LIVESTOCK HIGHLIGHTS: Top Stories of the Day
September 22 2017 - 5:31PM
Dow Jones News
TOP STORIES
Pork Belly Pinch Eases in August -- Market Talk
15:29 ET - Frozen pork belly stocks in August rose from a month
earlier, according to a USDA report. Supplies of bellies in
commercial freezers have been low for much of this year, sparking
volatility in the hog market. But the agency said that Aug 31
stocks totaled 19.08M pounds, up 8% from July but still 40% lower
than a year earlier. Record-high wholesale belly prices dampened
demand earlier this summer, analysts say, though they've halved
since. Analysts say that's yet to trickle down to consumers,
however. Total frozen pork stocks rose 4% from a month earlier,
above expectations, while beef stocks rose 10%. Both were still
below last year. (benjamin.parkin@wsj.com; @b_parkyn)
Brazil's Lawmakers Receive Charges Against President Temer --
Market Talk
7:45 ET - Brazil's Supreme Court delivered last night to the
Lower House of Congress the charges pressed by the
attorney-general's office against President Temer for alleged
racketeering, in connection with the corruption probe centered on
meatpacking giant JBS, which has confessed to bribing nearly 2,000
politicians and is cooperating with prosecutors. Any charges
against a sitting president must be cleared by the House in a
political process Temer is largely expected to win, as he did in
early August defeating corruption charges in the same probe. But it
takes focus and political capital away from much-needed economic
reform his administration is pushing for. (paulo.trevisani@wsj.com;
@ptrevisani)
STORIES OF INTEREST
Soybean, Corn Futures End Week With Rally
Soybean and corn futures bounced Friday on strong export demand
and a weaker dollar.
The U.S. Department of Agriculture said that private exporters
sold 190,000 metric tons of soybeans to Mexico for 2017-18, capping
off a week of bumper export sales of American oilseed. Sales this
week were on a near-record pace, said Arlan Suderman of INTL
FCStone Inc.
FUTURES MARKETS
USDA Says Cattle Placements, Red Meat Stocks Rose in August
Feedyards last month placed more cattle in lots for fattening
than expected, according to a government report, raising
expectations for larger herds next year.
Cattle placements rose 3% from a year earlier to 1.93 million
head in August, the U.S. Department of Agriculture said. Analysts
expected a 3% decline.
CASH MARKETS
Estimated U.S. Pork Packer Margin Index - Sep 22
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
integrated operations
*
Sep 22 +$44.76 +$ 25.49
Sep 21 +$44.76 +$ 26.61
Sep 20 +$49.54 +$ 33.08
* 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 102.4
(Percent of Year-Ago) Select 105.0
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Friday rose 9 cents per
hundred pounds, to $191.60, according to the USDA. Select-grade
prices rose 32 cents per hundred pounds, to $188.73. The total load
count was 125. Wholesale pork prices fell 52 cents, to $72.26 a
hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
September 22, 2017 17:16 ET (21:16 GMT)
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