LIVESTOCK HIGHLIGHTS: Top Stories of the Day

Features Dow Jones Newswires

TOP STORIES

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Milk Prices Won't Sour New Zealand Dollar -- Market Talk

0651 GMT - Milk futures suggest whole-milk-powder prices will fall 1-3% at Tuesday's auction, but a price uptrend is consistent with growth in New Zealand's terms of trade and a higher fundamental value for the kiwi, says CBA. That as the New Zealand dollar today rebounded to its best levels since Thursday's post-central-bank swoon following a retail-sales report. CBA anticipates more gains versus the greenback. (james.glynn@wsj.com; @JamesGlynnWSJ)

US Corn Planting Advances -- Market Talk

16:19 ET - US farmers planted 71% of this year's corn crop as Sunday, according to the USDA, above average analyst estimates. That was up from 47% last week and the five-year average of 70%. Farmers in large parts of the Midwest made the most of clear skies to work overtime in recent days, while the Commodity Weather Group says dry conditions are expected to continue for much of this week. Soybean planting advanced to 32% from 14% last week, while 78% of the spring wheat crop is planted over 54% last week. Winter wheat rated good or excellent fell to 51% from 53%. (benjamin.parkin@wsj.com; @b_parkyn)

STORIES OF INTEREST

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Soybean Futures Rise on Better Corn Planting Conditions

CHICAGO--Soybean futures rose on Monday as traders bet good corn-planting weather would discourage farmers from switching acreage to the oilseed.

Clear skies over much of the Midwest this weekend allowed farmers to work overtime to catch up on corn seeding, which has recently been delayed by rain. That weighed on corn prices, but analysts said it would likely limit the amount of soybeans farmers that choose to plant instead.

Why Ultrafiltered Milk Is Causing Such a Ruckus -- WSJ

A fight over a little-known dairy product sits at the center of increasing tensions between the U.S. and Canada over broader trade issues.

If the dispute goes unresolved, some observers say, it could have ripple effects in global dairy markets. It also could contribute to efforts by some, including advisers within the Trump administration, to dramatically reshape the North American Free Trade Agreement, which some experts warn could be a disaster for U.S. farmers.

FUTURES MARKETS

Cattle Futures Fall in Volatile Session

CHICAGO--Cattle futures closed lower in a volatile Monday session, as traders bet high beef prices would scare consumers away.

Live cattle futures for June delivery opened slightly higher before falling toward the lower limit of the daily trading band. June live cattle contracts closed 2.2% lower at $1.2245 a pound at the Chicago Mercantile Exchange. August feeder cattle futures closed down 1.4% at $1.42525 a pound.

CASH MARKETS

Zumbrota, Minn Hog Steady At $44.00 - May 15

Barrow and gilt prices at the Zumbrota, Minn., livestock market today are

steady at $44.00 per hundredweight.

Sow prices are steady. Sows weighing under 450 pounds are $43.00-$45.00,

400-450 pounds are at $43.00-$45.00, 450-500 pounds are $43.00-$45.00

and those over 500 pounds are $47.00-$49.00.

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 - May 15

All figures are on a per-head basis.

Date Standard Margin Estimated margin

Operating Index at vertically -

integrated operations

*

May 15 +$21.29 +$ 48.71

May 12 +$21.63 +$ 48.20

May 11 +$17.44 +$ 44.89

* 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 116.3

(Percent of Year-Ago) Select 109.9

USDA Boxed Beef, Pork Reports

Wholesale choice-grade beef prices Monday rose $1.71 per hundred pounds, to $249.40, according to the USDA. Select-grade prices fell 1 cent per hundred pounds, to $225.50. The total load count was 87. Wholesale pork prices rose 24 cents, to $83.06 a hundred pounds, based on Omaha, Neb., price quotes.

(END) Dow Jones Newswires

May 15, 2017 17:25 ET (21:25 GMT)