LIVESTOCK HIGHLIGHTS: Top Stories of the Day
Impossible Foods Raises $200 Million in Latest Funding Round
Impossible Foods Inc. on Thursday said it closed a $200 million
Series G round of fundraising, bringing its total funding since
startup to about $1.5 billion.
The company said the latest round was led by new investor
Coatue, with participating from existing investors including Mirae
Asset Global Investments and Temasek and new investor XN.
STORIES OF INTEREST
A2 Milk Boosted by CEO Choice, Pay Transparency -- Market
0438 GMT - Shares of a2 Milk are up about 2.0% on the NZX as
investors react positively to its new CEO and greater transparency
about his pay package. The company has been meeting with
institutional shareholders since announcing Tuesday its selection
of clothing industry executive David Bortolussi as CEO. "The market
in aggregate is very happy with the background of the CEO and we're
pleased that the company has a level of disclosure regarding their
package, which is great learning from the last CEO," says Stuart
Williams, head of equities at Nikko Asset Management in Auckland.
Shares of a2 Milk are up 39% year to date.
Tropical Weather in Focus for Grains Traders -- Market Talk
10:43 ET - Weather patterns developing in the Atlantic Ocean
will have a strong effect on the weather for crops in the US Corn
Belt, says Terry Reilly of Futures International. "Weather in North
America over the next few weeks will be largely determined by the
tropics and the interaction of frequent tropical cyclones and the
North America high pressure ridge," says Reilly. "An active
tropical pattern will be firing up in another week to no more than
ten days... the subtropical jet stream will bring frequent storms
toward the southeastern United States and there will often be a
trough of low pressure over the southeastern US that will limit
moisture from flowing into the Midwest helping to reduce rainfall."
Livestock Futures Turn Higher -- Market Talk
15:22 ET - Livestock futures on the CME closed higher, with hogs
turning back up after recording losses for the past two days.
Most-active lean hog futures finished 1.5% higher at 52.35 cents
per pound, while live cattle finished 0.5% higher at $1.1015 per
pound. Some livestock traders are looking ahead to September
post-Labor Day, in which consumer demand is expected to dry up and
get rid of the support for futures prices. "The challenge for the
market will come in September as supply availability seasonally
increases, the weather turns cooler (heavier weights) and retailers
shift away from grilling items," says Steiner Consulting. "There is
plenty of competition in the retail case at this time, with near
record supplies . . . vying for a given space in the meat case."
Estimated U.S. Pork Packer Margin Index - Aug 13
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
Aug 13 +$ 72.43 +$ 24.75
Aug 12 +$ 67.77 +$ 20.45
Aug 11 +$ 65.15 +$ 17.27
*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.
This report compares the USDA's latest beef carcass composite
values as a percentage of their respective year-ago prices.
For Today Choice 90.8
(Percent of Year-Ago) Select 95.9
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Thursday rose $1.86 per
hundred pounds, to $210.95, according to the USDA. Select-grade
prices rose $1.42 per hundred pounds, to $197.41. The total load
count was 139. Wholesale pork prices rose $2.00, to $73.25 a
hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
August 13, 2020 17:44 ET (21:44 GMT)
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