Page 1
Friday, December 04, 2015
Friday, December 04, 2015
Number 49- Volume 08
WEEKLY COMMODITY AT A GLANCE
906.00
CBOT Soybean
Last
Week
Last
Year
3.62
3.80
875.25 1,036.00
$2.40
65.84
Loose Lard, Chicago Basis
0.36
0.36
0.37
Edible Tallow, Chicago Basis
0.21
0.21
0.40
Beef Trimmings, 90% Fresh
209.00
210.00
303.00
UB Pork Cutout
Beef Trimmings, 50% Fresh
41.00
45.00
112.00
$1.40
278.00
$1.15
USDA Drop Credit
11.01
10.90
16.26
112A 3 Ribeye Roll, Lip-On CH
860.00
860.00
875.00
116A 3 Chuck Roll, Neck-Off CH
290.00
300.00
335.00
168 3 Round, Top (Inside) CH
214.00
214.00
315.00
180 3 Strip Loin, Bnls, 0x1 CH
550.00
580.00
560.00
136 Coarse Ground 81%
170.00
175.00
285.00
189A 4 Loin, Tenderloin, PSMO CH
126.18
125.88
171.50
Select Hams 20/23
71.00
65.00
98.00
Sq Cut Bellies 14/16
115.00
110.00
98.00
84.00
86.00
118.00
1/4 Trmd. Loins 21/dn
86.00
82.00
119.00
Spareribs, Light, Fresh
147.00
154.00
166.00
Fresh Pork Trim (42%)
22.00
20.00
34.00
1/4 Tr Boston Butts 9/dn
Fresh Pork Trim (72%)
J
J
A
S
O
N
D
J
F M A
Source: Urner Barry
2014
2015
$0.65
J F M A M
Source: Urner Barry
J
J
A
S
O
N
EST. DAILY CATTLE SLAUGHTER
M
T
W
TH
F
S
TW 110 108 105 110 109 18
LW 109 110 112
0 98 30
*LY 110 112 107 110 105 20
EST. DAILY HOG SLAUGHTER
459
564
TW 438 438 437 437 433 241
2,424
LW 440 438 440
2,129
1 433 377
*LY 431 427 430 428 426 95
2,236
EST. DAILY SHEEP SLAUGHTER
75.00
354.00
Lamb Cuts, 204 Rack, 8-Rib, 7/Up
790.00
785.00
855.00
Lamb Cuts, 206 Shoulder, Cross Cut
305.00
300.00
305.00
Lamb Cuts, 232 Loin Trmd 4x4
550.00
545.00
550.00
EST. DAILY CALVES SLAUGHTER
Lamb Cuts, 234 Leg, Boneless
555.00
550.00
545.00
Carcass Veal, Hide-off, 255/315, NC
460.00
465.00
440.00
TW
2
2
1
2
2
0
9
LW
2
2
2
0
2
0
8
*LY
2
2
2
2
2
0
9
EST. DAILY COW & BULL SLAUGHTER
850.00
780.00
780.00
785.00
Veal Cuts, 348A Leg, TBS 3-Pc 24/32
1,270.00 1,275.00 1,220.00
Quotes represent the high side of Friday's trading range
Restaurant Performance Index
103.0
102.5
102.0
9
9
7
9
7
0
41
9
9
5
0
6
1
30
8
9
8
8
6
0
40
F
LW
TW
S
M
T
101.0
100.5
100.0
Source: Urner Barry, RPI
W
TH
11/20 11/21 11/23 11/24 11/25 11/26
23
8
20
11/27 11/28 11/30
23
22
0
12/1 12/2 12/3
Total
96
Total
20
8
21
22
23
23
117
*LY 18
8
20
22
22
21
111
*Last Year's numbers are rounded
101.5
N
$1.05
D
$0.75
M
J
J
A
This
Week
560
39.00
850.00
O
S
O
N
D
FOREIGN EXCHANGE RATES
350.00
785.00
S
2014
2015
Total
39.00
Veal Cuts, 332 Loin, 4x4 Trim 12/18
A
UB Chicken Index
J F M A
Source: Urner Barry
352.00
Veal Cuts, 310 Shoulder Clod 14/20
J
$0.45
D
Carcass Lamb Y4+55/65
Veal Cuts, 306 Hotel Rack, 7-Rib 14/20 1,085.00 1,080.00 1,110.00
J
$0.60
$0.40
TW
LW
*LY
M
$0.90
$0.90
1,075.00 1,100.00 1,220.00
Cattle-Fax, 6-State Fed Steer Price
$0.95
J F M A M
Source: Urner Barry
$/lb.
