TOP STORIES

Sparse US Cash Cattle Sales At Lower Prices -- Market Talk

10:12 ET - Isolated sales have been reported in the cash cattle markets so far Wednesday, at sharply lower prices compared with last week. Several hundred head in Nebraska and Iowa have been sold from $1.03 a pound live and $1.63 a pound dressed, which would be a three to four cent drop from the previous sales, though most producers have yet to sell their cattle. Cattle futures, meanwhile, have fallen to the lowest levels in weeks, dragged down by swelling supplies of all meat and a 9-year low in hog prices. (kelsey.gee@wsj.com; @kelseykgee)

STORIES OF INTEREST

US Cash Hog Bids Slip As Supplies Expand Further -- Market Talk

10:00 ET - US meatpackers are continuing to lower their bids for hogs in the cash markets Wednesday, as supplies soar to record-large levels. This week, an estimated 2.418 million hogs are expected to be processed, including 230,000 this Saturday, which would be 6.6% more than this time in 2015. Farmers are also raising hogs to heavier weights, in order to maximize their earnings, with the average pig in the upper Midwest last week weighing 280 pounds compared with 279.7 in the prior year. This adds to the volume of pork on the market, contributing to the bulge in supplies. (kelsey.gee@wsj.com; @kelseykgee)

Corn, Soybeans Decline as Fall Harvest Progresses -- Market Talk

12:55 ET - Corn and soybean futures decline as the US harvest advances, with expectations for record crops this year weighing on the markets. Still, losses are modest in part because traders are not anxious to push prices much lower due to recent wet weather which has soaked fields and stalled combines in key production areas, says Arlan Suderman of brokerage INTL FCStone. He says many Iowa farmers "are just able to nose in amid soggy conditions and will have a short 5-6 day stretch to run full steam ahead before more unwanted rains return to the Midwest early next week." CBOT December corn falls 0.6% to $3.29 3/4 a bushel while November soybeans drop 0.4% to $9.48 1/2. Meanwhile, wheat dips. (jesse.newman@wsj.com; @jessenewman13)

FUTURES MARKETS

U.S. Cattle Futures Bounce Back From Lows

CHICAGO--U.S. cattle futures bounced back from a steep early-week drop in most contracts on Wednesday, buoyed by short-covering as investors scaled-back bets on the market falling further in the near-term.

October cattle futures dropped 0.35 cent, or 0.3%, to $1.03475 a pound, a fresh three-week low, but sharply higher than the session's lows. December live-cattle futures advanced 0.5 cent to $1.03625 a pound. September feeder-cattle futures picked up 0.35 cent to $1.35175 a pound, and other issues climbed higher.

CASH MARKETS

 
Zumbrota, Minn Hog Market Steady At 33.00 - Sep 28 
 

Barrow and gilt prices at the Zumbrota, Minn., livestock market today are steady at $33.00 per hundredweight. Sow prices are $1.00 lower. Sows weighing under 450 pounds are $32.00-$33.00, 400-450 pounds are at $32.00-$33.00, 450-500 pounds are $32.00-$33.00 and those over 500 pounds are $34.00-$35.00.

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 - Sep 28 
 
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 
                                      * 
Sep 28       +$48.44             +$ 19.27 
Sep 27       +$51.88             +$ 24.00 
Sep 26       +$52.87             +$ 26.32 
 
* 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   91.1 
      (Percent of Year-Ago)     Select   86.6 
 
USDA Boxed Beef, Pork Reports 

Wholesale choice-grade beef prices Wednesday rose $2.53 per hundred pounds, to $190.75, according to the USDA. Select-grade prices rose 36 cents per hundred pounds, to $179.94. The total load count was 188. Wholesale pork prices fell $2.20, to $74.70 a hundred pounds, based on Omaha, Neb., price quotes.

(END) Dow Jones Newswires

September 28, 2016 18:04 ET (22:04 GMT)