TOP STORIES

Fresh Froth Over Milk-Label Legislation -- Market Talk

0938 ET - The clash over what to call milk made from soybeans, almonds or oats is heating up again, as a bipartisan group of farm-state senators reintroduce legislation that would bar such products from using traditional dairy terms like "milk" or "cheese." The Dairy Pride Act, which senators say will be joined by companion legislation in the House, has the backing of big farm groups like the National Milk Producers Federation and the Farm Bureau. Plant-based milk backers have said such laws are unnecessary -- no consumers are buying soy milk by mistake, and the products' plant ingredients are loudly advertised, they say -- and that they would violate constitutional free-expression rights. (jacob.bunge@wsj.com; @jacobbunge)

STORIES OF INTEREST

Nestle 1Q Sales Rose; Confirms 2021 View

Nestle SA said Thursday that sales rose in its first quarter, supported by most regions.

Sales at the Swiss consumer-goods giant rose 7.7% at constant currency to 21.1 billion Swiss francs ($23.01 billion) in the quarter, from CHF20.81 billion previously. The growth comprised real internal growth of 6.4% and pricing of 1.2%, Nestle said.

Real Good Food Shares Rise on 2H Recovery

Shares in Real Good Food PLC rose Thursday after the company said that business in the second half of fiscal 2021 improved from the first half, when it was severely hit by the coronavirus pandemic.

The food-manufacturing company said revenue in the second half recovered from the pandemic hit and was 2.4% higher than the year-earlier period during the third quarter.

In the fourth quarter, revenue was marginally ahead of the prior year in the cake-decorations division but fell at its Brighter business.

FUTURES MARKETS

Cattle Futures Sink as Grain Prices Soar -- Market Talk

1510 ET - Live cattle futures led livestock futures down in trading Thursday, taking its cue from skyrocketing grains prices. With a gradually reopening food service industry in the US, meat demand is getting stronger in the US, but the grains to feed them with are getting more expensive. "This is just an overall demand story, it's coming home to roost," says John Payne of Daniels Trading. Live cattle futures closed trading down 1.2% to $1.1585 per pound, and lean hog futures closed down 0.9% to $1.0355 per pound. (kirk.maltais@wsj.com; @kirkmaltais)

CASH MARKETS

 
Estimated U.S. Pork Packer Margin Index - Apr 22 
 
All figures are on a per-head basis. 
 
Date     Standard Margin       Estimated margin 
         Operating Index         at vertically - 
                             integrated operations 
 
Apr 22       -$  0.11            +$102.22 
 
Apr 21       +$  0.52            +$ 99.81 
 
Apr 20       +$  6.17            +$102.73 
 
* 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  108.6 
      (Percent of Year-Ago)      Select  110.0 
 
USDA Boxed Beef, Pork Reports 
 

Wholesale choice-grade beef prices Thursday rose $1.85 per hundred pounds, to $282.31, according to the USDA. Select-grade prices rose $1.81 per hundred pounds, to $273.69. The total load count was 93. Wholesale pork prices rose $1.12, to $113.28 a hundred pounds, based on Omaha, Neb., price quotes.

(END) Dow Jones Newswires

April 22, 2021 17:32 ET (21:32 GMT)