LIVESTOCK HIGHLIGHTS: Top Stories of the Day

Features Dow Jones Newswires

(Editor's Note: Due to a delay, today's Estimated U.S. Pork Packer Margin Index and wholesale pork prices are not available.)

Continue Reading Below

TOP STORIES

Bunge Shares Drop on Food-Oil Deal -- Market Talk

09:52 ET - Bunge (BG) investors are disappointed after the agribusiness says it will pay $946M for a 70% stake in IOI Loders Croklaan, a maker of edible oils. Bunge CEO Soren Schroder on a conference call pitches the deal as "game changing" for Bunge's vegetable oil franchise, helping the commodity trader fill in regional gaps and products it wasn't offering. But traders, with Glencore's recent deal approach to BG fresh in their minds, may worry this wasn't the type of deal they imagined as Bunge continues to struggle against a tough agricultural market. BG shares down 5%, erasing YTD gains. (jacob.bunge@wsj.com; @jacobbunge)

STORIES OF INTEREST

Cheers and Caution as DowDuPont Revamps Breakup -- Market Talk

Continue Reading Below

12:58 ET - Some analysts are exuberant and others wary as newly formed chemicals conglomerate DowDuPont (DWDP) revamps its three-way breakup plan, mainly shifting some silicone and other businesses from the planned materials company to the specialty products one. Bernstein, which had backed such a revamp, calls it a "significant improvement from the original split proposal" though it still suffers somewhat from what Bernstein calls the "Dow Delusion"--that bigger profits can be reaped by integrating chemicals production and processing. Moody's says the shift, amounting to about $2.4B in pretax profits, will "challenge" the planned materials company. DWDP up 2.4%. (jacob.bunge@wsj.com; @jacobbunge)

FUTURES MARKETS

Hog Futures Carve New Low

Hog futures fell over 3% to the lowest point this year as pork belly prices continued to drag down the market.

Pork bellies have fallen sharply after soaring to record-high prices earlier this summer on the back of booming demand for bacon. Prices fell $6.50 to $107.71 per 100 pounds at midday Tuesday, around half their late July peak.

October-dated lean hog futures fell 3.5% to 59.45 cents a pound at the Chicago Mercantile Exchange, the lowest close since mid-December.

CASH MARKETS

Zumbrota, Minn Hog $1.00 Lower At $36.00 - Sep 12

Barrow and gilt prices at the Zumbrota, Minn., livestock market today are $1.00 lower at $36.00 per hundredweight.

Sow prices are steady to $1.00 lower. Sows weighing under 450 pounds are $30.00-$32.00, 400-450 pounds are at $30.00-$32.00, 450-500 pounds are $30.00-$32.00 and those over 500 pounds are $35.00-$37.00.

The day's total run is estimated at 225 head.

Prices are provided by the Central Livestock Association.

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 101.5

(Percent of Year-Ago) Select 104.7

USDA Boxed Beef, Pork Reports

Wholesale choice-grade beef prices Tuesday fell 77 cents per hundred pounds, to $190.79, according to the USDA. Select-grade prices rose 48 cents per hundred pounds, to $190.86. The total load count was 163.

(END) Dow Jones Newswires

September 12, 2017 18:47 ET (22:47 GMT)