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Ag Groups Welcome New Covid Relief -- Market Talk

11:04 ET - The approval of a Covid-19 stimulus package through Congress includes $13B apportioned for agriculture, a welcome fresh wave of government aid for the beleaguered industry. "The assistance provided by this bill will go a long way in providing the certainty corn growers need to recover from the impact of the coronavirus on our industry," says John Linder, president of the National Corn Growers Association. The bill is particularly beneficial for the ethanol industry, with biofuel producers deemed eligible for aid and tax credits extended. "More than half of the ethanol industry shut down during the extraordinary demand collapse in the spring," Renewable Fuels Association head Geoff Cooper says. (kirk.maltais@wsj.com; @kirkmaltais)

STORIES OF INTEREST

UK FDF Warns of Fresh Food Shortages Over Channel Freight Suspension -- Market Talk

1124 GMT - Shortages of fresh food could arise from next week if the U.K. and France fail to agree on a Covid-19 protocol to restore crucial accompanied freight crossing over the Channel border, says Ian Wright, chief executive at the U.K's Food and Drink Federation. "U.K. shoppers need have no concerns about food supplies over Christmas, but impacts on local on-shelf availability of certain fresh foods look likely from next week unless we can swiftly restore this link," he says. There are reportedly 1,500 lorries currently stuck in the English side of the border waiting for access into the continent after France shut the border Sunday in the wake of the discovery of a fast-spreading Covid-19 variant in south-east England.(lorena.ruibal@wsj.com)

Papa John's Pays for Worker Bonuses -- Market Talk

09:00 ET - Papa John's International says it's giving 14,000 crew members end of the year bonuses of $2.5M, the latest restaurant chain to give out supplemental pay during the pandemic. Papa John's also provided bonuses earlier in the crisis. Darden Restaurants said in 2Q earnings it was restoring Covid-19 pay for workers, and Chipotle Mexican Grill says it has given out more than $40M in bonuses and assistance pay during the crisis. (heather.haddon@wsj.com; @heatherhaddon)

Wheat Higher on Signs of Weaker Supply

Wheat for March delivery rose 0.9% to $6.17 a bushel on the Chicago Board of Trade Tuesday in reaction to indications of weakening wheat supply and a lingering port worker strike in Argentina.

Corn for March delivery rose 0.8% to $4.43 1/2 a bushel.

Soybeans for March delivery rose 0.3% to $12.50 a bushel.

FUTURES MARKETS

Hog Futures Inch Higher as Pork Cold Storage Supply Slides -- Market Talk

15:38 ET - Livestock futures on the CME close mixed - with live cattle futures down 1.1% to $1.1345 per pound, while lean hogs finish up 0.2% to 66.025 cents per pound. The futures contracts closed before the release of the USDA's cold storage report, but the results of the report may spur some movement tomorrow. The monthly report shows beef supplies were up 2% from last month, and 7% from 2019. Meanwhile, pork stocks fell 7% from last month and 28% from 2019. In particular, stocks of pork bellies were up 21% from last month but down 58% from last year, the USDA says. (kirk.maltais@wsj.com, @kirkmaltais)

CASH MARKETS

 
Estimated U.S. Pork Packer Margin Index - Dec 22 
 
 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 
 
Dec 22       +$ 26.23            +$ 16.77 
Dec 21       +$ 38.83            +$ 26.32 
Dec 18       +$ 35.13            +$ 24.38 
 
* 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   99.6 
      (Percent of Year-Ago)      Select   97.5 
 
USDA Boxed Beef, Pork Reports 

Wholesale choice-grade beef prices Tuesday fell 25 cents per hundred pounds, to $210.67, according to the USDA. Select-grade prices rose $2.33 per hundred pounds, to $199.59. The total load count was 145. Wholesale pork prices fell $4.44, to $66.87 a hundred pounds, based on Omaha, Neb., price quotes.

(END) Dow Jones Newswires

December 22, 2020 17:29 ET (22:29 GMT)

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