LIVESTOCK HIGHLIGHTS: Top Stories of the Day
Pilgrim's Pride Boosts 1Q Profit, Sales
Pilgrim's Pride Corp. boosted profit and sales in its latest
quarter, but warned of challenges finding workers for its
The chicken and pork processor reported net income attributable
to the company of $100.2 million for its fiscal first quarter,
compared with earnings of $67.3 million for the year-earlier
Chicken, Labor Costs Grow for Wingstop -- Market Talk
0817 ET - Chicken-brand Wingstop says its 1Q company-store
margins suffered because of a 25.8% increase in the cost of bone-in
chicken wings as compared to the prior year's period. Food and
packaging costs were up 41.6% and labor grew 21.2% in the March
period compared to last year. Consumers have flocked to wings
during the pandemic, and Wingstop posted a 20.7% same-store sales
increase for its US stores. Earnings per share of 44 cents beat
expectations. Shares rise 2.1% premarket. (firstname.lastname@example.org;
Yum Returns to Restaurant, Digital Development -- Market
0859 ET - Yum Brands says it expects to increase its number of
global restaurants by at least 3% in FY21, and expects to return to
its pre-pandemic 4% unit growth sooner than expected. The KFC owner
says in 1Q earnings that its sales are recovering from pandemic,
particularly as its invested in online order technologies. Digital
sales placed ahead of time are helping to improve US drive-through
times at KFC and Taco Bell, the company says, even as the volume of
cars surged during the pandemic. (email@example.com;
STORIES OF INTEREST
Uber Tweaks App to Further Integrate Food With Rides
Uber Technologies Inc. is adding features to its app that will
further entwine the rides and food-delivery businesses as it steers
toward a future when a vaccinated public starts traveling, going to
work and potentially ordering-in less frequently.
One feature enables passengers to book and pick up meals while
en route somewhere in an Uber. The San Francisco-based company said
its rides app will ping passengers requesting trips from airports,
asking whether they would like food delivered through its Eats app
wherever they are headed.
Unions Criticize Nestle for UK Job Cuts
U.K. trade unions GMB and Unite have criticized Nestle SA's
plans to cut nearly 600 jobs in the U.K.
On Wednesday, GMB said the Swiss consumer-goods giant is set to
cut 98 jobs at its York facility, and 475 jobs at its Fawdon site
by 2023, where it produces Kit Kat chocolate bars and Fruit
Hog Futures Up on Supply View -- Market Talk
1530 ET - Indications that hog supplies are tight have lifted
the most-active futures contract Wednesday, with the contract
closing up 2.3% to $1.09125 per pound. Tightness in pig
availability in the supply chain is being felt in prices today.
"Tightening of the breeding herd has limited available hog supplies
and kept feeder pig prices counter seasonally high," says Steiner
Consulting Group. "Since the start of the year, early weaned feeder
pig prices have been holding steady at about $50 per head.
Typically, during the summer months, early weaned pig prices will
decline, but so far that decline has been slow to occur."
Meanwhile, live cattle futures closed down 0.4% to $1.1545 per
pound. (firstname.lastname@example.org; @kirkmaltais)
Estimated U.S. Pork Packer Margin Index - Apr 28
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
Apr 28 -$ 25.86 +$ 87.90
Apr 27 -$ 19.48 +$ 92.18
Apr 26 -$ 13.65 +$ 89.38
* 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 93.8
(Percent of Year-Ago) Select 93.4
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Wednesday rose $1.51 per
hundred pounds, to $292.50, according to the USDA. Select-grade
prices fell 53 cents per hundred pounds, to $279.00. The total load
count was 130. Wholesale pork prices fell $1.99, to $106.62 a
hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
April 28, 2021 17:25 ET (21:25 GMT)
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