LIVESTOCK HIGHLIGHTS: Top Stories of the Day
March 28 2018 - 5:55PM
Dow Jones News
TOP STORIES
Truck Driver Salaries Rising on Surging Freight Demand
Wages and benefits for truck drivers are rising in the U.S. as
tight freight-hauling capacity falls short of surging demand.
The American Trucking Associations, a trade group that
represents fleet owners, said annual truck-driver salaries rose
between 15% and 18% from 2013 to 2017, with growth varying based on
the type of fleet and the nature of the routes.
General Mills Inc. said this month its freight costs had soared
to near 20-year highs in February, cutting into margins for its
cereals and other foods. Tyson Foods Inc., Hormel Foods Corp. and
B&G Foods Inc., have also said recently that higher freight
costs were driving down their earnings, and consumers would see
that reflected in food prices.
STORIES OF INTEREST
Chinese Tariffs on U.S. Soybeans Would Curb Output -- Market
Talk
15:00 ET - U.S. farmers would pull back the throttle on soybeans
if China imposes tariffs on the oilseeds, hurting exports,
according to a study by Purdue University. Economists at Purdue say
U.S. soybean exports to China could fall as much 71% if China
placed a 30% retaliatory tariff on U.S. supplies. In that scenario,
total U.S. soybean shipments could drop by 40%, prices for the crop
could fall by 5% over a few-year period and U.S. production could
drop by 17%, the study showed. That would mark a reversal of a
years-long trend, potentially offering a boost to other big soybean
growers like Brazil and Argentina, and could result in annual U.S.
economic losses totaling as much as $3.3 billion.
(jesse.newman@wsj.com; @jessenewman13)
FUTURES MARKETS
Hog Futures Diverge on Shifting Supply Expectations
Hog futures were split on Wednesday, with front-month contracts
falling while those for delivery in later months rose.
April-dated futures for lean hogs fell 1.4% to 56.925 cents a
pound at the Chicago Mercantile Exchange, weighed down by falling
physical hog and pork prices. The most-active June contract,
however, rose 3.5% to 76.625 cents a pound as traders bet that the
supply outlook would improve in the months to come.
Cattle futures, meanwhile, rose after sustaining sharp recent
losses. CME April live cattle contracts gained 0.5% to $1.16 a
pound.
CASH MARKETS
Zumbrota, Minn Hog $2.00 Lower At $33.00 - Mar 28
Barrow and gilt prices at the Zumbrota, Minn., livestock market
are $2.00 lower at $33.00 per hundredweight.
Sow prices are steady. Sows weighing 400-450 pounds are at
$30.00-$31.00, 450-500 pounds are $30.00-$31.00 and those over 500
pounds are $33.00-$35.00.
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 - Mar 28
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
integrated operations
*
Mar 28 +$38.44 +$19.21
Mar 27 +$36.83 +$19.56
Mar 26 +$35.80 +$21.47
* 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 102.2
(Percent of Year-Ago) Select 100.7
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Wednesday fell 78 cents per
hundred pounds to $221.62, according to the USDA. Select-grade
prices fell $2.61 per hundred pounds to $211.63. The total load
count was 144. Wholesale pork prices fell 16 cents to $69.34 a
hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
March 28, 2018 17:40 ET (21:40 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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