TOP STORIES:
Grain, Soy Prices Close Lower as Dollar Gains
CHICAGO--Grain and soybean futures prices finished lower on
Friday, weighed down by gains in the U.S. dollar and traders' moves
to offset risk ahead of the Memorial Day weekend. Corn, wheat and
soybeans all fell more than 1%, after the dollar rose on strong
U.S. inflation numbers for April. Strength in the U.S. currency,
which improved against the euro and Japan's yen, hurts export
demand for U.S. agricultural commodities because it makes them more
expensive for overseas buyers.
STORIES OF INTEREST:
USDA May Data Show Fewer Than Expected Cattle Placements Into
Feedyards
Government data for the number of cattle placed into the
nation's feedyards as of May 1 were below the range of analyst
expectations, as producers in parts of the country that experienced
favorable weather kept animals on the farm for longer stretches of
time. The U.S. Department of Agriculture's cattle-on-feed report
released Friday showed around 1.548 million cattle, known as
replacements, entered U.S. lots through the end of April, 5% below
this time last year, when 1.623 million head were placed.
Wal-Mart Encourages Meat Suppliers to Curb Antibiotic Use
Wal-Mart Stores Inc. (WMT) is asking its meat and egg suppliers
to curb their use of antibiotics and offer animals more humane
living conditions, inching into a tricky supply issue as Americans
press for higher standards for what they eat. The world's largest
retailer is asking farmers who grow beef, chicken, pork and other
animals for its U.S. stores to limit their use of antibiotics to
sick animals and to never use antibiotics to promote animal
growth.
OTHER MARKETS:
U.S. Cattle Futures Trim Losses, Narrowly Decline; Hogs Turn
Lower
CHICAGO--U.S. cattle futures trimmed losses into the close
Friday, amid worries that demand for burgers and steaks could cool
after the Memorial Day holiday. June live-cattle fell 0.25 cent, or
0.2%, to $1.5215 a pound at the Chicago Mercantile Exchange, for a
0.3% drop on the week. August live-cattle futures slid 0.2 cent to
$1.5070 a pound. Hog futures reversed to settle mostly lower. June
hogs slipped 0.05 cent, or 0.1%, to 83.725 cents a pound, for a
0.4% increase on the week.
Write to David Kesmodel at david.kesmodel@wsj.com