LIVESTOCK HIGHLIGHTS: Top Stories of the Day

Features Dow Jones Newswires

TOP STORIES

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Cattle Auction Garners One Sale -- Market Talk

12:35 ET - One lot of 270 head sold at the weekly online cattle auction for $120 per hundred pounds, with sellers passing on bids for two more lots and no bids for the remaining six. No lots sold last week, and the solitary sale was followed by a modest gain in live cattle futures, with the December contract recently up 0.6% at $1.263. December lean hogs remain narrowly lower, with other contracts all ahead. (doug.cameron@wsj.com; @dougcameron)

Soybeans Gain as Late Yields Disappoint

Soybean futures rose Wednesday as crop yields taper off toward the tail end of harvest, and concerns linger over South America's crop. Corn also gained while wheat was mixed.

U.S. farmers harvesting the last of their soybean fields are reporting weaker yields than those harvested earlier in the fall. That's prompting expectations that the government in a monthly supply-and-demand report due out next week will trim its yield estimate for the crop, easing the supply forecast and pressure on soybean prices somewhat.

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STORIES OF INTEREST

Grain Giants Grow Warier on Harvest Bets -- Market Talk

8:27 ET - Part of commodity traders' struggle to navigate back-to-back bumper crops in North and South America arose because they didn't anticipate the size of farmers' haul, says Bunge CEO Soren Schroder. Some grain traders committed to advance sales of soybeans and corn before the full scope of South America's massive crop came into focus, Schroder said, leaving grain companies committed to deals even as buyers shopped for bargains and farmers angled for higher prices for their crops. "This has been a humbling year from an agribusiness earnings perspective," Schroder tells analysts on company's 3Q call. (jacob.bunge@wsj.com; @jacobbunge)

Rail Shipments of Grain Decline -- Market Talk

12:30 ET - The volume of grain shipments carried via US railroads turned negative year-to-date earlier this month, and fell another 10% from this time last year in the week to Oct. 28, according to the Association of American Railroads. After last year's surge, soybean exports have fallen and farmers are generally holding onto more grain in the hope of higher prices. Canadian grain shipments via rail remain up on last year. (doug.cameron@wsj.com ; @dougcameron)

Grains Oversupply Continues to Weigh on Bunge -- Market Talk

8:07 ET - Commodities merchant Bunge says it's continuing to battle a global glut of crops as it reports a 22% decline in net income, though its adjusted earnings per share of 75 cents come in better than analysts anticipated. Large stockpiles of grain have diminished trading opportunities and pressured processing profits for companies like Bunge, and the company reduces its full-year profit projection for its grain-trading division to $425M from $500M, mainly due to lower-than-expected profit margins in soybean processing. Shares slip 1.1% in pre-market trading. (jacob.bunge@wsj.com; @jacobbunge)

FUTURES MARKETS

Hogs Retreat As Cattle Futures Gain

U.S. livestock futures traded in a narrow range Wednesday as packers clawed back some margin in the cash markets that have underpinned gains in both cattle and hogs in recent sessions.

The most heavily traded lean hog contract fell 2.1% following a late dip in the wake of Tuesday's surge and live cattle gained less than 1% as the weekly online auction yielded a solitary sale.

CASH MARKETS

Zumbrota, Minn Hog Steady At $42.00 - Nov 1

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 $31.00-$32.00, 400-450 pounds are at $31.00-$32.00, 450-500 pounds are $31.00-$32.00 and those over 500 pounds are $34.00-$36.00.

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 - Nov 1

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 -

integrated operations

*

Nov 1 +$23.84 +$ 35.70

Oct 31 +$24.25 +$ 37.75

Oct 30 +$23.07 +$ 37.42

* 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 112.2

(Percent of Year-Ago) Select 112.0

USDA Boxed Beef, Pork Reports

Wholesale choice-grade beef prices Wednesday rose 95 cents per hundred pounds, to $207.39, according to the USDA. Select-grade prices fell 19 cents per hundred pounds, to $193.71. The total load count was 139. Wholesale pork prices fell 95 cents, to $77.01 a hundred pounds, based on Omaha, Neb., price quotes.

(END) Dow Jones Newswires

November 01, 2017 17:20 ET (21:20 GMT)