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Wheat Futures Fall to 2017 Low on Oversupply Concerns
Wheat futures tumbled to the lowest point this year as oversupply continues to erode prices.
Enormous global grain supplies and the competitiveness of global exporters such as Russia have left traders increasingly pessimistic on the direction of U.S. wheat prices.
Tech and Energy Charge Up U.S. Stocks -- Market Talk
16:06 ET - Shrugging off a botched suicide bombing near New York's Port Authority station, the Dow rises 0.2% to 24386 and the S&P gains 0.3% to 2659, sending the indexes further into record territory, and the Nasdaq adds 0.5% to 6875. Technology and energy shares lead the S&P higher, with Chesapeake Energy and Symantec more than 4% higher. Oil prices rise 1.1% to $57.99. Investors await the Fed's last policy meeting of the year Wednesday. (firstname.lastname@example.org; @jonvuocolo)
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Weak Cash Markets Pressure Livestock Futures
Livestock futures fell on lingering weakness in cash markets.
December lean hog contracts slid 0.1% to 63.6 a pound at the Chicago Mercantile Exchange, with the more-active February hog contract falling 2.7%.
Zumbrota, Minn., Hog Steady At $36.00 - Dec 11
Barrow and gilt prices at the Zumbrota, Minn., livestock market today
are steady at $36.00 per hundredweight.
Sow prices for sows weighing 400-500 pounds are $4.00-$5.00 lower.
Sow prices for sows weighing over 500 pounds are $3.00 lower. Sows weighing
400-450 pounds are at $28.00-$30.00, 450-500 pounds are $28.00-$30.00 and
those over 500 pounds are $32.00-$34.00.
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 - Dec 11
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
Dec 11 +$42.01 +$ 43.96
Dec 8 +$45.49 +$ 48.17
Dec 7 +$47.56 +$ 48.33
* 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 108.5
(Percent of Year-Ago) Select 108.3
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Monday fell 6 cents per hundred pounds, to $205.53, according to the USDA. Select-grade prices fell 31 cents per hundred pounds, to $185.66. The total load count was 107. Wholesale pork prices fell $1.96, to $80.85 a hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
December 11, 2017 17:44 ET (22:44 GMT)