TOP STORIES

Demand for Dining Is on the Rise, While Supply Issues Become More Manageable

People are eager to splurge on meals, says Chris Pappas, chief executive of Chefs' Warehouse Inc., a food supplier that sells to restaurateurs and dining groups.

"There is tremendous pent-up demand for aspirational dining, celebratory dining," Mr. Pappas said in an interview. "In Florida, restaurants are packed; the more seats they add, the more customers they are getting."

STORIES OF INTEREST

Grocery Owners May Struggle to Match Last Year's Success

Owners of grocery stores were among the biggest real estate winners last year. Now, some property owners worry that the business looks poised to slip this year.

Pandemic lockdowns forced restaurants to close and then limit service, but supermarkets and grocery stores were spared because they were deemed essential. Customers stocked up on food and other goods. Those dynamics helped boost U.S. grocery sales by 11% in 2020, more than triple the growth of the previous two years, according to data from the U.S. Census Bureau.

Corn Rises on Brazilian Crop Dryness

Corn for May delivery rose 1.9% to $5.80 a bushel on the Chicago Board of Trade Tuesday in reaction to dry conditions seen in Brazilian crop-growing areas.

Soybeans for May delivery rose 0.5% to $13.89 1/2 a bushel.

Wheat for May delivery rose 0.3% to $6.29 3/4 a bushel.

Just Eat Takeaway Tests Grocery Delivery, But Rules Out Major Investment -- Market Talk

0826 GMT - Just Eat Takeaway.com is doing tests in grocery delivery but doesn't plan to make large investments in the sector as it sees a small market likely inflated by the pandemic with many players already, Chief Executive Jitse Groen says. "I think the business model is challenging. That doesn't mean that we don't like the proposition," Groen says in a call with reporters. The Amsterdam-based food-delivery company would only move into grocery delivery if it can do that without hurting gross profit, Groen says. "We're looking at a couple of those possibilities, but we will not invest great amounts of money in it simply because it's not our core business and does not compete with our core business," he says. (adria.calatayud@dowjones.com)

FUTURES MARKETS

Cattle Futures Drop as Feed Costs Rise -- Market Talk

1456 ET - Live cattle futures finish 1% lower, partially in reaction to higher corn prices seen on the CBOT. "Feeder cattle demand softened as corn prices surged, weighing on live cattle futures as well," says Arlan Suderman of StoneX. Corn -- a common feed ingredient -- saw it most-active contract rise 1.9% in trading today, bringing it to over $5.80 per bushel. Meanwhile, lean hog futures finished neutral in trading Tuesday, ending the session virtually unchanged at $1.06175 per pound. (kirk.maltais@wsj.com; @kirkmaltais)

CASH MARKETS

 
Estimated U.S. Pork Packer Margin Index - Apr 13 
 
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 
 
Apr 13       +$ 13.46            +$ 97.92 
Apr 12       +$  9.91            +$ 92.93 
Apr  9       +$ 16.81            +$ 98.91 
 
* 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  120.6 
      (Percent of Year-Ago)      Select  127.9 
 
This report compares the USDA's latest beef carcass composite 
values as a percentage of their respective year-ago prices. 
 
USDA Boxed Beef, Pork Reports 

Wholesale choice-grade beef prices Tuesday fell $1.30 per hundred pounds, to $270.11, according to the USDA. Select-grade prices rose 38 cents per hundred pounds, to $266.54. The total load count was 125. Wholesale pork prices rose $2.32, to $111.28 a hundred pounds, based on Omaha, Neb., price quotes.

(END) Dow Jones Newswires

April 13, 2021 17:51 ET (21:51 GMT)