LIVESTOCK HIGHLIGHTS: Top Stories of the Day

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Prosecutors Resume Talks Regarding JBS Leniency Deal -- Market Talk

14:46 ET - Brazilian prosecutors say they have resumed talks with meatpacker JBS´s holding company to decide on a fine to be paid as part of a leniency agreement for the group´s role in a growing corruption scandal. Owners of JBS have told prosecutors that over the years they paid millions of dollars in bribes to Brazilian officials, including three presidents, who refute the accusations. Talks regarding the leniency fine were temporarily halted Friday after the holding company, known as J&F Investimentos, didn´t agree with the size of the proposed fine: 11.169B reais ($3.4B) over 10 years. J&F, meanwhile, wanted to set the fine at 1B reais, prosecutors said. (luciana.magalhaes@wsj.com)

Brazil's JBS Plunges On Details Of Corruption Scandal -- Market Talk

14:18 ET - Shares of Brazilian giant meatpacker JBS SA, implicated in Brazil's epic corruption scandal, tanked 20% today in Sao Paulo. Last week, the country's top court released plea-bargain testimony from JBS's owners accusing President Temer and his two predecessors of receiving millions of dollars in bribes. It's the most explosive chapter of Brazil's anti-corruption investigation. The three presidents have all denied wrongdoing. On Saturday, president Temer, who faces increasing pressures to resign amid the allegations, accused JBS's chairman, Joesley Batista, of insider trading and of manipulating evidence used against him. Through his representatives, Batista has denied the accusations. (Luciana.Magalhaes@wsj.com)

STORIES OF INTEREST

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For New CEO, Farm Giant Looks Inward -- Market Talk

11:03 ET - Agricultural cooperative giant CHS picks from its own ranks for its new CEO, choosing Jay Debertin, who previously headed energy operations and food ingredients at the suburban St Paul company. Debertin, takes over immediately from predecessor Carl Casale and has been at CHS for more than three decades; Casale arrived at CHS in 2010 from Monsanto (MON), where he had been CFO, after CHS did an executive search. A spokeswoman for Casale says he initiated the transition and has no continuing role with CHS. (jacob.bunge@wsj.com; @jacobbunge)

Trump Administration Pledges to Help Dairy -- Market Talk

11:24 ET - As stockpiles of dairy products pile up in the US, Agriculture Secretary Sonny Perdue says renegotiating Nafta could improve access to the Canadian market for US farmers. "We're going to try and balance the scorecard in a number of ways," he says. The value of US dairy exports fell to $4.8B last year, down 50% from 2014. (heather.haddon@wsj.com)

FUTURES MARKETS

Cattle Futures Higher as Monthly Frozen Beef Stocks Fall

CHICAGO--Cattle futures rose on Monday ahead of a government report that showed shrinking beef stocks in U.S. freezers amid a recent supply pinch.

The U.S. Department of Agriculture said that stocks of beef in cold storage at the end of April fell 1% from March and 2% from the same time last year to 458.46 million pounds. The monthly report came out after the futures markets closed.

The decrease was smaller than analysts had forecast, however, after lighter-weight cattle prompted a cattle futures rally through much of April on the back of supply concerns.

CASH MARKETS

Zumbrota, Minn Hog Steady At $47.00 - May 22

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

steady at $47.00 per hundredweight.

Sow prices are $3.00 lower. Sows weighing under 450 pounds are $40.00-$42.00,

400-450 pounds are at $40.00-$42.00, 450-500 pounds are $40.00-$42.00

and those over 500 pounds are $44.00-$46.00.

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 22

All figures are on a per-head basis.

Date Standard Margin Estimated margin

Operating Index at vertically -

integrated operations

*

May 22 +$31.86 +$ 59.51

May 19 +$27.56 +$ 56.17

May 18 +$27.50 +$ 55.89

* 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 109.1

(Percent of Year-Ago) Select 105.5

USDA Boxed Beef, Pork Reports

Wholesale choice-grade beef prices Monday rose 74 cents per hundred pounds, to $247.88, according to the USDA. Select-grade prices rose $1.41 per hundred pounds, to $222.83. The total load count was 105. Wholesale pork prices rose $1.55, to $88.08 a hundred pounds, based on Omaha, Neb., price quotes.

(END) Dow Jones Newswires

May 22, 2017 17:55 ET (21:55 GMT)