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Cattle Disease Found on More New Zealand Farms -- Market Talk
0503 GMT - Three more properties in New Zealand have tested positive for the bacterial cattle disease Mycoplasma bovis, doubling the total of farms, according to the country's Ministry for Primary Industries. It notes the find was expected as the additional properties were linked via animal movements to the original 3 farms run by Van Leeuwen Dairy. It also runs 2 of the 3 additional positive tests, and those farms were already under biosecurity restrictions. The 3rd was a small farm which had received some animals from one of the original sites. Still, ASB chief economist Nick Tuffley says the news may be behind a brief dip in the New Zealand dollar this afternoon. Mycoplasma bovis is common internationally, but this is the first time it's been found in New Zealand. (firstname.lastname@example.org)
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ADM Says Grain Facilities Weathered Harvey -- Market Talk
10:02 ET - Archer Daniels Midland (ADM) says the grain conglomerate's Galveston and Corpus Christi facilities remain operational after Hurricane Harvey swept ashore near Galveston and released dozens of inches of rain on the area. ADM's elevators are key to its business of loading grain onto ocean-going vessels for shipment to foreign-based buyers, and for now a spokeswoman says ADM's waiting on railroad and ocean transport to reopen as rain continues to swamp South Texas. The company's employees and their families are safe, she says. Farmers and agribusinesses will have to push to get transport and export operations back online in time for what's anticipated to be another big North American crop, during the seasonal window for US exports before the next South American harvests hit the market next year. (email@example.com; @jacobbunge)
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Monsanto Ramps up Controversial Herbicide -- Market Talk
10:45 ET - As crop scientists and farmers assess charges of crop damage arising from use of the herbicide dicamba--on the rise due to new soybeans genetically engineered to survive the chemical--Monsanto (MON) says it's preparing for much broader sales of the seeds and related crop spray next year. MON, which makes both the biotech soybeans and a version of dicamba, says it expects up to half of all US soybean fields will be planted with the soybean seeds next year, doubling this year's total of about 20M acres. That's likely to trouble agronomists who worry about dicamba's potential to drift onto neighboring fields and harm non-engineered crops--even newer versions of dicamba, like Monsanto's, formulated to be less drift-prone. Monsanto says better training for farmers can resolve those concerns. (firstname.lastname@example.org; @jacobbunge)
Cattle Futures Fall, Give Back Gains
Cattle futures turned lower on Tuesday, erasing an early-week rally as traders refocused on large supplies.
A U.S. Department of Agriculture report on Friday showed a slowdown in the rate of cattle placed in feedlots for fattening in July, suggesting that current large supplies of slaughter-ready cattle will ease later this year.
Zumbrota, Minn Hog Steady At $42.00 - Aug 29
Barrow and gilt prices at the Zumbrota, Minn., livestock market today are steady at $42.00 per hundredweight. Sow prices are steady. Sows weighing under 450 pounds are $47.00-$49.00, 400-450 pounds are at $47.00-$49.00, 450-500 pounds are $47.00-$49.00 and those over 500 pounds are $51.00-$53.00.
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 - Aug 29
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 -
Aug 29 +$37.54 +$ 51.87
Aug 28 +$36.92 +$ 53.98
Aug 25 +$35.63 +$ 54.93
* 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 96.1
(Percent of Year-Ago) Select 98.6
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Tuesday rose 27 cents per hundred pounds, to $191.77, according to the USDA. Select-grade prices rose $2.17 per hundred pounds, to $190.79. The total load count was 120. Wholesale pork prices fell $1.20, to $84.31 a hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
August 29, 2017 17:09 ET (21:09 GMT)