CHICAGO (Reuters) – Alarm grew over the unrelenting Midwest drought on Tuesday, as one of the top corporate leaders in agriculture warned that the government must act quickly to reduce the amount of corn going to ethanol to prevent a sharp spike in food prices.
Worries about the worst drought in more than half a century afflicting the world’s largest grain exporter also deepened overseas, where buyers in China and other hungry nations fret that the expected sharp drop in U.S. harvests will cause shortages and price spikes.
CHICAGO (Reuters) – Welcome rains provided some relief to heat-stressed cities and worried farmers in the U.S. Midwest on Tuesday, but reports of failed crops, wildfires and other fallout from the worst U.S. drought in more than 50 years tempered any optimism.
The first soaking rains for weeks in parts of the northern Midwest sent U.S. corn and soybean prices sharply lower. But those prices still hover around record highs with weather forecasts for August indicating more heat is on the way.
CHICAGO/WASHINGTON (Reuters) – When the CME Group pledged $300 million of its own money to help former MF Global customers get their cash back faster, the exchange was likely thinking of customers like Kansas cattle rancher Tim Rietzke.
Fed up and frustrated with his broker’s collapse and what he sees as the CME’s slow efforts to help him retrieve $30,000 in stranded capital, Rietzke says his faith in the futures industry has been shaken to its core.
CHICAGO, Aug 11 (Reuters) – Illinois hog producer Mike
Dumoulin has no intention of expanding his herd.
Many hog producers like him across the United States are in
the same boat, as crippling feed costs restrict the growth of
hog herds at a time when pork exports are surging, especially
to China where tight supplies are fueling food inflation.
CHICAGO, Aug 10 (Reuters) – U.S. hog futures trading was a
tale of two markets on Wednesday, with the lead August contract
the highest ever for a lead contract amid strong cash markets,
while actively traded October fell to a one-month low amid
sharply lower equity markets.
Cattle futures were pulled down by the lower stock market,
but avoided the stock market’s big drops largely because of
strong cash beef and cattle markets.
CHICAGO, Aug 9 (Reuters) – U.S. cattle futures closed at a
one-month high on Tuesday as stock market gains and higher beef
prices reassured nervous investors who started the day still
shaken by Monday’s stock market crash and U.S. debt downgrade.
Hogs were mixed, with August higher due to strong cash
markets. Deferred futures were pulled down by expectations of
more market-ready hogs and lower prices in the fourth quarter.
CHICAGO (Reuters) – U.S. meat producer Tyson Foods Inc (TSN.N: Quote, Profile, Research, Stock Buzz) reported a lower quarterly profit due to higher feed costs for its chickens, while strong pork exports helped results beat estimates.
Tyson shares were up 2 percent in early trading, while the broader market was down 2.2 percent.
CHICAGO, Aug 3 (Reuters) – U.S. hog futures closed at arecord high on Wednesday following a big jump in cash hog
prices as unusually hot weather has slowed hog marketings,
Cattle closed higher in the wake of active cash beef sales
at higher prices.
Hog futures have advanced for about a month lifted by
higher pork prices, talk of pork sales to China, and hot
weather slowing hog marketings. News this week that South Korea
waived tariffs on imported chilled pork gave the market an
CHICAGO, Aug 2 (Reuters) – U.S. pit-traded hog futures
closed at a record high on Tuesday in reaction to higher pork
prices, seasonal trends, and bullish export news from South
Korea, analysts said.
Cattle were mixed, with August lower and pressured by its
nearly $4 per cwt premium to last week’s cash sales.
CHICAGO, Aug 1 (Reuters) – U.S. cattle futures set a
two-week high on Monday lifted by a sharp drop in this week’s
cattle supplies and on news of active beef exports last week,
Hogs finished higher with the lead August the highest in
3-1/2 months as hot weather has slowed hog marketings and
pushed up cash prices.