TOP STORIES

Pay Steady for Hogs as Pork Piles Up -- Market Talk

09:18 ET - Meatpackers are paying mostly steady to slightly higher prices for hogs in Midwestern terminal markets, with prices ranging 50 cents per hundred pounds above and below Monday's levels. That could support lean hog futures prices at the Chicago Mercantile Exchange, but traders also have to contend with a USDA report on cold storage levels that showed Monday a jump in domestic pork stockpiles, powered by a surge in bellies. Meatpackers are projected to kill 465K hogs Tuesday and 53K this coming Saturday. (jacob.bunge@wsj.com; @jacobbunge)

STORIES OF INTEREST

Grain, Soybean Prices Rise End Higher -- Market Talk

16:42 ET - Corn, wheat and soybean prices ended with gains on Tuesday as traders took stock of this spring's late planting start. "The big picture fundamental outlook, which is that the U.S. needs to raise another big crop to meet this year's demand is still very much in play," said Doug Bergman of RCM Alternatives. CBOT July corn ended up 0.8% at $3.90, while soybean and wheat futures end up as well at $10.22 1/4 and $4.98 3/4 respectively. (patrick.mcgroarty@gmail.com; @patmcgroarty)

Nations, Banks 'Must Help Cocoa Farmers With Volatility' -- Market Talk

1226 GMT - Governments need to do more to help cocoa farmers deal with the effects of wild price volatility, says David Short of the sustainable value chains cluster team at Aidenvironment. Speaking at the World Cocoa Conference in Berlin, Mr. Short says "we would recommend to introduce supply management, measures on land zoning, and even more robust crop diversification processes, especially in conjunction with a national policy framework." On top of that, regional cooperation between cocoa producing nations - neighbors Ivory Coast, Ghana, Nigeria, and Cameroon are responsible for three quarters of global production - needs to be stronger. Also, need to factor in price risk management as a part of their financing process. "If the bank allows price risk management, it's protecting itself," Mr. Short says. (david.hodari@wsj.com; @davidhodari)

FUTURES MARKETS

Supply Concerns Sink Hog Futures; Cattle Mixed

CHICAGO--Hog futures declined as supply concerns continued to temper optimism for growing pork consumption. Cattle contracts were mixed.

June-dated lean hog futures fell 2% at the Chicago Mercantile Exchange to settle at 74.825 cents per pound, while more lightly traded May contracts also slipped. It was the third consecutive daily decline for a market that earlier this month staged a rally built on hopeful prospects for the U.S. summer grilling season.

CASH MARKETS

 
Zumbrota, Minn Hog Steady At $35.00 - Apr 24 
 

Barrow and gilt prices at the Zumbrota, Minn., livestock market are steady at $35.00 per hundredweight. Sow prices are $2.00 higher. Sows weighing 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 100 head.

Prices are provided by the Central Livestock Association.

 
Estimated U.S. Pork Packer Margin Index - Apr 24 
 
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 
                                      * 
Apr 24       +$14.08             +$ 14.72 
Apr 23       +$14.71             +$ 14.12 
Apr 20       +$14.75             +$ 14.40 
 
* 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   99.4 
      (Percent of Year-Ago)     Select   98.0 
 
USDA Boxed Beef, Pork Reports 

Wholesale choice-grade beef prices Tuesday rose $2.54 per hundred pounds to $217.65, according to the USDA. Select-grade prices rose 39 cents per hundred pounds to $202.11. The total load count was 146. Wholesale pork prices rose 28 cents to $67.25 a hundred pounds, based on Omaha, Neb., price quotes.

(END) Dow Jones Newswires

April 24, 2018 17:34 ET (21:34 GMT)