TOP STORIES

U.S. Hog Prices Seen Holding Steady on Firm Margins -- Market Talk

9:47 ET - U.S. cash hog prices are expected to be mostly steady for a second straight day, ending a weeks-long slump even as supplies look to remain large. At least 289,000 head are projected to be processed this weekend, down 15,000 head from last weekend, and likely contributing to another near record-large week of production. Market watchers noted that meatpackers continue to have historically wide margins, estimated at $51.08 per head on Monday due to recent stability in pork prices, according to the latest Wall Street Journal index. (kelsey.gee@wsj.com; @kelseykgee)

Wheat Climbs After Three-Day Loss; Corn Edges Up

CHICAGO--Grain futures rebounded slightly Tuesday, lifted by demand hopes for some crops. Soybeans were mixed.

Wheat prices closed higher for the first time in four sessions, bolstered in part by an international tender by Egypt, the world's largest grain buyer, which fueled optimism over world demand for the crop. Prices for wheat have fallen recently due to huge grain supplies in the U.S. and overseas. At the same time, a stronger U.S. dollar has limited U.S. wheat exports by making them more expensive for foreign importers.

STORIES OF INTEREST

DuPont, Dow Chemical Merger to Close in First Quarter 2017

DuPont Co.'s merger with Dow Chemical Co. now appears likely to complete in the first quarter of 2017, later than initially hoped, as antitrust authorities scrutinize a spate of agricultural deals, DuPont's top executive said.

The additional time enables the companies to plan for a faster three-way split following the deal. "That's how I'm looking at it," said DuPont Chief Executive Ed Breen said on a conference call discussing the company's third-quarter results.

DuPont Boosts Profit Forecast Amid Rise in Revenue -- Update

Chemical giant DuPont Co., looking to wrap up its merger with Dow Chemical Co., boosted its profit outlook for the year as it reported higher sales from its agriculture and performance materials segments amid lower costs in the latest period.

DuPont is approaching the one year anniversary of its December 2015 announcement that it would merge with rival Dow Chemical, as antitrust reviews have raised questions about what businesses Dow and DuPont may have to shed to get the green light in Brussels, Washington and other regulatory jurisdictions.

Chipotle Provides Optimist Outlook Though Profit Plunges 95%

Chipotle Mexican Grill Inc. reported profit tumbled 95% in the latest quarter amid concerns that pricy promotions to get customers back after illness outbreaks aren't working.

Shares of the company, down 38% over the past 12 months through Tuesday's close, lost another 1.8% after hours to $398.

FUTURES MARKETS

U.S. Cattle Futures Cool After Rally to 4-Week Peaks

CHICAGO--U.S. cattle futures edged lower on profit-taking Tuesday, following a three-session rally to the highest levels in nearly four weeks.

Live-cattle futures for October delivery slipped 0.4 cent, or 0.4%, to settle at $1.02725 a pound, after a roughly 7% climb in the past week. Most actively traded December live-cattle futures dropped 0.35 cents to $1.0390 a pound on the Chicago Mercantile Exchange.

CASH MARKETS

 
Zumbrota, Minn Hog Market $1.00 Lower At $26.00 - Oct 25 
 

Barrow and gilt prices at the Zumbrota, Minn., livestock market today are $1.00 lower at $26.00 per hundredweight.

Sow prices are steady.

Sows weighing under 450 pounds are $22.00-$23.00, 400-450 pounds are at $22.00-$23.00, 450-500 pounds are $22.00-$23.00 and those over 500 pounds are $24.00-$25.00.

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 - Oct 25 
 
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 
                                      * 
Oct 25       +$51.66             +$ 13.83 
Oct 24       +$51.08             +$ 13.66 
Oct 21       +$50.10             +$ 12.33 
 
* 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   83.9 
      (Percent of Year-Ago)     Select   80.6 
 
USDA Boxed Beef, Pork Reports 

Wholesale choice-grade beef prices Tuesday rose $1.09 per hundred pounds, to $182.07, according to the USDA. Select-grade prices rose $1.75 per hundred pounds, to $168.92. The total load count was 164. Wholesale pork prices rose 8 cents, to $72.17 a hundred pounds, based on Omaha, Neb., price quotes.

(END) Dow Jones Newswires

October 25, 2016 17:39 ET (21:39 GMT)