LIVESTOCK HIGHLIGHTS: Top Stories of the Day
Pilgrim's Pride to Acquire Kerry's Meats and Meals Business
Pilgrim's Pride Corp. agreed to acquire the Meats and Meals
business of Kerry Consumer Foods, as the company expands its
prepared foods and branded products business. The food company said
the Meats and Meals businesses have an enterprise value around 680
million British pounds ($947.1 million).
Kroger Sales Fall in 1Q but Remain Well Above 2019 Level
Kroger Co. Thursday posted lower sales on a year-over-year basis
in the latest quarter amid a comparison to the economic shock of
the Covid-19 pandemic's onset, though the company's comparable
revenue figure remained higher than 2019's first-quarter level by a
double-digit percentage. The Cincinnati-based supermarket company
logged first-quarter net earnings of 18 cents a share, a decline
from $1.52 a share in the year-ago quarter. Total net earnings
attributable to the company were $140 million, compared with $1.21
billion in the year-ago period.
STORIES OF INTEREST
Danone to Sell Plant-Based Vega Brand
Danone SA on Thursday said that it agreed to sell its
plant-based brand Vega to funds managed by U.S.-based private
equity investment firm WM Partners. The French food company said
the sale is part of its capital allocation optimization and the
strategic review of its portfolio and assets announced last
Supreme Court Rules Cargill, Nestle Can't Be Sued in U.S. for Abuses in Ivory Coast
WASHINGTON -- The Supreme Court ruled Thursday that Nestle USA
and Cargill Inc. can't be sued in U.S. courts for abuses allegedly
committed in Ivory Coast, where plaintiffs accused the
food-processing giants of obtaining cocoa from plantations that
relied on the forced labor of children. The court, in a decision by
Justice Clarence Thomas, said the plaintiffs' case didn't have
enough of a connection to the U.S. to proceed.
Livestock Futures Dive in Larger Agricultural Slump -- Market Talk
1458 ET - Livestock futures trading on the CBOT fell hard
Thursday, following grains lower as inflation fears spooked traders
as a whole. "Today seems to be tied to the general selling wave
that is engulfing the commodity sector," says independent livestock
traders Dan Norcini. For hogs in particular, selling was linked to
indications that China has nearly completed the rebuild of its hog
herd to pre-African swine fever levels, although the validity of
these claims are being questioned by some. Lean hog futures
finished limit-down, dropping 4.5 cents per pound to $1.11 per
pound, a 3.9% drop. Live cattle futures, meanwhile, fell 3.1% to
$1.211 per pound. (email@example.com; @kirkmaltais)
Estimated U.S. Pork Packer Margin Index - Jun 17
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
Jun 17 -$ 22.25 +$112.53
Jun 16 -$ 38.16 +$102.96
Jun 15 -$ 27.43 +$107.22
* 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 143.2
(Percent of Year-Ago) Select 134.7
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Thursday fell $2.92 per
hundred pounds, to $326.25, according to the USDA. Select-grade
prices fell $2.72 per hundred pounds, to $287.24. The total load
count was 118. Wholesale pork prices rose $4.45, to $123.41 a
hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
June 17, 2021 17:33 ET (21:33 GMT)
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