203.00
$1.80
$/lb.
201.50
$1.45
$1.20
$2.10
43.04
Aust/NZ Blend Cow 90% EC Spot
2014
2015
$1.70
$2.70
39.97
NYMEX Light Crude Oil
UB Turkey Index
$1.95
$/lb.
3.66
Omaha, US No 2 Yellow Corn
UB Beef Index
$3.00
$/lb.
This
Week
2014
2015
Last
Week
Australia, Dollar
Mexico, Peso
Canada, Dollar
Japan, Yen
China, Yuan (RMB)
Brazil, Real
South Korea, Won
Taiwan, Dollar
European Union, Euro
Last
Year
0.734 0.719 0.833
16.670 16.616 14.376
1.338 1.337 1.143
123.206 122.863 121.341
6.385 6.388 6.150
3.754 3.846 2.589
1,163.500 1,155.000 1,121.070
32.683 32.593 31.285
1.087 1.059 1.229
COLD STORAGE STOCKS
(Pounds in Thousands) 10/31/14
9/30/15 10/31/15
Beef in Freezer, Bnls
459,080
471,787
342,898
Cuts
38,030
39,789
39,266
Total Beef
380,928
498,346 511,576
10/31/14
9/30/15 10/31/15
PORK & OTHER
Pork in Freezer, Picnics
10,893
10,490
8,472
Hams
162,035
247,306
197,276
10,872
17,796
29,006
Bellies
23,525
Loins
30,012
28,937
69,374
Spareribs
85,310
97,697
23,458
Butts
18,793
19,464
39,952
37,337
Trimmings
36,886
106,218
100,413
97,433
Other Pork in Freezer
655,517
602,656
533,076
Total
5,924
6,172
3,797
Veal in Freezer
Lamb & Mutton in Freezer
40,984
41,921
38,686
47,156
Total
47,845
42,483
The National Restaurant Association’s Restaurant
Performance Index (RPI) recorded a slight gain in
October, to 102.1. Stronger same-store sales were the
largest catalyst. This marked the 32nd consecutive
month in which the RPI stood above 100, which
Data Updated: November 24, 2015
signifies expansion, according to the NRA.
© 2015 Urner Barry. All rights reserved. This publication is protected by USA Federal copyright law. Please do not copy or redistribute this information.
Friday, December 04, 2015
Page 2
UB BEEF CUTOUT Dec-04 v. Nov-25
SELECT
NO-ROLL
CAB
1.23%
-0.35%
0.43%
-0.24%
540
480
Chuck
0.14%
1.49%
1.02%
-0.77%
Round
-0.11%
-0.07%
-1.05%
-1.25%
Loin
-2.50%
-1.29%
-1.95%
-2.26%
Brisket
2.85%
3.95%
1.45%
2.66%
Plate
0.33%
0.33%
0.33%
-0.53%
Flank
-0.68%
-0.69%
-0.69%
-0.01%
Total
-0.35%
0.07%
-0.33%
-1.05%
2014
2015
Live Cattle, 6-State Fed Steer Price
J
F M A M J
Source: USDA, Urner Barry
A
S
O
N
D
2014
2015
590
J F M A
Source: Cattle Fax
M
J
J
A
S
O
N
430
J
D
F
M
A
M
J
J
A
S
O
N
D
Source: USDA, Urner Barry
2014
2015
Cow and Bull Slaughter
Live Cattle Cont. Front-Month Futures
150
Thousand Head/Week
1.340
1.305
1.270
1.235
130
90
70
11/30
Source: CME
12/1
12/2
12/3
J
12/4
F
M
A
M
J
J
A
S
O
N
D
Source: USDA, Urner Barry
2014
2015
Drop Credit
2014
2015
Cattle Weights
860
$17.00
844
lbs.
