LIVESTOCK HIGHLIGHTS: Top Stories of the Day
December 12 2018 - 5:51PM
Dow Jones News
TOP STORIES
House Passes Farm Bill, Sends It to President Trump's Desk for
Signature
WASHINGTON -- The House of Representatives passed a five-year
farm bill Wednesday, sending the critical agriculture package to
President Trump's desk after the Senate overwhelming passed the
legislation earlier this week.
The $867 billion bill funds subsidies and crop insurance for
farmers across the country and provides food stamps to millions of
low-income Americans. The food-stamp program, which accounts for
roughly 80% of the bill's cost, was at the center of months of
negotiations as policy makers sought to bridge the gap between the
conservative version of the bill the House passed and the
bipartisan Senate farm bill.
Wendy's to Shed More Light on Beef Supply Chain
Wendy's Co. (WEN) said it has partnered with a beef
sustainability program to provide consumers with more transparency
around how its cows are raised.
The company said it will adopt a Progressive Beef program
through much of its supply chain in 2019. It expects half of its
beef supply to fall under this program, which promotes quality
animal care and sustainability, by 2021.
STORIES OF INTEREST
Trump Comments Continue to Bolster Soybean Sentiment -- Market
Talk
09:04 ET - Statements from President Trump that China is "buying
tremendous amounts of soybeans" appear to be instilling optimism
into the grains markets this morning -- this despite yesterday's
USDA report that kept its figures for soybeans largely unchanged.
Analysts say that Trump's comments lend credence to the widespread
rumors that state-owned Chinese companies are buying 5-8 million
tonnes of soybeans out of the Pacific Northwest for state reserves.
"Is that a good faith measure? Probably so," says Dan Hueber of the
Hueber Report. "Would Trump have that info?Sure."
(kirk.maltais@wsj.com; @kirkmaltais)
FUTURES MARKETS
Livestock Futures Finish Day Higher -- Market Talk
16:01 ET - Both live cattle and lean hog futures for February
finish up on a quiet news day for the sector, with lean hog closing
up 0.8% at 65.7 cents per pound, while live cattle finish up 0.6%
at $1.229 per pound. According to Josh Steinhilber of
CattleHedging.com, cattle futures are generally higher at this time
of year due to increased consumption of beef around the holiday
season--with this season being no different. Also driving prices
higher is a clearing-up of weather in Texas, which was hit with
storms last weekend. (kirk.maltais@wsj.com; @kirkmaltais)
CASH MARKETS
Zumbrota, Minn Hog Market Not Established - Dec 12
Barrow and gilt prices at the Zumbrota, Minn., livestock market
are not established.
Sow prices are steady. Sows weighing 400-450 pounds are at
$29.00-$30.00, 450-500 pounds are $29.00-$30.00 and those over 500
pounds are at $32.00-$33.00.
The day's total run is estimated at 100 head.
Prices are provided by the Central Livestock Association.
Estimated U.S. Pork Packer Margin Index - Dec 12
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
integrated operations
Dec 12 +$ 48.07 +$ 19.64
Dec 11 +$ 48.57 +$ 20.67
Dec 10 +$ 48.03 +$ 20.30
* 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 104.8
(Percent of Year-Ago) Select 108.9
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Wednesday fell $2.21 per
hundred pounds, to $212.25, according to the USDA. Select-grade
prices rose 18 cents per hundred pounds, to $201.57. The total load
count was 150. Wholesale pork prices fell 48 cents, to $70.87 a
hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
December 12, 2018 17:36 ET (22:36 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.