LIVESTOCK HIGHLIGHTS: Top Stories of the Day

Date : 10/09/2019 @ 11:00PM
Source : Dow Jones News

LIVESTOCK HIGHLIGHTS: Top Stories of the Day

TOP STORIES

 

Nestle Looks to Compete on Meatless Menus -- Market Talk

09:50 ET - Nestle is coming out with a plant-based bacon cheeseburger for restaurants and other foodservice outlets to put on their menus next year. Nestle said it developed the vegan alternatives to cheese and bacon, using a combination of natural ingredients such as plant-based proteins, fibers and oils. Restaurants have been adding more veggie burgers to their menus this year as Americans are increasingly looking to eat less red meat for health and environmental reasons. New meat alternatives like the Impossible burger and Beyond Meat have spearheaded growth and set off a race in the sector. Nestle said its latest move is part of its effort to speed up the transformation of its portfolio with innovative, sustainable products. (annie.gasparro@gmail.com)

 

Chipotle to Enhance Animal Welfare Efforts in Europe -- Market Talk

13:40 ET - Chipotle Mexican Grill is expanding animal-welfare efforts in Europe. The chain is signing the European Chicken Commitment, which "will apply even higher animal welfare standards to its entire European supply chain by 2026." The company listed goals for 2024 in the US and Canada and 2026 in Europe, including transition to genetic strains of birds with slower growth, providing more space by reducing maximum stocking density and improving living conditions in areas such as lighting and litter. (josh.beckerman@wsj.com)

 

STORIES OF INTEREST

 

Corn Expected to Be Spared Extensive Damage from Snowstorm -- Market Talk

09:53 ET - The US corn crop is expected to be spared the extent of the damage snowfall and freezing temperatures in the northern plains are predicted to cause soybeans. "The snow later this week would be a much bigger issue for beans than corn as the corn should be able to stand in the snow... the hard freeze has greater potential to impact late-maturing corn, though," says Doug Bergman of RCM Alternatives. Corn harvesting in South Dakota is off to a slow start with 2% harvested vs the five-year average of 12% for this time of the year. In North Dakota, however, corn harvest has not yet begun--and only 22% of the corn crop is mature. (kirk.maltais@wsj.com; @kirkmaltais)

 

New Zealand Beef Prices Continue to Benefit From China Demand -- Market Talk

0412 GMT - New Zealand beef prices continue to benefit from China's demand after the African swine fever disrupted the latter's pork industry, ANZ says. China is now New Zealand largest trading partner for beef, it says. "The strong demand from China is underpinning prices at the market and processor level." Given that NZ only supplies a small amount of protein consumed in China there is plenty of upside, "but prices for beef are unlikely to lift a great deal further from their current elevated levels as some price resistance is now being encountered," ANZ says. Manufacturing grade imported bull and cow meat is trading at record prices in the U.S. market, it says. (lucy.craymer@wsj.com)

 

Casino Signs Agreement to Sell Poultry Plant to LDC

Casino Guichard-Perrachon S.A. (CO.FR) has signed an agreement to sell its Luche Tradition Volailles production plant to LDC, a group operating in the poultry and prepared meals markets, the company said Wednesday.

The French supermarket chain said the sale of the poultry-product facility should close over the next few weeks, but didn't disclose financial details.

 

FUTURES MARKETS

 

Hogs Leads Livestock Higher to Finish Session -- Market Talk

15:46 ET - Lean hog futures on the CME finished trading higher for the second session in a row, with the December contract finishing 3.1% higher at 69.475 cents a pound. Part of the reason for the uptick is indications China may offer a partial trade deal that will see it purchase more soybeans and pork--although it's unclear if President Trump will go along with such a deal, considering his previous proclamation that he wouldn't sign a partial deal. Meanwhile, cattle futures rose by 0.3%. (kirk.maltais@wsj.com; @kirkmaltais)

 

CASH MARKETS

 
Estimated U.S. Pork Packer Margin Index - Oct 9 
 
All figures are on a per-head basis. 
 
Date     Standard Margin       Estimated margin 
         Operating Index         at vertically - 
                             integrated operations 
 
Oct 8        +$ 39.39            +$ 32.67 
Oct 7        +$ 48.61            +$ 36.80 
Oct 4        +$ 48.07            +$ 30.18 
 
* 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  105.8 
      (Percent of Year-Ago)     Select   96.6 
 
USDA Boxed Beef, Pork Reports 
 

Wholesale choice-grade beef prices Wednesday rose $1.00 per hundred pounds, to $214.60, according to the USDA. Select-grade prices fell 94 cents per hundred pounds, to $186.12. The total load count was 171. Wholesale pork prices fell $1.92, to $75.60 a hundred pounds, based on Omaha, Neb., price quotes.

(END) Dow Jones Newswires

October 09, 2019 17:45 ET (21:45 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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