$15.25
$13.50
$11.75
828
812
796
780
$10.00
J F M
Source: USDA
A
M
J
J
A
S
O
N
D
UB 50 % Trimmings
J
F
M
A
M
J
J
A
S
O
N
D
Source: USDA, Urner Barry
2014
2015
Select Grading Percentage
$0.58
29%
$0.52
26%
$0.45
23%
$0.39
11/30
12/1
12/2
12/3
12/4
Source: Urner Barry
17%
J
F
M
A
M
J
J
A
S
O
N
D
2014
2015
Choice Grading Percentage
72%
$2.18
$2.09
$1.99
11/30
12/1
Source: Urner Barry
12/2
12/3
12/4
UB BEEF CUTOUT-CH/SE SPREAD ($/cwt)
M
T
W
TH
F
TW
11.26 11.41 11.06 10.76 10.73
*LW
10.46 11.13 11.58
-
600
400
67%
0
J
F
M
A
M
Source: USDA, Urner Barry
J
J
A
S
O
N
D
1 load = 40,000 lbs.
800
200
62%
$1.80
LOINS: Much to the dismay of packers, the little
interest in ribeyes failed to spill over into loins.
Not only did strips and short loins fall, but the
largest loser was tenderloins.
BONELESS BEEF: Fresh 50s trended lower as
the week developed. Supplies ranged from
packer to packer. This week’s cattle slaughter
was estimated at 560,000 head. Leaner boneless
beef was steady to slightly higher. Demand was a
little more active in some regions. Availability of
livestock also varied from region to region.
70%
65%
$1.90
ROUNDS: Much like chucks, roasts moved lower.
There has been talk that current levels bode well
for London Broil features for retailers. It will be
interesting to see how it plays out butting up
against the holidays.
Weekly Beef Breakdown
(# of loads)
Source: USDA, Urner Barry
UB 90 % Trimmings
RIBS: While there was evidence of last minute
holiday bookings, it was not as expected and
still fell short of most offerings. Light ribs moved
slightly higher as heavy cattle limited product.
Heavy ribs not nearly as lucky
*Last Week's numbers are rounded
20%
$0.32
LIVE CATTLE: Cattle owners came into the week
with confidence for higher money. Sluggish
boxed beef sales pushed against them and
they almost resigned to the fact it wasn’t going
to happen. With that they moved live cattle
$121.00/cwt to mostly $123.00/cwt; dressed
mainly $195.00/cwt.
CHUCKS: Warmer weather around parts of the
country limited roast features and associated
demand. The chuck complex edged lower as a result.
110
1.200
BEEF COMMENTARY
It was a struggle moving boxed beef this week.
Space previously occupied by turkeys was
replaced hams and boneless skinless chicken
that provided better price value. Discounts on
most items became the norm. Light ribs were
supported as cattle remain heavy limiting
offerings at a time when last minute purchasing
was lightly seen. The other only notable positive
were briskets. They seemed to find support at the
$2.00/cwt level and bounced higher from there.
SLAUGHTER & BEEF PRODUCTION: The weekly
F.I. Slaughter was assessed at 560,000 head. This
was 22% above last week’s shortened holiday
week but 0.7% lower from the same week last
year. At 1394, live cattle weights were one pound
higher from last week and 26 pounds heavier
than this week last year; while dressed cattle
weights increased a pound this week.
510
350
$1.14
$/lb.
