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Crop Stockpiles Grow as U.S. Exports Stall
U.S. farmers look set to export less soybeans and wheat than expected this year, exacerbating a surplus that has weighed on crop prices and farm incomes.
The U.S. Department of Agriculture on Tuesday trimmed its forecasts for soybean and wheat exports for 2017-2018 by 25 million bushes per crop, to 2.23 billion bushels and 975 million bushels respectively.
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Egypt Buys 295,000 Tons of Wheat, Not All of It Russian
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LONDON--Egypt's state grain buyer, the General Authority for Supply Commodities (GASC), bought 295,000 metric tons of wheat in its latest tender, traders said Tuesday.
The deal comprises four 60,000-ton cargoes and one 55,000-ton cargo of Russian and Romanian wheat.
Russian Wheat Offered at Lowest Price in GASC Wheat Tender
LONDON--Egypt's state grain buyer received at least 10 offers in its latest wheat tender, with Russian grain again offered at the lowest price excluding shipping costs, traders said Tuesday.
The lowest raw offer submitted to the General Authority for Supply Commodities was for Russian wheat from trading house Daewoo, and came in at $192.45 a metric ton excluding shipping fees, traders said. That offer was also the least expensive when shipping fees were factored in, taking the total cost to $206.85 a ton.
Cotton Futures Higher Ahead of Government Update -- Market Talk
11:42 ET - Cotton futures are up 1.5% at 74.13 cents a pound in the March contract as the market prepares for today's release of the USDA's world agricultural supply and demand projections for the fiber. Louis Rose at Rose Commodity Group says the market will be looking for US and world stockpiles of cotton this year to be projected at 5.7 million bales and 89.8 million bales, respectively, versus last month's estimate of 6.1 million bales and 90.9 million bales. But he's betting that the market is underestimating those figures. John Robinson at Texas A&M has describe the cotton market as "a tug of war between the big crop/excess production viewpoint and the good/improving demand viewpoint." March raw sugar is off 1.4% at 13.76 cents a pound, cocoa for March lost 1.2% at $1,871 a ton, March arabica coffee loses 0.7% at $1.192 a pound and January FCOJ is off 0.8% at $1.498 a pound. (firstname.lastname@example.org)
Cattle Futures Rise, Reversing Course -- Market Talk
14:55 ET - Cattle futures bounced on Tuesday, ending eight consecutive sessions lower. The market was due for a correction, analysts said, after fund selling pushed prices 4% lower in the first week of December. Stagnant beef prices and falling cash prices for physical cattle added to the pressure. Analysts largely expect those trends to continue this week, though wholesale beef prices rose slightly at midday. CME December live cattle futures rose 0.9% to $1.1615 a pound. Hog futures were mixed as wholesale pork prices fell. CME December lean hog contracts rose 0.2% to 63.75 cents a pound while later months fell. (email@example.com; @b_parkyn)
Zumbrota, Minn Hog Steady At $36.00 - Dec 12
Barrow and gilt prices at the Zumbrota, Minn., livestock market today are steady at $36.00 per hundredweight.
Sow prices are steady. 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 200 head.
Prices are provided by the Central Livestock Association.
Estimated U.S. Pork Packer Margin Index - Dec 12
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 -
Dec 12 +$43.43 +$ 42.82
Dec 11 +$42.01 +$ 43.96
Dec 8 +$45.49 +$ 48.17
* 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 108.0
(Percent of Year-Ago) Select 108.3
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Tuesday fell $1.47 per hundred pounds, to $204.06, according to the USDA. Select-grade prices rose 26 cents per hundred pounds, to $185.92. The total load count was 135. Wholesale pork prices fell 53 cents, to $80.32 a hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
December 12, 2017 17:32 ET (22:32 GMT)