TOP STORIES

Grain, Soybean Futures Bounce on Tougher Conditions

Grain and soybean futures rallied on Tuesday as hot Midwestern weather took a toll on growing crops.

Corn futures for September delivery rose 1.3% to $3.46 1/4 a bushel at the Chicago Board of Trade. August-dated soybean contracts rose 1.2% to $8.39 1/2 a bushel, while September wheat gained 1.9% to $4.97 3/4 a bushel.

STORIES OF INTEREST

Could a Sale Salvage Papa John's? -- Market Talk

10:25 ET - All of the Papa John's controversy has some analysts wondering if a sale is the answer to the company's woes. Papa John's same-store sales have been falling in recent quarters and founder John Schnatter has stirred up controversy with comments about the NFL and use of a racial slur during media training. The company's board is trying to distance itself from him, removing him from company marketing and as its chairman. "The greatest obstacle for the company and any potential acquirer is determining the amount of investment and time needed to fully rebrand Papa John's," Stifel says in a note to investors. Any potential sale could be complicated by Schnatter's nearly 30% stake in the company. (julie.jargon@wsj.com)

FUTURES MARKETS

Cattle Futures Turn Lower as Traders Await Physical Sales

Cattle futures eased after starting the week with a rally.

Live cattle contracts for August fell 0.5% to $1.06425 a pound at the Chicago Mercantile Exchange on Tuesday, reversing some of Monday's gains.

CASH MARKETS

 
Zumbrota, Minn Hog $2.00 Lower at $48.00 - Jul 17 
 

Barrow and gilt prices at the Zumbrota, Minn., livestock market are $2.00 lower at $48.00 per hundredweight. Sow prices are steady. Sows weighing 400-450 pounds are at $36.00-$37.00, 450-500 pounds are $36.00-$37.00 and those over 500 pounds are at $38.00-$39.00.

The day's total run is estimated at 250 head.

Prices are provided by the Central Livestock Association.

 
Estimated U.S. Pork Packer Margin Index - Jul 17 
 
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 
                                      * 
Jul 17       +$ 18.98            +$ 49.10 
Jul 16       +$ 14.92            +$ 47.77 
Jul 13       +$ 14.17            +$ 47.40 
 
* 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   98.2 
      (Percent of Year-Ago)     Select  100.8 
 
USDA Boxed Beef, Pork Reports 

Wholesale choice-grade beef prices Tuesday rose 63 cents per hundred pounds, to $204.39, according to the USDA. Select-grade prices rose $1.19 per hundred pounds, to $196.86. The total load count was 145. Wholesale pork prices rose 62 cents, to $83.24 a hundred pounds, based on Omaha, Neb., price quotes.

(END) Dow Jones Newswires

July 17, 2018 17:57 ET (21:57 GMT)