J
Cattle Slaughter
Thousand Head/Week
$/lb.
$1.44
$1.29
$/cwt
360
670
$1.59
$/lb.
420
300
$1.74
$/lb.
2014
2015
Beef Production
Million lbs.
Rib
BEEF
BEEF
CHOICE
Last week
This week
Trim
61.32
60.16
Grind
173.19
108.27
SE
133.73
117.40
CH
359.65
266.41
Source: USDA, Urner
Barry
© 2015 Urner Barry. All rights reserved. This publication is protected by USA Federal copyright law. Please do not copy or redistribute this information.
Page 3
Friday, December 04, 2015
PORK PRODUCTION
2014
2015
Thousand Head/Week
Hog Slaughter
2,550
2,300
2,050
1,800
1,550
J
F M A
Source: USDA, Urner
Barry
M
J
J
A
S
O
N
D
2014
2015
Dressed weights, Hogs
220
Lean Hog Cont. Front-Month Futures
$0.638
217
215
$0.594
212
$0.572
210
$0.550
207
J
F M A M
Source: USDA, Urner
Barry
J
J
A
S
O
N
11/30
D
12/2
12/3
12/4
Source: CME
Pork Production
2014
2015
2014
2015
USDA Direct Hogs,
Iowa/Minnesota, Carcass Base
520
$1.64
475
$1.34
$/lb.
Million lbs.
12/1
430
385
$1.04
$0.74
$0.44
340
J
F M A M J
Source: USDA, Urner Barry
J
A
S
O
N
J
D
F
M
A
M
J
J
A
S
O
N
D
UB Select Hams 20/23
UB TL Spareribs, Light, Fresh (Vacpak)
$0.72
$1.53
$0.69
$1.50
$/lb.
12/2
12/3
11/30
12/1
Source: Urner Barry
12/4
UB TL Sq. Cut Bellies 14/16
12/2
12/3
12/4
UB TL 1/4 in. Tr Boston Butts 9/dn
$1.16
$0.89
$1.12
$/lb.
$/lb.
$1.47
$1.42
11/30
12/1
Source: Urner Barry
$1.08
$0.86
$0.82
$1.04
$0.79
$1.00
11/30
12/1
12/2
12/3
$0.75
12/4
11/30
Source: Urner Barry
12/1
12/2
12/3
RETAIL: Trade in fresh pork was narrowly mixed,
largely in-range most days, however with some
exceptions. Where excess inventories showed,
there was a willingness to discount given
the high rate of production. This week, loins
continued to be discounted. Bone-in loin values
fell another $2.00 to $3.00/cwt, bone-in centers
$3.00 to $4.00, and boneless loins traded in some
wide ranges; the balance of the component
ranged steady to weaker. Tenderloins remain at
their lowest value since 2002. Picnics have come
under pressure in recent sessions; counter to
what’s seasonally expected. Meanwhile there’s
strength in cushion meat. Butt values continued
to exhibit modest strength, this week $2.00 to
$4.00/cwt higher. The sparerib market ranged
$3.00 to $5.00/cwt lower given a decline in
manufacturing activity. St. Louis Rib values held,
while Loin Back Ribs ranged steady to firm.
12/4
Source: Urner Barry
UB TL 1/4 in. Tr Loins 21/dn
UB Pork Trim (72%) Fr TL
UB Pork Trim (42%) Fr TL
$0.88
$0.50
$0.25
$0.86
$0.45
$0.23
$/lb.
$/lb.
TRIMMINGS: Trimmings were mostly flat on the
week, with some participants rendering 42s to
keep supplies in balance.
$1.45
$0.60
HAMS: Bone-in hams 17 to 27lbs gained $6.00/
cwt across all three weight groupings this week
while boneless hams managed to raise a more
modest $3.00/cwt.
$0.84
$0.82
$/lb.
$/lb.
