LIVESTOCK HIGHLIGHTS: Top Stories of the Day
USDA Announces Additional $2.6 Billion in Agricultural Aid
U.S. farmers impacted by the coronavirus pandemic will receive
additional aids payments totaling at least $2.6 billion, the
Department of Agriculture confirmed. In a notice issued Tuesday,
the USDA said that it is allocating the funds to agricultural
producers that may have been missed in previous aid, as well as
continuing to help sectors that have been hurt most by the
STORIES OF INTEREST
Wheat Falls After Egypt Cancels Tender
Wheat for July delivery fell 1.9% to $6.61 1/2 a bushel on the
Chicago Board of Trade Tuesday after Egypt's grains buying
authority canceled a previously announced tender. Soybeans for July
delivery fell 0.4% to 14.65 3/4 a bushel. Corn for July delivery
rose 1.2% to $6.67 1/2 a bushel.
Soybean Crush Rates Perk Up in May -- Market Talk
12:44 ET - Soybeans crushed in the US rose in May, according to
data from the National Oilseed Processors Association. NOPA reports
the soybean crush rate hit 163.5M bushels in May, up from 160.3M
bushels in April. However, the rate is lower than forecast by
analysts, Terry Reilly of Futures International says. "The lower
than expected US May soybean crush and end of May soybean oil
stocks is viewed supportive for soybean oil, in our opinion,"
Reilly says. Soyoil futures are trading 0.8% lower, which is
pulling soybean futures down 0.5%. (email@example.com;
US Ethanol Production Expected to Keep Rising -- Market Talk
12:54 ET - Production of ethanol in the US is expected to stay
on the rise this week, according to analysts surveyed by Dow Jones.
If production rises to the high end of analyst expectations--to
roughly 1.08M barrels a day--it'll be the highest US ethanol
production has been since late February of last year, prior to the
Covid-19 pandemic hitting the US. Meanwhile, inventories of ethanol
are expected to rise to more than 20M barrels, according to
analysts. Analysts surveyed expect stocks to rise to anywhere from
20.06M barrels to 20.56M barrels. If they rise to the high end of
expectations, it'll be the highest stocks have been since early
April. Corn futures fall 0.2%. (firstname.lastname@example.org;
Livestock Futures Turn Higher to Close Day -- Market Talk
1710 ET - Livestock futures closed trading higher, led by live
cattle futures -- which closed up 2.2% to $1.239 per pound. For
livestock, the uptick comes as grocery stores and food service
providers ramp up their sales of meat. "Consumer spending on food
has increased dramatically since last spring and in May it hit a
new all time record high," says Steiner Consulting Group. "Much of
the talk at the start of spring was whether lifting Covid
restrictions on foodservice would mean lower spending at retail. In
the last two months, however, it appears that both food
distribution channels managed to eke out gains." Lean hog futures
finished trading up 0.2% to $1.185 per pound.
Estimated U.S. Pork Packer Margin Index - Jun 15
This report reflects U.S. pork packer processing margins. The margin indices
are calculated using current cash hog or carcass values and wholesale pork
cutout values and may not reflect actual margins at the plants. These
estimates reflect the general health of the industry and are not meant to
be indicative of any particular company or plant.
Source: USDA, based on Wall Street Journal calculations.
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
Jun 15 -$ 27.43 +$107.22
Jun 14 -$ 16.90 +$120.08
Jun 11 -$ 4.84 +$128.12
* 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.
This report compares the USDA's latest beef carcass composite
values as a percentage of their respective year-ago prices.
For Today Choice 145.0
(Percent of Year-Ago) Select 136.0
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Tuesday fell $1.04 per
hundred pounds, to $334.43, according to the USDA. Select-grade
prices fell $5.13 per hundred pounds, to $298.28. The total load
count was 128. Wholesale pork prices fell $5.98, to $120.94 a
hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
June 15, 2021 17:31 ET (21:31 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.