid to roughly one-month lows as traders booked profits following rallies in the grain markets at the beginning of the month, and commodity funds liquidated bullish bets on grains. Prices for corn and wheat have been drifting lower since the middle of February, as buying and short-covering in those markets slowed. Solid demand for the crops fueled optimism in the grain markets early in the month, though massive supplies of both corn and wheat in the U.S. and overseas eventually resumed pressure on the markets.

 
   STORIES OF INTEREST

India to Become Largest Buyer of Ukrainian Wheat -- Market Talk

0655 GMT - Ukraine might emerge as the largest supplier of wheat to India this year, with imports likely to top 3 million tons, according to an industry official. India received 780,000 tons last month, says M.K. Dattaraj, managing director of Bangalore-based Krishna Flour Mills. India--the world's third's-largest producer after the EU and China--has large stockpiles. But not all of it is high-quality, necessitating imports to cater to businesses such as bakeries. Two years of dry weather and unseasonal rains hit production, prompting India to step up purchases, notes Dattaraj. (vibhuti.agarwal@wsj.com)

 
   FUTURES MARKETS

Livestock Futures End Higher as Beef Demand Picks Up

Cattle futures ended higher Monday as higher prices for beef are expected to lure packers to the market at a time when cattle are lean.

CME Live cattle for February rose 1.3% to settle at $1.25375 a pound.

Near-term demand for beef has picked up coming into the month of March with beef prices on the mend at $165.59 per 100 pounds.

"Beef demand has picked up coming into the month of March and showlists are expected to remain very manageable in the coming weeks," Troy Vetterkind, owner of Vetterkind Cattle Brokerage said in a note.

 
CASH MARKETS 
 
Zumbrota, Minn Hog $1.00 Lower At $45.00 - Feb 27 
 
 
Barrow and gilt prices at the Zumbrota, Minn., livestock market today are 
$1.00 lower at $45.00 per hundredweight. 
 
Sow prices are steady. Sows weighing under 450 pounds are $23.00-$24.00, 
400-450 pounds are at $23.00-$24.00, 450-500 pounds are $23.00-$24.00 and 
those over 500 pounds are $26.00-$28.00. 
 
The day's total run is estimated at 100 head. 
 
Prices are provided by the Central Livestock Association. 
 
Estimated U.S. Pork Packer Margin Index - Feb 27 
 
All figures are on a per-head basis. 
 
Date     Standard Margin       Estimated margin 
         Operating Index         at vertically 
                             integrated operations 
                                      * 
Feb 27       +$19.29             +$ 38.84 
Feb 24       +$21.59             +$ 42.08 
Feb 23       +$13.70             +$ 38.30 
 
* Based on Iowa State University's latest estimated cost of production. 
A positive number indicates a processing margin above the cost of 
production of the animals. 
 
Beef-O-Meter 
This report compares the USDA's latest beef carcass composite 
values as a percentage of their respective year-ago prices. 
 
                                 Beef 
          For Today             Choice   92.1 
      (Percent of Year-Ago)     Select   92.1 
 
USDA Boxed Beef, Pork Reports

Wholesale choice-grade beef prices Monday rose $2.52 per hundred pounds, to $201.48, according to the USDA. Select-grade prices rose $1.60 per hundred pounds, to $197.08. The total load count was 102. Wholesale pork prices fell $1.51, to $79.80 a hundred pounds, based on Omaha, Neb., price quotes.

(END) Dow Jones Newswires

February 27, 2017 17:53 ET (22:53 GMT)

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