PORK PROCESSING
ITEMS & RETAIL CUTS
PORK PROCESSING ITEMS & RETAIL
CUTS
$0.63
GREEN MEATS: Seasonality took hold in the
green meat complex, with holiday ham demand
and freezer demand for bellies helping keep
values supported. Meanwhile, diminished
interest for sausage as the weather cools and
the record production pork production levels
prevented gains in trimmings.
BELLIES: Square-cut and skinless bellies gained
$1.00 to $5.00/cwt with the larger gains among
the lighter weights.
Source: USDA, Urner Barry
$0.66
PORK COMMENTARY
U.S. pork output this week was estimated at 517.4
million pounds, setting a new high for the third
time in the latest five weeks. Production in four
of the last five weeks has topped the old record
of 501.3 million pounds set in December of 2007.
According to the Urner Barry Pork Packer Margin
Index, standard operating margins ranged
between $34.46 and $39.93/head this week. The
Urner Barry pork carcass cutout fell from $71.18/
cwt last Friday to $72.24/cwt to close this week.
Meanwhile, Iowa-Minnesota hogs increased
slightly from $51.57/cwt last Friday to $52.44/
cwt this Friday on a weighted average basis.
PORK PRODUCTION: Total pork production
for the week ending December 5, 2015 was
estimated at 517.4 million lbs. This total was 14
percent over the previous week and 7.4 percent
higher than the same week a year ago. Average
hog weights, at 286 pounds, were even with last
week and two pounds under last year.
$0.616
$/lb.
lbs.
LIVE HOGS & CUTOUT
Nov-25 Dec-04 Change
PORK CUTOUT
Loin
19.336 19.100
-0.236
Butt
7.352
7.553
0.201
Picnic
5.663
5.197
-0.466
Sparerib
6.753
6.515
-0.238
Ham
13.491 14.635
1.144
Belly
16.700 17.370
0.670
Cutout Value
71.182 72.242
1.06
$0.40
$0.18
$0.35
$0.80
$0.15
$0.30
11/30
Source: Urner Barry
12/1
12/2
12/3
12/4
$0.20
11/30
Source: Urner Barry
12/1
12/2
12/3
12/4
11/30
12/1
12/2
12/3
Source: Urner Barry
© 2015 Urner Barry. All rights reserved. This publication is protected by USA Federal copyright law. Please do not copy or redistribute this information.
12/4
Friday, December 04, 2015
Page 4
LAMB COMMENTARY
LAMB
UB Carcass Lamb Y4+55/65
2014
2015
$3.70
UB Boxed Lamb Cuts, 206
Shoulder, Cross Cut
$3.34
$3.14
$3.20
$/lb.
$2.95
$2.94
$2.74
$2.70
J
F
M
A
M
J
J
A
S
O
N
$2.54
D
J
F M A
Source: Urner Barry
Source: Urner Barry
UB Boxed Lamb Cuts, 204
Rack, 8-Rib, 7/Up
M
J
J
A
S
O
N
D
UB Boxed Lamb Cuts, 232 Loin
Trmd 4x4
2014
2015
UB Boxed Lamb Cuts,
234 Leg, Boneless
2014
2015
$5.80
$5.90
$8.50
$5.60
$5.55
$/lb.
$9.10
$7.90
$5.40
$7.30
$5.20
$6.70
J F M A
Source: Urner Barry
M
J
J
A
S
O
N
UB Carcass Veal, Hide-off,
255/315, North Central
J F M A
Source: Urner Barry
M
J
J
A
S
O
N
$9.10
$4.53
$8.35
$/lb.
$4.83
$4.23
$5.20
J F M A
Source: Urner Barry
D
UB Boxed Veal Cuts, 310
Shoulder Clod 14/20
2014
2015
2015
$4.50
$5.00
D
2014
$4.85
VEAL
$/lb.
Lamb carcasses were mostly steady. Some of the
lighter weights traded in limited quantities at
a premium. Boxed cuts were steady to slightly
higher in some instances. Year-to-date lamb
production is down about 5% compared to the
equivalent time period for last year.
