LIVESTOCK HIGHLIGHTS: Top Stories of the Day
November 25 2020 - 5:54PM
Dow Jones News
TOP STORIES
Smucker to Benefit from Changes to Consumer Behavior -- Market
Talk
1637 ET - JM Smucker, the company behind Jif peanut butter,
fruit spreads and Uncrustables sandwiches, expects to profit as
consumers eat more at home during the coronavirus pandemic, Chief
Financial Officer Tucker Marshall said Tuesday. "The increased
at-home consumption really [presents] another opportunity for our
company, with consumers creating new behaviors that we expect to be
lasting," Marshall said. Smucker reported net sales of $2.03
billion for the three months ended Oct. 31, up 4% compared with the
prior year quarter. (nina.trentmann@wsj.com; @Nina_Trentmann)
STORIES OF INTEREST
Deere Sees Rising Sales of Farm, Construction Equipment --
Market Talk
1012 ET - Deere expects to outperform the broader farm and
construction machinery markets next year. The company predicts
worldwide sales of its farm and landscaping equipment will rise
10%-15% in fiscal 2021. That's higher than the company's regional
sales outlooks for the farm equipment industry. It's forecasting a
5%-10% increase in sales of its construction and forestry
equipment, even after predicting a 5% drop in industry-wide sales
of construction equipment in North America. Shares down 1.9% at
$256.65. (robert.tita@wsj.com; @bob_tita)
Wakefern's ShopRite To Pay Store Workers Hazard Pay -- Market
Talk
1541 ET - Wakefern Food's ShopRite chain agreed to provide
retroactive hazard pay to its store workers, according to the Union
Food and Commercial Workers International Union. Under the
agreement, the grocer will pay an additional dollar per hour for
all hours worked between July 26 and Aug. 22. It will cover nearly
50,000 ShopRite employees represented by the union. Many food
retailers ended bonus pay over the summer, prompting union groups
and workers to fight for its restoration. (jaewon.kang@wsj.com;
@_jaewonkang)
FUTURES MARKETS
Hog Futures Rise on Light Volumes -- Market Talk
15:08 ET - Lean hog futures trading on the CME rose on light
volumes, with the most-active contract rising 1.4% to 67.675 cents
per pound. Pork cutouts rose slightly Wednesday, with the pork
carcass cutout rising 56 cents per hundredweight to $78.14 per cwt,
according to USDA data. Meanwhile, the live cattle contract rose
0.2% to $1.14175 per pound on higher volume -- making it 3.5% that
the cattle futures contract has risen this month. The CME will be
closed for Thanksgiving tomorrow, reopening for half of the day
Friday. (kirk.maltais@wsj.com; @kirkmaltais)
CASH MARKETS
Estimated U.S. Pork Packer Margin Index - Nov 25
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
integrated operations
Nov 25 +$ 38.44 +$ 39.20
Nov 24 +$ 35.54 +$ 37.73
Nov 23 +$ 35.11 +$ 38.14
* 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 105.7
(Percent of Year-Ago) Select 104.1
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Wednesday rose 76 cents per
hundred pounds, to $245.06, according to the USDA. Select-grade
prices rose $1.19 per hundred pounds, to $220.90. The total load
count was 116. Wholesale pork prices rose 68 cents, to $77.30 a
hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
November 25, 2020 17:39 ET (22:39 GMT)
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