Chipotle Picks Taco Bell CEO Brian Niccol to Be Its New Chief
Chipotle Mexican Grill Inc. on Tuesday will name Taco Bell CEO Brian Niccol its next chief executive, tapping a fast-food veteran to try to revive the struggling burrito chain.
Mr. Niccol, 43 years old, has run Taco Bell for three years as the chain has been the most successful in the portfolio of Yum Brands Inc., which also owns Pizza Hut and KFC. He will succeed Chipotle founder Steve Ells on March 5.
STORIES OF INTEREST
Bayer Taking Russia Antitrust Authorities to Court Over Monsanto
Bayer AG (BAYN.XE) is taking Russian antitrust authorities to court in relation to its planned takeover of U.S. agrochemical company Monsanto Co. (MON), the German company said Tuesday.
The case is connected to antitrust approval from Russia for the deal, which Bayer still hasn't received. The company declined to elaborate further.
Traders Gobble Up Soybean Meal
A squeeze in soybean meal supplies pushed oilseed prices to a six-month high on Tuesday.
Argentina, the world's largest exporter of soybean meal, is struggling through a hot-and-dry growing season which analysts say will likely harm the country's soybean crop. Combined with a weakening Argentine peso, that has encouraged farmers in the country to sit on their existing supplies rather than sell them to processors.
While Deal Talk Swirls, Some Positive Signs for Bunge -- Market Talk
16:51 EST [Dow Jones] -- It may be tough for Bunge (BG) investors to focus on much beyond deal speculation when the commodity-trading firm reports 4Q results Wednesday. But while big agriculture firms continue to struggle, some market forces are working in favor of Bunge's day-to-day business of buying and processing crops, JPMorgan says. In Brazil, where Bunge maintains a big crop-trading network, soybean exports jumped 255% versus 4Q of 2016, and corn exports climbed 309% to a record high, JPM says. Soybean processing margins are also "significantly" improved. While analysts surveyed by Thomson Reuters expect a 21% decline in quarterly income, Bunge's stock is up 18.5% since the beginning of the year, after the WSJ reported an approach from rival Archer Daniels Midland (ADM). ( firstname.lastname@example.org ; @jacobbunge)
Cattle Futures Turn Lower Despite Supply Squeeze
Livestock futures mostly fell on Tuesday.
Contracts for live cattle initially rose before turning lower late in the session at the Chicago Mercantile Exchange. February-dated futures fell 0.2% to $1.26825 a pound.
Zumbrota, Minn Hog Steady At $44.00 - Feb 13
Barrow and gilt prices at the Zumbrota, Minn., livestock market today are steady at $44.00 per hundredweight. Sow prices are steady. Sows weighing 400-450 pounds are at $49.00-$51.00, 450-500 pounds are $49.00-$51.00 and those over 500 pounds are $53.00-$55.00.
The day's total run is estimated at 150 head.
Prices are provided by the Central Livestock Association.
Estimated U.S. Pork Packer Margin Index - Feb 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 -
Feb 13 +$12.06 +$ 33.92
Feb 12 +$ 8.75 +$ 32.57
Feb 9 +$ 2.43 +$ 28.33
* 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 110.1
(Percent of Year-Ago) Select 108.9
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Tuesday fell 88 cents per hundred pounds, to $207.36, according to the USDA. Select-grade prices fell 84 cents per hundred pounds, to $203.13. The total load count was 127. Wholesale pork prices rose 63 cents, to $76.18 a hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
February 13, 2018 17:28 ET (22:28 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.