TOP STORIES

Papa John's Founder Recently Held Merger Talks With Wendy's -- Update

Papa John's International Inc. founder and recently ousted chairman John Schnatter held talks to merge the pizza company with Wendy's Co., people familiar with the matter said.

The talks between Wendy's officials and Mr. Schnatter, who still sits on the board and owns 29% of Papa John's, were preliminary and began before he stepped down as chairman last week over the use of a racial slur, the people said. The talks, which Papa John's board was aware of, have cooled since the incident, one of the people said.

STORIES OF INTEREST

Farmers Decry China's Agricultural Subsidies -- Market Talk

1518 ET - Farmers are increasingly nervous that the US trade dispute with China, one of the top buyers of US farm products, will lead to lower crop prices and a continued decline in US farm income. But some agree with President Trump that China hasn't been playing fair on trade -- particularly when it comes to China's agricultural subsidies for its own farmers. In 2015, China's minimum support price for corn, rice and wheat was estimated around $100B above the levels China committed to when the country joined the World Trade Organization, according to the American Farm Bureau Federation, while US farmers have had to fight to hang onto smaller government support in the US. Nevertheless, the Farm Bureau calls on the Trump administration to clarify its trade-policy goals and get back to the negotiating table with China. (jacob.bunge@wsj.com; @jacobbunge)

Premier Foods Shareholders Back Re-Election of CEO Gavin Darby

Premier Foods PLC (PFD.LN) shareholders backed the re-election of Chief Executive Gavin Darby at the company's annual general meeting Wednesday in the face of an activist campaign to unseat him.

Mr. Darby's re-election as a director was approved with 59% of the votes cast. All of the company's other directors were re-elected with a majority of at least 74%.

Carrefour Buys French Organic Chain So.bio

Carrefour SA (CA.FR) said Wednesday that it is buying organic-product chain So.bio, without disclosing a price.

The French retailer said it aims to develop the brand and expand it nationwide in a move that fits into its strategic plan to significantly increase sales of organic products by 2022.

FUTURES MARKETS

Cattle Futures March to Four-Week High

Cattle futures bounced to a four-week high on Wednesday as prices for beef and physical animals inched higher.

August-dated contracts for live cattle rose 2.4% to $1.0895 a pound at the Chicago Mercantile Exchange, closing at the highest point since June 20. Prices approached their upper limit for the session.

Hog futures fell, with August contracts down 1% to 67.2 cents a pound. Prices have largely fallen amid U.S. trade disputes with China and Mexico, both of which have imposed tariffs on American pork.

CASH MARKETS

 
Zumbrota, Minn Hog $1.00 Lower at $47.00 - Jul 18 
 

Barrow and gilt prices at the Zumbrota, Minn., livestock market are $1.00 lower at $47.00 per hundredweight.

Sow prices are $1.00 lower. Sows weighing 400-450 pounds are at $35.00-$36.00, 450-500 pounds are $35.00-$36.00 and those over 500 pounds are at $37.00-$38.00.

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 - Jul 18 
 
All figures are on a per-head basis. 
 
Date     Standard Margin       Estimated margin 
         Operating Index         at vertically - 
                             integrated operations 
                                      * 
Jul 18       +$ 17.09            +$ 44.91 
Jul 17       +$ 18.98            +$ 49.10 
Jul 16       +$ 14.92            +$ 47.77 
 
* 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   98.6 
      (Percent of Year-Ago)     Select  100.8 
 
USDA Boxed Beef, Pork Reports 
 

Wholesale choice-grade beef prices Wednesday rose 41 cents per hundred pounds, to $204.80, according to the USDA. Select-grade prices rose 23 cents per hundred pounds, to $197.09. The total load count was 132. Wholesale pork prices fell $1.95, to $81.29 a hundred pounds, based on Omaha, Neb., price quotes.

(END) Dow Jones Newswires

July 18, 2018 17:35 ET (21:35 GMT)