Fonterra Lowers NZ Milk-Production Forecast -- Market Talk
Fonterra Co-operative has cut its forecast for New Zealand milk collections the year through May 31 by 3% 1.48 billion kilograms of milk solids. That should support global dairy prices as Fonterra processes the majority of New Zealand's milk production and the country is responsible for around 1/3 of global exports. Fonterra notes it has already started to reduce volumes available at the Global Dairy Trade auctions and has a program in place to manages sales through the end of the season. ([email protected])
Corn and Wheat End 2017 With a Whimper; Soybeans Rise
CHICAGO--Agricultural futures wound down a quiet week of trading with little change in prices Friday, as soybean contracts settled slightly higher while corn and wheat fell.
January-dated soybean futures closed 6 cents higher, rising 0.6% to $9.51 3/4 a bushel, despite lower-than-anticipated export sales for the week ended Dec. 21, according to a U.S. Department of Agriculture report early Friday.
STORIES OF INTEREST
U.S. Stocks Slip at End of Strong Year
U.S. stocks posted exceptional gains in 2017. For the first time since 2012, international equities did even better.
Global stock benchmarks have surged to multiyear or record highs this year, boosted by a rally in shares of technology companies, a synchronized pickup in growth around the world and unexpectedly benign inflation readings that have kept central bank policy ultraloose. Expectations for lower taxes have also helped fuel the rally in U.S. stocks, sending the Dow Jones Industrial Average to 71 record closes, the most in a calendar year, and its best year since 2013.
Cattle Futures Dip to Lure Cash Buyers
U.S. cattle futures ended the final trading session of 2017 with modest losses after hitting a seven-week high driven by robust demand and tight supplies.
The rally that started Tuesday set up a standoff between sellers holding out for higher cash prices and packers keen to replenish stocks ahead of extended holiday plant closures.
Estimated U.S. Pork Packer Margin Index - Dec 29
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
Dec 29 +$37.37 +$ 36.97
Dec 28 +$35.00 +$ 35.79
Dec 27 +$34.79 +$ 33.38
* 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 100.5
(Percent of Year-Ago) Select 99.9
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Friday rose 62 cents per hundred pounds, to $202.90, according to the USDA. Select-grade prices rose $2.07 per hundred pounds, to $192.98. The total load count was 82. Wholesale-pork prices rose 55 cents, to $77.60 a hundred pounds, based on Omaha, Neb., price quotes.