China will introduce new
measures to speed up mechanisation in its huge farming sector,
looking to revive the countryside, boost domestic demand and
raise rural incomes, the government said late on Wednesday
following a cabinet meeting.
U.S. live cattle futures
rose sharply for the second straight session on Wednesday,
reaching a six-week high, on technical buying and expectations
that beef packers would pay higher prices for cattle this week,
Cattle futures had declined earlier on Tuesday before
turning higher and then surpassing the previous session's peak.
That so-called reversal enticed buyers on Wednesday, said
independent futures trader Dan Norcini.
"You had some momentum-based buying ... the technicals on
the charts look really good," Norcini said.
Chicago Mercantile Exchange February live cattle futures
finished up 0.750 cent at 122.900 cents per pound, just
below the session peak of 123.000 cents that represented the
highest level since Oct. 30.
CME January feeder cattle settled up 0.275 cent at
147.575 cents per pound, the highest since Nov. 28 and the third
straight day of gains.
Trading in cash markets for slaughter-ready cattle was not
yet established but some dealers were optimistic for higher
prices than the $119 per cwt fetched last week. Feedlots in the
U.S. Plains were offering fewer animals for sale this week,
Lean hog futures were mostly higher on bargain
buying after prices fell earlier in the session. Most-active
February lean hogs climbed 0.500 cent to 65.700 cents
per pound, recovering from their two-week low of 64.775.
Hogs had been under pressure from weaker cash hog prices.
However, average hog weights in the top market of Iowa and
Minnesota fell to 284.0 pounds, down from 284.5 pounds a week
ago and 286.1 pounds a year ago, according to the U.S.
Department of Agriculture.
Lower average weights result in reduced overall supply.
"That 0.5 drop week over week will be viewed as friendly," one
hog broker said.
Additionally, more cases of the highly contagious African
swine fever virus were reported in top hog producer and pork
producer China. Expectations the disease could force China to
import more pork has bolstered U.S. hog prices for weeks.
China's agriculture ministry said two new outbreaks were
confirmed in Sichuan and Qinghai provinces.
(Reporting by Michael Hirtzer; editing by Chris Reese)
Brazil's outgoing Agriculture
Minister Blairo Maggi said on Wednesday that South American
trade bloc Mercosur is ready to close a trade agreement with the
European Union but it is being held up because the Europeans do
not want to close a deal.
Brazil's outgoing Agriculture
Minister Blairo Maggi said on Wednesday that the South American
trade bloc Mercosur is ready to agree to a trade deal with the
European Union and it is held up only because the Europeans do
not want to close a deal.
Chicago Mercantile Exchange live
cattle futures gained about 1 percent on Tuesday, lifted
by technical buying and optimism for the continued robust demand
for cattle and beef, traders and analysts said.
Cattle futures shrugged off three straight sessions of
declines to rise to the highest levels in about a week.
Stronger wholesale beef prices and expectations that
feedlots would offer fewer cattle for sale this week helped to
propel the gains, with CME February live cattle
finishing up 0.950 cent at 122.150 cents per pound.
"Some of the recent data has been supportive to the (cattle)
market. The beef cutout values especially have been better than
people expected given how big the slaughter numbers have been,"
said Steiner Consulting Group analyst Altin Kalo.
The closely watched weekly comprehensive beef cutout report
on Monday showed beef prices at $209.57 per cwt, up 14 cents
from the previous week. Prices rose at a time when they
typically ease as many retailers have already purchased meat to
sell during the holidays.
Daily beef cutout prices were lower on Tuesday but prices
remained near the highest levels in weeks, according to U.S.
Department of Agriculture data.
"That's giving people confidence that demand is in good
shape," Kalo said of beef prices.
CME January feeder cattle futures jumped 2.275 cents
to 147.300 cents per pound.
Meanwhile, lighter-weight feeder steers were up $2 to $3 per
cwt at a weekly cattle auction in Oklahoma City, the USDA said.
Lean hog futures were mostly lower, weighed down by
abundant hog supplies and weaker cash prices.
"Most plants have all the pigs they need and then some," one
cash hog broker said.
Most-active February hog futures fell 1.625 cents to
65.200 cents per pound, about a one-week low.
(Reporting by Michael Hirtzer; Editing by Lisa Shumaker)
China has agreed to cut tariffs on U.S.-built cars and auto parts to 15 percent from the current 40 percent, a Trump administration official said on Tuesday, setting the stage for a new talks aimed at easing the bitter trade war between the world's two largest economies.
U.S. Secretary of State Mike Pompeo told the United Nations Security Council on Wednesday that Washington would seek to work with the 15-member body to re-impose ballistic missile restrictions on Iran. Rough Cut (no reporter narration).
President Donald Trump's former personal lawyer Michael Cohen was sentenced to three years in prison on Wednesday for crimes including orchestrating hush payments to women in violation of campaign laws before the 2016 election, and he promised to keep cooperating with the U.S. government against his former boss.