TOP STORIES

BRF Says SEC Closes Bribery-Related Probe -- Market Talk

1315 ET - The US Securities and Exchange Commission has closed a bribery-related investigation into BRF S.A., the Brazilian food company said. In a letter on Feb. 25, the SEC said it had concluded its investigation and did not intend to recommend an enforcement action, according to BRF. The company on Friday said it would continue to cooperate with ongoing criminal probes by Brazilian and US prosecutors. The probes stretch back to 2017, when Brazilian federal police began investigating whether BRF and other meat producers and exporters had bribed sanitary officials for health certificates. (dylan.tokar@wsj.com ; @dgtokar)

Wm. Morrison Seen Strengthening Its Wholesale Unit -- Market Talk

1025 GMT - Wm. Morrison Supermarkets' extended partnership with McColl's Retail is a positive deal, according to Shore Capital. The U.K. grocer has made an agreement that not only underscores the strong commercial relations between the two companies but also suggests brand development and potentially stronger mix benefits to its wholesale channel, Shore says. Meanwhile, press speculation hints toward a possible supply deal with Amazon, which would further strengthen Morrison's wholesale division, the brokerage adds. Shares are up 0.5% at 171.7 pence. (matteo.castia@dowjones.com)

STORIES OF INTEREST

USDA Looks to Bolster Farm Incomes -- Market Talk

1225 ET - Nearly 90% of US farmers report that their primary income does not come from their farm, says Agricultural Secretary Tom Vilsack during a virtual interview with the National Farmers Union-- something the USDA hopes to address in the course of the Biden administration. "If we're going to turn things around... we're going to have to work so farmers don't make money just off of the sale of commodities," says Vilsack. Other potential revenue streams that the agency wants to make available to farmers includes carbon sequestration and investing in new technology to monetize waste products like manure. "This is going to be a very proactive USDA," says Vilsack. (kirk.maltais@wsj.com; @kirkmaltais)

Starbucks Non-dairy Beverages, Including Oatly Oatmilk Coffee Drinks, Go Nationwide On March 2 -- MarketWatch

Starbucks Corp. (SBUX) said Monday that new non-dairy beverages, including those made with Oatly oatmilk, are going nationwide on Tuesday. The Iced Brown Sugar Oatmilk Shaken Espresso and Iced Chocolate Almondmilk Shaken Espresso are the latest menu additions. The Honey Oatmilk Latte will be available across the country for the first time. And customers will now have the option to add Oatly oatmilk to their drinks, along with soymilk, coconutmilk and almondmilk. Oatly's parent company, Havre Global AB, announced last week that it had confidentially filed to go public . Also for spring, Starbucks is adding an iced pineapple matcha drink, and the Pink Drink, a strawberry açaí beverage made with coconutmilk. Starbucks shares are up 37.7% over the past year, outpacing the S&P 500 index , which is up 29% for the period.

FUTURES MARKETS

Hog Futures Put Brakes on Skid -- Market Talk

1507 ET - After dropping during the last two sessions, lean hog futures on the CME finished higher Monday - with the most-active contract up 0.7% to 87.725 cents per pound. Improvements to macro conditions driving the wider equity markets helped lift hogs today. "Fundamentals remain bullish in the hogs due to very strong pork demand and what many believe are going to be a drop off in hog slaughter numbers as we move into the spring," says independent trader Dan Norcini. "Pork demand will pick up seasonally as the warmer weather returns across the country while export markets for pork remain robust." Meanwhile, live cattle futures finished down 0.9% to $1.18975 per pound. (kirk.maltais@wsj.com; @kirkmaltais)

CASH MARKETS 


 
Estimated U.S. Pork Packer Margin Index - Mar 1 
 
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 
 
Mar  1       +$ 16.64            +$ 62.52 
Feb 26       +$ 21.05            +$ 63.76 
Feb 25       +$ 26.70            +$ 68.08 
 
* 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  116.3 
      (Percent of Year-Ago)      Select  114.0 
 
USDA Boxed Beef, Pork Reports

Wholesale choice-grade beef prices Monday fell $1.50 per hundred pounds, to $239.03, according to the USDA. Select-grade prices fell $2.09 per hundred pounds, to $227.64. The total load count was 85. Wholesale pork prices fell 58 cents, to $91.48 a hundred pounds, based on Omaha, Neb., price quotes.

(END) Dow Jones Newswires

03-01-21 1734ET