LIVESTOCK HIGHLIGHTS: Top Stories of the Day

Date : 11/07/2018 @ 21:54
Source : Dow Jones News

LIVESTOCK HIGHLIGHTS: Top Stories of the Day

TOP STORIES

 

Tariffs Likely Threaten Already Weak Food Price Increases -- Market Talk

11:07 ET - Producer price increases for meat, vegetables, dairy and other food commodities continued to show weak annual growth in June, potentially pressuring growers and food retailers that want moderate inflation, according to Jefferies. Food retail "prices could be flirting dangerously close to deflationary territory," if they don't bump up soon, writes BMO Capital Markets. "Global trade relations and tariffs add additional uncertainty to the outlook for commodity prices," the investment bank writes. (heather.haddon@wsj.com; @heatherhaddon)

 

Supreme Court Pick Has Fans in Cattle Country -- Market Talk

10:27 ET - As Judge Brett Kavanaugh girds for the confirmation process following his nomination to the Supreme Court, he has some friends among cattle ranchers, who continue to trumpet one of his rulings on the US Court of Appeals. There, Kavanaugh voted to uphold a 2013 law that required beef and pork sold in the US to bear labels detailing where the livestock was born, raised and harvested--a law protested by meat companies and some livestock groups, which feared the cost and perception of such labels. Monanta-based ranchers' group R-CALF, though, saw the law boosting consumption of American-produced meat, and praised Kavanaugh for voting with the majority in upholding the law. The Obama administration and Congress later repealed the labeling requirement under pressure from the WTO, though R-CALF has called on President Trump to revive it. (jacob.bunge@wsj.com; @jacobbunge)

 

STORIES OF INTEREST

 

FDA Targets Food Labels In Vending Machines -- Market Talk

13:44 GMT - The US Food & Drug Administration wants Americans to make better food choices when it comes to the candy bars and chips they buy from vending machines. The agency has published a proposed rule to revise front-of-package labeling requirements on calories for packaged foods sold in glass front vending machines. The FDA is proposing the type size on calorie disclosures be at least 1.5 times that disclosing the net weight. Calorie counts have become a key area in the battleground for share between packaged foods makers as consumers flee for fresh and healthier choices. The proposal comes after the FDA in May began requiring restaurant chains to list calories for food and alcohol on menus. (Saabira.Chaudhuri@wsj.com; @SaabiraC)

 

Former McDonald's International Executive to Lead Dunkin' Brands -- Update

The owner of Dunkin' Donuts and Baskin-Robbins said Chief Executive Nigel Travis has left his position, ending a more than nine-year tenure where he brought the company public and extended the domestic and international reach of its brands.

Dunkin' Brands Group Inc. on Wednesday named David Hoffmann as its new CEO, with Mr. Travis transitioning to the role of executive chairman. Mr. Travis said Mr. Hoffman was hired from McDonald's Corp. with the intent of him becoming the company's next leader.

 

FUTURES MARKETS

 

Livestock Futures Mostly Lower on Trade Flare-Up

Livestock markets were under pressure on Wednesday after the latest salvo in the U.S. and China's ongoing trade dispute.

Live cattle futures for August delivery fell 1.5% to $1.0385 a pound at the Chicago Mercantile Exchange, trading at the lowest point since May.

Lean hogs were among the few commodities to resist the selloff, however. July-dated contracts rose 0.3% to 79.775 cents a pound, halting a four-day losing streak, but futures for delivery later this year fell.

 

CASH MARKETS

 
Zumbrota, Minn Hog Steady at $51.00 - Jul 11 
 

Barrow and gilt prices at the Zumbrota, Minn., livestock market are steady at $51.00 per hundredweight.

Sow prices are $2.00-$3.00 lower. Sows weighing 400-450 pounds are at $36.00-$37.00, 450-500 pounds are $36.00-$37.00 and those over 500 pounds are at $38.00-$40.00.

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 11 
 
All figures are on a per-head basis. 
 
Date     Standard Margin       Estimated margin 
         Operating Index         at vertically - 
                             integrated operations 
                                      * 
Jul 11       +$  9.44             +$48.00 
Jul 10       +$  7.85             +$47.74 
Jul 9        +$ 10.51             +$51.27 
 
* 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   97.5 
      (Percent of Year-Ago)     Select   99.2 
 
USDA Boxed Beef, Pork Reports 
 

Wholesale choice-grade beef prices Wednesday rose 12 cents per hundred pounds, to $207.44, according to the USDA. Select-grade prices fell $1.25 per hundred pounds, to $197.14. The total load count was 144. Wholesale pork prices rose 12 cents, to $82.73 a hundred pounds, based on Omaha, Neb., price quotes.

 

(END) Dow Jones Newswires

July 11, 2018 17:39 ET (21:39 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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