News outlets reporting China proposed to buy roughly $70 billion worth of U.S. ag and energy products if the US lifts its tariffs. However, some in the administration say the number is flawed.
Ag Secretary Sonny Perdue is vocal the Trump administration is leaning towards potentially drifting away from the trilateral North American Free Trade Agreement and heading toward two separate bilateral agreements.
The weaner and feeder pig market insight for last week showed an improved weaner pig breakeven, with a change from the previous week of $8.10. Volume also was higher.
USDA released a new User’s Guide to USDA’s Pork Carcass Cutout that explains the cutout value of a pork carcass reflecting the overall supply and demand for wholesale pork cuts.
Feeder pig prices were slightly higher last week, but the profit potential for weaner pigs decreased $0.72 for the week, to a projected loss of $19.43 per head.
Chicago Mercantile Exchange lean hog futures climbed to a five-week high on Tuesday, bolstered by technical buying and gains in prices for cash hogs and pork, traders said.
Economist Dermot Hayes says U.S. producers have lost $2.2 billion on an annualized basis due to events leading up to and following China’s 25% punitive tariffs in retaliation for U.S. tariffs on aluminum and steel.
Cash-traded weaner pig volume was below average this week with 23,828 head being reported. Cash prices were $27.24, down $1.83 from a week ago. The low to high range was $18.00 - $35.00.
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Chicago Mercantile Exchange live cattle futures fell nearly 1 percent on Thursday, pressured by fears of lower trades in cash cattle markets and positioning ahead of a government supply report due on Friday.
U.S. livestock futures rose on Wednesday, with lean hogs bouncing from Tuesday's roughly three-week low on technical and investment fund buying, traders and analysts said.
It's no surprise that the U.S. pork industry wants to build on the export record set in 2017, says Craig Morris with the National Pork Board. To do that, the industry must be proactive, strategic and insightful.
Looking at hog sales in November 2018 using December 2018 futures the weaner breakeven was $8.78, down $7.39 for the week. Feed costs were up $1.04 per head.
Chicago Mercantile Exchange live cattle futures bounced on Thursday on technical buying and short-covering following three days of steep declines that had sliced prices by more than 5 percent, traders said.
Chicago Mercantile Exchange live cattle futures dropped for a third straight session on Wednesday on weakening cash cattle prices and plentiful supplies of market-ready animals, traders said.
Chicago Mercantile Exchange live cattle futures fell sharply for a second straight session on Tuesday, pressured by technical selling and weakening cash cattle prices, traders said.
We still believe rising global income in 2018 will produce record demand for pork, and U.S. offerings will have no difficulty finding a home among that demand.
Chicago Mercantile Exchange live cattle futures tumbled 2 percent or more on Monday, with the front-month June contract falling by its 3.000 cents per pound daily limit in a technical selloff, traders said.
