TOP STORIES

 
US Farm Groups Ask to Include Agriculture in EU Trade Talks -- Market Talk 

10:32 ET - American farm groups told the Trump administration Friday that they want trade talks with the European Union to include opening up the bloc to more US agricultural exports, after a previous joint statement said the talks would focus on reducing industrial tariffs. "We believe that agriculture must be part of the negotiations," Shawna Morris of the National Milk Producers Federation told US officials at a hearing at the Commerce Department. Kent Bacus of the National Cattlemen's Beef Association said "NCBA strongly supports negotiations that will provide long-term and meaningful access to the European Union." (william.mauldin@wsj.com)

STORIES OF INTEREST

 
Smithfield Foods Adds 250 Jobs in North Carolina With New Distribution Center 

Smithfield Foods on Friday announced the grand opening of a new distribution center in Tar Heel, N.C., which the company said will bring 250 new jobs to the state. The company said it had invested over $100 million into the 500,000 square-foot facility.

 
US Manufacturing Output Sputters Late in the Year -- Market Talk 

09:25 ET - US manufacturing production was flat in November after declining in October, the Federal Reserve said Friday. That shows the sector -- which grew for four straight months from June through September -- is cooling off. In November, a decline in nondurable-goods output offset and increase in production of long-lasting durable goods. Production of petroleum, food, paper and apparel all fell in November. Falling oil prices may have eased demand for oil refining. (eric.morath@wsj.com; @ericmorath)

 
Sainsbury's, Asda Win Appeal Against Timetable for Review Into Merger 

J Sainsbury PLC (SBRY.LN) and rival U.K. supermarket chain Asda have won an appeal against the proposed timetable for the competition review into their planned merger. Sainsbury's said Friday that the Competition Appeal Tribunal ruled in the grocers' favor and found the timetable for responding to materials and attending a hearing were both unfair. Sainsbury's said it looks forward to re-engaging with the U.K.'s Competition and Markets Authority.

FUTURES MARKETS

 
Livestock Futures Inch Lower to Close Week -- Market Talk 

15:46 ET - February futures for both live cattle and lean hogs on the CME close lower, with cattle down 0.4% and hogs down 0.5%. Activity on the markets is expected to stay flat through the rest of the year, with market participants looking ahead to January and the possibility of China dropping its tariff on US pork, spurring higher consumption of US products as China battles African swine fever in its own hogs. (kirk.maltais@wsj.com, @kirkmaltais)

CASH MARKETS

 
Estimated U.S. Pork Packer Margin Index - Dec 14 
 
All figures are on a per-head basis. 
 
Date     Standard Margin       Estimated margin 
         Operating Index         at vertically - 
                             integrated operations 
 
Dec 14       +$ 46.12            +$ 18.86 
Dec 13       +$ 49.86            +$ 21.77 
Dec 12       +$ 48.07            +$ 19.64 
 
* 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  104.5 
      (Percent of Year-Ago)     Select  110.9 
 
USDA Boxed-Beef, Pork Reports 

Wholesale choice-grade beef prices Friday fell $1.51 per hundred pounds, to $210.96, according to the USDA. Select-grade prices rose $2.14 per hundred pounds, to $203.14. The total load count was 85. Wholesale pork prices fell $1.35, to $70.51 a hundred pounds, based on Omaha, Neb., price quotes.

(END) Dow Jones Newswires

December 14, 2018 17:59 ET (22:59 GMT)