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LIVESTOCK HIGHLIGHTS: Top Stories of the Day

04/23/2021 | 05:49pm EDT

TOP STORIES

Funds Cut Long Positions in Corn

Managed money funds cut their long positions in corn for the week ended April 20, according to the CFTC.

In its weekly Commitment of Traders report released Friday, the CFTC reported that fund traders cut their long positions in corn by nearly 16,000 contracts. However, funds remain holding a large net long position, at just over 380,000 contracts.

STORIES OF INTEREST

Carrefour Has Momentum in France, But Needs to Keep It Up, Berenberg Says -- Market Talk

1231 GMT - Carrefour made its biggest market-share gains in four years in its home market in the first quarter, Berenberg says, adding that investors will, however, be keen to see this momentum continue. The French grocer booked 3.3% like-for-like sales growth in its home country, driven by its supermarkets and hypermarkets, though Berenberg notes that this beat was largely driven by non-food categories, benefiting from pandemic-related closures of specialist non-food stores in France. The brokerage says it expects that "investors will want to see momentum being sustained before gaining further confidence, particularly as coronavirus restrictions, which are currently supporting at-home demand, ease." Berenberg has a hold rating and a EUR17 price target on Carrefour stock, which slips 0.4% to EUR15.76. (joshua.kirby@dowjones.com; @joshualeokirby)

FUTURES MARKETS

Cattle on Feed Higher But Less Than Expectations

Heads of cattle on feed for the slaughter market are up 5% versus the same time last year, the USDA said Friday.

In its monthly Cattle on Feed report, the USDA said that cattle-on-feed inventory through April 1 totaled 11.9 million head, 105% of where it was last year. That's lower than the 106.2% uptick forecast by livestock analysts surveyed by The Wall Street Journal this week.

Meanwhile, placements of cattle on feedlots totaled 2 million head, up 28% from April 1 of last year. That's lower than the 34% uptick forecast by analysts surveyed by The Wall Street Journal.

Live cattle futures traded on the CME finished down 0.1% at $1.15725 a pound Friday, while lean hog futures finished up 2.1% to $1.05725 a pound.

CASH MARKETS

 
Estimated U.S. Pork Packer Margin Index - Apr 23 
 
All figures are on a per-head basis. 
 
Date     Standard Margin       Estimated margin 
         Operating Index         at vertically - 
                             integrated operations 
 
Apr 23       -$ 10.92            +$ 95.30 
 
Apr 22       -$  0.11            +$102.22 
 
Apr 21       +$  0.52            +$ 99.81 
 
* 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  102.9 
      (Percent of Year-Ago)      Select  104.3 
 
USDA Boxed Beef, Pork Reports 
 

Wholesale choice-grade beef prices Friday rose $1.46 per hundred pounds, to $283.77, according to the USDA. Select-grade prices fell $1.56 per hundred pounds, to $272.13. The total load count was 124. Wholesale pork prices fell $3.22, to $110.06 a hundred pounds, based on Omaha, Neb., price quotes.

(END) Dow Jones Newswires

04-23-21 1748ET

Stocks mentioned in the article
ChangeLast1st jan.
CARREFOUR 0.41% 17.195 Real-time Quote.22.06%
CORN FUTURES (C) - CBR (FLOOR)/C1 -3.69% 659.25 End-of-day quote.41.43%
DJ INDUSTRIAL -0.25% 34393.75 Delayed Quote.12.65%
FEEDER CATTLE?FUTURES (GF) - CMG (ELECTRONIC)/C1 -0.02% 154.575 End-of-day quote.8.80%
LIVE CATTLE (LE) - CMG (ELECTRONIC)/C1 0.04% 119.425 End-of-day quote.5.09%
S&P GSCI CORN INDEX -4.96% 494.1176 Delayed Quote.30.11%
S&P GSCI LIVE CATTLE INDEX 1.04% 413.9078 Delayed Quote.4.35%
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