TOP STORIES

Bakkavor Unit Recalls 800,000 Pounds of Meat, Poultry Products in U.S.

A U.S. unit of U.K. food maker Bakkavor Group PLC (BAKK.LN) is recalling about 800,000 pounds of ready-to-eat meat and poultry products due to possible salmonella and listeria contamination, the U.S. Department of Agriculture said.

Bakkavor Foods USA Inc. is recalling products made between Sept. 27, 2017, and Oct. 15, 2018, because an onion ingredient may be contaminated, the USDA said.

Activist Investor Reiterates Demands for Bloomin' Brands

Activist investor Barington Capital Group LP has reiterated its call for Bloomin' Brands Inc. (BLMN) to spin off its smaller brands and for changes to how the company is governed.

In a letter addressed to the independent directors on the board of Bloomin', Barington Chief Executive James Mitarotonda said that Bloomin' should consider a spinoff or sale of its restaurants Bonefish Grill, Carrabba's and Fleming's, a move that would allow it to focus on Outback Steakhouse.

STORIES OF INTEREST

McDonald's Stock Could Rise on More Makeovers -- Barrons.com

McDonald's (MCD) has lagged the market this year, and while third-quarter earnings may not wow, analysts expect better times ahead for the stock.

Where we were: McDonald's is down more than 3% year to date, a stark contrast to its strong 2017 performance.

Where we're headed: Remodeling stores may weigh on comparable sales when McDonald's reports results early Tuesday, but analysts believe those projects will become tailwinds soon enough, brightening the 2019 outlook for the stock.

United Natural Falls as Supervalu Merger Wraps -- Market Talk

11:23 ET - United Natural Foods falls 4.3% as the specialty distributor completes its $2.9B merger, including debt, with mainstream wholesaler Supervalu. United Natural's bid for Supervalu back on July 26 sent shares soaring 65% to $32.17, near the $32.50 a share United Natural was offering for the company. But United Natural fell more than 16% that day to $34.48 and has continued to tumble, trading at $25.59 Monday. Investors worry about how the acquisition will boost United Natural's finances as it absorbs the national player serving conventional grocers instead of specialty ones such as Whole Foods. United Natural says work to slice costs has begun, and it will save $175M by 2021. (heather.haddon@wsj.com; @heatherhaddon)

FUTURES MARKETS

Livestock Futures End Higher -- Market Talk

15:33 ET - Livestock futures end higher on lower cattle-on-feed placements and growing swine disease outbreaks abroad. CME lean hog futures rise 3.1% to 53.175 cents per pound, while live cattle futures rise 1.1%. The USDA said Friday that feedyard operators put 5% fewer cattle in their lots for fattening in September than a year earlier. The figures were lower than analysts expected, and support prices today, experts say. Meanwhile, reports of new cases of African swine fever in regions that produce more hogs are supporting hog contracts. (francesca.fontana@wsj.com; @francescamarief)

CASH MARKETS

 
Zumbrota, Minn Hog Steady at $38.00 - Oct 22 
 
  Barrow and gilt prices at the Zumbrota, Minn., livestock market are 
steady at $38.00 per hundredweight. 
 
  Sow prices are $4.00 higher on light weights and $5.00 higher on 
heavier sows.  Sows weighing 400-450 pounds are at $35.00-$37.00, 
50-500 pounds are $35.00-$37.00 and those over 500 pounds are at 
$39.00-$41.00. 
 
The day's total run is estimated at 100 head. 
 
Prices are provided by the Central Livestock Association. 
 
Estimated U.S. Pork Packer Margin Index - Oct 22 
 
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 
                                      * 
Oct 22       +$ 37.37            +$ 32.92 
Oct 19       +$ 34.66            +$ 32.77 
Oct 18       +$ 34.34            +$ 33.25 
 
* 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  105.0 
      (Percent of Year-Ago)     Select  103.5 
 
USDA Boxed Beef, Pork Reports 

Wholesale choice-grade beef prices Monday rose $1.35 per hundred pounds, to $209.28, according to the USDA. Select-grade prices rose $3.42 per hundred pounds, to $197.66. The total load count was 97. Wholesale pork prices rose 7 cents, to $77.05 a hundred pounds, based on Omaha, Neb., price quotes.

(END) Dow Jones Newswires

October 22, 2018 17:36 ET (21:36 GMT)