TOP STORIES 
 

Bird Flu Pecks at Cargill's Chicken-Feed Division -- Market Talk

09:21 ET - Avian influenza has resurfaced in chicken barns around the world in recent months, from Europe to Asia and the US, and the effects are being felt by big animal-feed makers like Cargill. The Minnesota-based agriculture giant says in its 3Q earnings report that Korea's bird flu outbreak in particular dented sales volumes in its animal nutrition business, helping to push earnings from the division--among Cargill's biggest--below year-ago levels. Cargill, which also raises, slaughters and processes chickens to make meat products for restaurants and grocery stores, said its own poultry business delivered strong results. The company doesn't detail earnings from specific divisions. (jacob.bunge@wsj.com; @jacobbunge)

U.S. Weighs Beef Against Scooters, Cheese in Trade Dispute With EU

WASHINGTON -- The Trump administration is poised to demonstrate its promised tough approach to trade rules in a long-simmering dispute with the European Union over beef.

The U.S. is considering imposing tariffs of 100% on Perrier mineral water, Vespa motor scooters and Roquefort cheese in response to the EU's longstanding ban of American beef from hormone-treated cattle. Prompting that menu of punitive tariffs are complaints from U.S. beef producers that the EU hasn't held up its end of a deal the two sides cut in 2009.

 
   STORIES OF INTEREST 
 

Cargill Earnings Jump on Sweeteners, Beef -- Market Talk

09:18 ET - Cargill's efforts to wring more-profitable products from corn and soybeans are paying off as the agricultural conglomerate says fiscal 3Q earnings jump 42% due to strength in sweeteners and plant-based industrial products, along with a recovery in its North American beef business, where lower prices helped boost consumer demand for beef cuts. Cargill, which has been steering a multi-year revamp of its wide-ranging portfolio of food and industrial businesses, earned $650M in the quarter ended February 28, while revenue climbed 8% to $27.3B. On an adjusted basis, earnings climbed 50% to $715M. (jacob.bunge@wsj.com; @jacobbunge)

 
   FUTURES MARKETS 
 

Livestock Rise Despite Supply Pressure

CHICAGO--Livestock futures inched up on Wednesday despite growing unease about a glut in the cattle and hog markets.

April lean hog futures stabilized after three days of losses, rising 0.3% to 65.300 cents a pound at the Chicago Mercantile Exchange.

Analysts expect to see an increase in the domestic hog herd when the U.S. Department of Agriculture releases a quarterly inventory report Thursday. They anticipate that the USDA will also show farmers aiming to expand it even further, exacerbating concerns about an oversupply of hogs on the market.

Cattle futures also rose on Wednesday, with the CME April contract gaining 0.5% to $1.21350 a pound.

 
   CASH MARKETS 
 
Zumbrota, Minn Hog $1.00 Lower At $39.00 - Mar 29 
 

Barrow and gilt prices at the Zumbrota, Minn., livestock market today are $1.00 lower at $39.00 per hundredweight.

Sow prices are $4.00 higher. Sows weighing under 450 pounds are $35.00-$37.00, 400-450 pounds are at $35.00-$37.00, 450-500 pounds are $35.00-$37.00 and those over 500 pounds are $39.00-$41.00.

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 - Mar 29 
 
All figures are on a per-head basis. 
 
Date     Standard Margin       Estimated margin 
         Operating Index         at vertically - 
                             integrated operations 
                                      * 
Mar 29       +$23.03              +$30.30 
Mar 28       +$24.42              +$32.88 
Mar 27       +$26.14              +$35.83 
 
* 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   96.3 
      (Percent of Year-Ago)     Select   96.6 
 
USDA Boxed Beef, Pork Reports 
 

Wholesale choice-grade beef prices Wednesday fell $2.65 per hundred pounds, to $216.92, according to the USDA. Select-grade prices fell $2.76 per hundred pounds, to $210.26. The total load count was 129. Wholesale pork prices fell $1.20, to $75.83 a hundred pounds, based on Omaha, Neb., price quotes.

(END) Dow Jones Newswires

March 29, 2017 17:28 ET (21:28 GMT)