TOP STORIES

FDA Reports Big Drop in Animal Antibiotics Sales -- Market Talk

12:51 ET - The FDA's years-long effort to wean US livestock and poultry producers off medically important antibiotics seems to be working, with the agency reporting that sales of such drugs dropped by one-third between 2016 and 2017. The FDA in late 2013 began pushing the US meat industry to curb its use of antibiotics, fearing widespread use of the drugs hastens the development of antibiotic-resistant bacteria, posing a threat to human health. FDA Commissioner Scott Gottlieb says the report on 2017 sales shows the effect of those efforts, and is "very encouraging." Restaurant chains like McDonald's and Wendy's have also pushed meat companies to curb use of the drugs. The FDA estimates at least 2M Americans are sickened by antibiotic-resistant pathogens each year, and at least 23,000 die from them. (jacob.bunge@wsj.com; @jacobbunge)

STORIES OF INTEREST

Grains Buoyed By New Soybean Purchase Rumors

January soybean contracts rose 0.3% to $9.07 3/4 a bushel at the Chicago Board of Trade Tuesday.

Corn contracts up for March delivery rose by 0.4% to $3.85 1/2 a bushel

Wheat contracts for March delivery dropped 0.5% to $5.32 3/4 a bushel

Bayer Agrees New Revolving Credit Facility

Bayer AG (BAYN.XE) has agreed a new 4.5 billion-euro ($5.1 billion) revolving credit facility, the German chemicals company said Tuesday.

The credit line replaces an undrawn EUR3.5 billion credit line that would have expired in two years and is intended as a back up facility.

Darden's Labor Bill Growth Moderates in Latest Quarter -- Market Talk

07:55 ET - Labor costs at Darden Restaurants moderated during the restaurant operator's fiscal 2Q compared to 1Q. The company says it spent $662M on restaurant workers in the latest quarter, which ended Nov 25. That's up more than 6% compared to the comparable quarter last year, but it's a slower growth rate than the quarter ending Aug 26, when labor costs increased about 9% to $679.3M. Restaurant workers are the company's largest single expense category. (micah.maidenberg@wsj.com; @MicahMaidenberg)

FUTURES MARKETS

Abundance of Hog Supply Weighing Futures Down -- Market Talk

15:52 ET - A seasonal increase in hog supply coinciding with normal holiday demand is creating a situation where packers do not need to purchase more pigs with any urgency -- resulting in back-ups to the hog supply chain. "They have all of the pigs they need," said Mark Schultz of Northstar Commodity. Lean hog futures for February closed today 1.8% down, with the expectation that this week's quarterly report from the USDA will not contain any blockbuster news. Live cattle futures, meanwhile, rose 0.8% for the day on solid consumer demand. (kirk.maltais@wsj.com; @kirkmaltais)

CASH MARKETS

 
Zumbrota, Minn Hog Market Not Available

The Zumbrota, Minn Hog Market Report is not available today.

 
Estimated U.S. Pork Packer Margin Index Unavailable

Due to packer submission problems this USDA report is delayed. The USDA will release the data when it becomes available.

 
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  105.4 
      (Percent of Year-Ago)     Select  111.1 
 
USDA Boxed Beef, Pork Reports

Wholesale choice-grade beef prices Tuesday rose 1 cent per hundred pounds, to $212.68, according to the USDA. Select-grade prices rose 97 cents per hundred pounds, to $204.73. The total load count was 111. Wholesale pork prices rose 18 cents, to $70.63 a hundred pounds, based on Omaha, Neb., price quotes.

(END) Dow Jones Newswires

December 18, 2018 17:38 ET (22:38 GMT)

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