A US$3 jump in some cash hog prices Dec. 31 helped U. S. hog futures close higher for the day and for the year at the Chicago Mercantile Exchange, while cattle limped to a year-end finish amid worries sluggish economies here and overseas will hurt demand for beef in 2009. Hog futures were up 6.3
U. S. hogs finish 2008 strong, cattle limp out
Commodity traders grow weary of market swings
“Everybody got run over by the bus going east. They got up only to be run over by the bus going west.” – CME TRADER GARY LARK From his desk alongside the Chicago Mercantile Exchange (CME) trading floor, Jim Brooks is seeing more ill-tempered cattle and hog traders nowadays as they cope with fast-moving markets
U. S. hogs end at six-week high as supplies abate
U. S. hog futures closed at their highest level in six weeks at the Chicago Mercantile Exchange Nov. 28 as investors believe the flood of hogs that hit the market this fall is abating, which should mean higher cash markets in the weeks ahead. Cattle futures finished lower, largely the victim of selling by investors
Tyson misses profit estimates
A US$91 million operating loss in Tyson Foods’ chicken business caused the U. S. meat giant to miss Wall Street earnings estimates on Nov. 10, sending shares down nine per cent. High feed costs and low meat prices should continue to hurt Tyson’s chicken unit, its second largest behind beef. In a conference call, Tyson’s
California cage ban might be contagious
Farm groups have criticized a new California law that bans keeping chickens, calves, and pigs in cages, arguing it will increase production costs, while animal welfare proponents said they hope to get similar laws adopted in other states. California voters passed Proposition 2 on Nov. 4, which bans the confinement of egg-laying chickens, veal calves
Cargill sees U. S. meat exports slowing
“I would say it is slower than normal and it slowed quicker than it had in the past.” The growing global economic crisis is putting the brakes on exports of U. S. beef and pork and it may be early next year before conditions improve, a Cargill meat official told Reuters. “Globally, people’s confidence is
JBS beefs up, but still has competition
Brazilian beef company JBS SA is headed to becoming the No. 2 U. S. beef producer, but there still should be enough competition from other beef companies to limit its ability to set cattle or beef prices. The U. S. Justice Department said Oct. 17 it will allow JBS to buy the beef operations of
Poultry processor needs more time
Chicken producer Pilgrim’s Pride Corp. needs to convince creditors to give it a few more months to shore up its business, after which it could reap the benefits of lower feed costs and higher meat prices, investment and agricultural industry analysts say. Pilgrim’s won a temporary reprieve from its lenders last month on a credit
Meat prices down
U. S. cattle and hog markets fell as much as the daily limit Oct. 10 amid signs that the global financial crisis has consumers shifting away from beef and pork in favour of lower-priced foods. “It has been a combination of perception and reality. The perception has been that people will stop eating as much
Cyber-Savvy Farmer
