TOP STORIES

Taco Bell Recalls Some Seasoned-Beef -- Update

Taco Bell Corp. said it voluntarily recalled about 2.3 million pounds of seasoned beef from its restaurants and distribution sites Friday after a customer reportedly found a metal shaving in an order of food.

Taco Bell, which is a subsidiary of Yum Brands Inc., said the products were removed from restaurants in 21 states across the eastern Midwest, northern Southeast and Northeast regions.

STORIES OF INTEREST

Corn Futures Fall as Demand Still Disappoints

Corn for December delivery fell 1.1% to $3.93 1/4 a bushel on the Chicago Board of Trade on Tuesday, as data showed corn export demand remains weak.

Wheat for December delivery fell 0.8% to $5.07 a bushel.

Soybeans for November delivery fell 0.7% to $9.34 a bushel.

Sour Grapes All Around on New Ethanol Proposal -- Market Talk

1554 ET - The Trump administration earlier this month unveiled a new biofuels proposal aimed to satisfy farmers, ethanol producers and oil refiners, after ethanol policy moves seen easing refiner compliance sowed frustration in farm country. Now that the EPA has further detailed the proposal, it seems to be satisfying no one. The American Petroleum Institute, which represents refiners, says there is "no logic" in forcing the refining industry to collectively make up for any ethanol-blending exemptions granted to small refiners, and the group pledges to "vigorously challenge this misguided policy." The Renewable Fuels Association, representing ethanol makers, calls the plan "a step backward," since it's based on ethanol recommendations that the group says the EPA has previously ignored. The RFA plans to call on President Trump to "personally intervene." (jacob.bunge@wsj.com; @jacobbunge)

Winter Weather Takes a Back Seat for Grain Traders -- Market Talk

12:36 ET - The blizzard that struck the Dakotas over the weekend is not affecting grain futures trading Tuesday--this despite freezing temperatures in the region expected to cause crop losses. "I do not want to say that the trade has already dismissed the weather issues in the Northern Plains or the frosty temperature that have covered a wide swath of the upper Midwest, but with a generally clear forecast, it would seem to have moved to the back of their minds for now," says Dan Hueber of the Hueber Report. It is still unclear how much crop loss the storm caused, but NOAA data shows it dumped as much as 20-30 inches of snow on some areas of North Dakota--likely killing immature crops and delaying harvest season. (kirk.maltais@wsj.com; @kirkmaltais)

FUTURES MARKETS

Hogs Perk Up, Cattle Finishes Flat -- Market Talk

15:39 ET - Lean hog futures jumped 4.3% to 72.125 cents per pound. The limit-higher close was due to anticipation to rising Chinese imports of US pork, says Arlan Suderman of INTL FCStone. "China's official data shows that hog numbers are down 41%, while industry sources from within China tell us they are down 60-70%," the firm said. It's the highest close this month for pork, and the highest since Sept. 30. Meanwhile, cattle futures finished the day unchanged, after spending most of the day trading lower. (kirk.maltais@wsj.com; @kirkmaltais)

CASH MARKETS

 
Estimated U.S. Pork Packer Margin Index - Oct 15 
 
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 
 
Oct 15       +$ 32.34            +$ 36.31 
Oct 14       +$ 35.65            +$ 36.74 
Oct 10       +$ 37.45            +$ 35.73 
 
* 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  106.5 
      (Percent of Year-Ago)     Select   99.8 
 
USDA Boxed Beef, Pork Reports 

Wholesale choice-grade beef prices Tuesday rose 80 cents per hundred pounds, to $218.02, according to the USDA. Select-grade prices rose $2.15 per hundred pounds, to $191.48. The total load count was 160. Wholesale pork prices fell 20 cents, to $77.29 a hundred pounds, based on Omaha, Neb., price quotes.

(END) Dow Jones Newswires

October 15, 2019 17:34 ET (21:34 GMT)