$/lb.
$/lb.
$3.45
$/lb.
2014
2015
2014
2015
$7.60
M
J
J
A
S
O
N
D
VEAL COMMENTARY
Veal carcasses were steady to slightly lower in
some isolated cases. Boxed cuts were mixed.
Premiums were noted on some of the loins and
osso buco hindshanks. Discounts developed
on a few of the shoulders, legs and top rounds.
Movement was a little more active.
$6.85
$3.93
$6.10
$3.63
J
F M A
Source: Urner Barry
M
J
J
A
S
O
N
J
D
F
M
A
M
J
J
A
S
O
N
D
Source: Urner Barry
UB Boxed Veal Cuts, 306
Hotel Rack, 7-Rib 14/20
UB Boxed Veal Cuts, 332 Loin,
4x4 Trimmed 12/18
2014
2015
UB Boxed Veal Cuts, 348A Leg,
TBS 3-Piece 24/32
2014
2015
$13.20
$10.70
$7.70
$12.45
$/lb.
$10.00
$7.10
$9.30
$6.50
$8.60
$5.90
J F M A
Source: Urner Barry
M
J
J
A
S
O
N
$/lb.
$8.30
$/lb.
$11.40
$11.70
$10.95
J
D
2014
2015
F M
A
M
J
J
A
S
O
N
$10.20
D
J F M A
Source: Urner Barry
Source: Urner Barry
M
J
J
A
S
O
N
D
FEEDS: CORN, SOY BEAN, RED WHEAT
Yellow, Omaha Corn No. 2
$1,600
$3.20
$1,200
$1,000
$2.50
J F
Source: CME
M
A
M
J
J
A
S
O
N
$8.00
$/bushel
$3.90
$3.50
J F M
Source: CME
A
M
J
J
A
S
!
EW
ALL N
$6.50
$5.00
$800
D
2014
2015
$9.50
$1,400
$4.60
cents/bushel
$/bushel
$5.30
Kansas City Hard Red Wheat
2014
2015
CBOT Soybean Features
2014
2015
O
N
D
J
F M
Source: KCBT
A
M
J
J
A
S
O
N
D
800-932-0617
shop.meatbuyersguide.com
http://shop.meatbuyersguide.com
Includes all USDA revisions to the IMPS
40 updated cuts • 50 new photos
CUSTOM
COVERS AVAILABLE
© 2015 Urner Barry. All rights reserved. This publication is protected by USA Federal copyright law. Please do not copy or redistribute this information.
Friday, December 04, 2015
Page 5
POULTRY
$1.43
$1.10
$1.31
$0.90
$3.82
$1.19
$0.95
J
F M A
Source: Urner Barry
M
J
J
A
S
O
N
J
F M A
Source: Urner Barry
D
UB NE Jumbo Bnls/Sknls
Breasts Tender Out
M
J
J
A
S
O
N
J F M A M J J A S
Source: U.S. Dept. of Energy, Urner Barry
O
N
Gasoline
2014
2015
$6.40
$2.10
$2.32
D
UB Turkey Meat - Breast, Tom, Fresh
2014
2015
$3.32
$2.82
$1.07
$0.50
2014
2015
$4.32
$/Gallon
$1.30
$0.70
D
2014
2015
$4.15
$5.40
$1.50
$1.20
$4.40
$/Gallon
$/lb.
$/lb.
$1.80
$3.40
J
F M A
Source: Urner Barry
M
J
J
A
S
O
N
J
F M A
Source: Urner Barry
$1.88
$0.55
$1.72
$/lb.
$0.70
$0.40
$0.25
M
J
J
A
S
O
N
UB Turkey Meat - Thigh, Fresh
2014
2015
UB NE Leg Quarters (bulk)
J F M A M J J A
Source: U.S. Dept. of Energy, Urner
Barry
D
J F M A
Source: Urner Barry
M
J
J
A
S
O
N
D
O
N
D
EW!
