Beyond Meat Shares Lose Some Sizzle -- Update
Some investors appear to be losing their taste for market darling Beyond Meat Inc.
The company's shares, which have soared more than 400% from their initial-public-offering price in early May, slid 25% Tuesday after a JPMorgan analyst retreated from his bullish call on the stock. The broader S&P 500 edged down less than 0.1%.
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Trump Returns to Iowa Amid Unease Over Farm Tariffs -- Update
After months of Democratic presidential hopefuls flooding Iowa, President Trump on Tuesday is making his first pilgrimage to the perennial battleground state this year.
Unlike the Democrats focused on the February caucuses, Mr. Trump will be looking ahead to the general election. He will visit a renewable-energy facility in Council Bluffs to highlight his administration's recent approval of the expanded use of corn-based ethanol in gasoline and speak to a state Republican Party dinner in West Des Moines.
USDA Drastically Cuts Projections for 2019/20 Corn Supply
The release of the U.S. Department of Agriculture's key monthly report Tuesday confirmed the damage done by adverse weather in the Corn Belt, reducing expected corn production to its lowest in four years.
The USDA's monthly World Agricultural Supply and Demand Estimates (WASDE) report shows that as a result of the extreme rainfall that kept farmers unable to plant on time, expected production of corn is down by 1.4 billion bushels. Soybean production, also projected to be affected by late planting, were unchanged.
Demand Growth For Agricultural Commodities in Long-Term Decline: OECD -- Market Talk
1318 GMT - Demand for agricultural commodities will grow ever more slowly, Jonathan Brooks, head of the agro-food trade and markets division at the OECD, tells the International Grains Council in London. The main impetus for consumption growth is now overall population growth, he says, rather than increases in per-capita demand. Globally, per-capita demand for cereals, meat and fish will be stagnant for the next decade, Brooks says. The one exception is dairy demand, which is set to grow strongly as a result of booming consumption in India. (email@example.com)
Cattle Futures Finish Higher While Hogs Stay Low -- Market Talk
16:02 ET - After getting bogged down due to corn futures rallying after the release of the USDA's WASDE report, August live cattle futures on the CME finish higher by 0.5% at $1.06825 per pound. According to Jeff French of Top Third Ag Marketing, the late movement is likely due to managed money funds getting into long positions late. "Fat cattle had a strong close for the second consecutive day with the highs hit during the last minute of trading which typically signals fund buying," says French. "In my opinion, funds are putting fresh money to work on the long side of fat cattle." Lean hog futures, meanwhile, stay depressed to end the day down 2.1% to 84.375 cents per pound. (firstname.lastname@example.org; @kirkmaltais)
Estimated U.S. Pork Packer Margin Index - Jun 11
This report reflects U.S. pork packer processing margins. The margin indices
are calculated using current cash hog or carcass values and wholesale pork
cutout values and may not reflect actual margins at the plants. These
estimates reflect the general health of the industry and are not meant to
be indicative of any particular company or plant.
Source: USDA, based on Wall Street Journal calculations
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
Jun 11 +$ 9.35 +$ 46.97
Jun 10 +$ 11.95 +$ 48.56
Jun 7 +$ 8.71 +$ 46.65
* 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 98.8
(Percent of Year-Ago) Select 102.7
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Tuesday rose 73 cents per hundred pounds, to $222.39, according to the USDA. Select-grade prices fell 54 cents per hundred pounds, to $208.25. The total load count was 110. Wholesale pork prices fell 74 cents, to $82.25 a hundred pounds, based on Omaha, Neb., price quotes.