ALL N
$1.56
$1.24
J
F M A
Source: Urner Barry
M
J
J
A
S
O
N
D
POULTRY COMMENTARY
Following Thanksgiving business is never very business. With that said processor inventories are
kind to chicken. This week has experienced a in close balance. Consumer breasts are becoming
mix of conditions but overall movement has somewhat more adequate for the call but no more
been better than anticipated. Part of this is how than that. Prices are stable. Institutional breasts
attractive prices are with many lines quoted at are firm. The level of interest is somewhat mixed.
52 week lows. Regular business is ok and there’s Breast meat closes the first week of December
been some uptick to wings. Looking forward the unchanged. We’d say that finding a load or two
question is will there be enough demand to keep has become less challenging at maintained price
a semblance of balance as the more traditional points. Thigh meat is displaying a soft undertone
holiday items again make their presence known. but the real log jam involves the fully adequate
Foodservice orders are improving and adding supplies of bone-in thigh. The major parts are no
needed stability to items such as leg meat, wings better than about steady but unchanged as the
and even tenders. Boneless breasts are adequate week winds down.
to handle spot needs without much haggling
over value. Whole birds and WOGs have cooled
off some from earlier this week. Bone in dark
meat is bouncing along with enough inquiries
surfacing to keep it interesting.
With Christmas just a short three weeks away
the amount of negotiated trade in the turkey
market is on the retreat. Here at week’s end
conditions look about the same as they did on
Monday morning. Whole birds are trending
lower in response to the expected seasonal
influences that go hand in hand with yearend
S
2014
2015
$1.40
$0.10
$2.95
$1.75
$1.40
D
$3.55
$2.35
$2.40
$0.90
$/lb.
ENERGY
Diesel
2014
2015
UB Toms, East, Frozen 16 lbs
2014
2015
$/lb.
$/lb.
UB NE WOG Chickens
Cutting Stock 3 lbs & up
http://shop.meatbuyersguide.com
shop.meatbuyersguide.com
800-932-0617
CUSTOM COVERS AVAILABLE
Contributors:
Joe Muldowney - joemo@urnerbarry.com
Bruce Longo - blongo@urnerbarry.com
Bill Smith - bsmith@urnerbarry.com
Jim Kenny - jkenny@urnerbarry.com
Russ Whitman - rwhitman@urnerbarry.com
Terence Wells - twells@urnerbarry.com
Russ Barton- rbarton@urnerbarry.com
Gary Morrison- gmorrison@urnerbarry.com
This report is offered to you conditioned on your acceptance without modification of the terms, conditions, and notices contained herein. Please read the End-User License Agreement (the
“Agreement), a copy of which is available at www.urnerbarry.com before utilizing this Urner Barry product. Your use of a particular UB Product(s) may also be subject to additional terms
set forth in the Agreement. Your use of the UB Product(s) constitutes your acceptance of all of the terms, conditions, and notices set forth in the Agreement. Urner Barry reserves the right
to amend, remove, or add to these terms, conditions and notices at any time without notice. Accordingly please continue to review the Agreement whenever accessing or using the UB
Product(s). If at any time you do not accept the Agreement along with the terms and conditions outlined in the Services and Products Order Form, you may not use this or any UB Product.
Commodity Indecies, Cattle Fax, Daily Beef Quotations, Daily Pork Quotations, Daily Lamb & Veal Quotations, Daily Poultry Quotations, Beef and Pork Futures, USDA Direct Hogs, are
quoted in $/lb; USDA Slaughter is quoted as Head in Thousands; USDA Production is quoted as Pounds in Millions; USDA Weights are quoted in Pounds; USDA Drop credit is quoted in
$/cwt live; Feeds are quoted in $/Bushel; Gasoline & Diesel are quoted in Cents/Gallon.
© 2015 Urner Barry. All rights reserved. This publication is protected by USA Federal copyright law. Please do not copy or redistribute this information.