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LIVESTOCK HIGHLIGHTS: Top Stories of the Day

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04/26/2019 | 05:43pm EDT

TOP STORIES

ADM CEO Prepares to Feed Millions of New Hogs -- Market Talk

10:11 ET - As Chinese farmers destroy millions of hogs to contain ongoing outbreaks of African swine fever, Archer Daniels Midland CEO Juan Luciano says those farmers' counterparts in the US, Europe and Brazil are gearing up to expand their own herds and fill the gap. For ADM, it's good news: Pork producers are among the biggest clients for ADM's corn, soybean meal and other feed ingredients. "I cannot say that today we've seen a significant spike in demand, but we can see our customers getting ready, " he says on ADM's quarterly conference call. The boost will come in the second half of 2019, he says. ( jacob.bunge@wsj.com ; @jacobbunge )

STORIES OF INTEREST

Bloomin' Brands' Outback Steakhouse Tops Estimates in US, Brazil -- Market Talk

08:03 ET - Comparable-store sales at Outback Steakhouse both in the US and Brazil beat analysts' estimates in 1Q. Bloomin' Brands, the owner of Outback and other restaurant names, said comparable-store sales in the US climbed 3.5% at Outback Steakhouse restaurants alone. That beat estimates from Consensus Metrix which expected same-store sales at Outback in the US to rise 2.6%. Same-store sales at Outback in Brazil also beat estimates of 3% as they rose 3.7%. Meanwhile in the US, same-store sales results for Carrabba's Italian Grill and Fleming's Prime Steakhouse & Wine Bar missed estimates. Shares of Bloomin', which reaffirmed its 2019 fiscal-year guidance, are up 4.4% premarket. (allison.prang@wsj.com; @AllisonPrang)

Bunge Names Greg Heckman CEO

Bunge Ltd. appointed longtime agribusiness executive Gregory Heckman chief executive as the grain giant revamps its business amid turbulent agricultural markets.

Mr. Heckman, 56 years old, became Bunge's acting chief executive in January after his predecessor, Soren Schroder, said late last year that he would step down. Mr. Schroder had faced pressure from activist investors after Bunge's performance suffered and discussions with two suitors didn't result in a sale of the company, The Wall Street Journal reported.

FUTURES MARKETS

African Swine Fever Weighs on Hog Futures -- Market Talk

15:26 ET - Agricultural commodities affected by China's growing hog disease problem trade lower, including hog and soybean futures. MaxYield Cooperative analysts say that as of this week, the outbreak of African swine fever has now spread to every province in China. "Soybean prices are weaker on follow-through selling on the growing realization that a China trade agreement likely will not 'fix' its balance sheet in the face of African swine fever in China," said Arlan Suderman of INTL FCStone, as the lean hog futures market also struggles to figure out how to account for the effects of the spreading disease. CME hog futures fall 1.1% while cattle futures lose 0.3%. (francesca.fontana@wsj.com; @francescamarief)

CASH MARKETS

 
Estimated U.S. Pork Packer Margin Index - Apr 26 
 
All figures are on a per-head basis. 
 
Date     Standard Margin       Estimated margin 
         Operating Index         at vertically - 
                             integrated operations 
 
Apr 26       +$  0.15            +$ 47.49 
Apr 25       -$  5.33            +$ 47.04 
Apr 24       +$  3.46            +$ 54.69 
 
* 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  105.9 
      (Percent of Year-Ago)     Select  107.4 
 
USDA Boxed Beef, Pork Reports 
 

Wholesale choice-grade beef prices Friday rose 21 cents per hundred pounds, to $233.14, according to the USDA. Select-grade prices fell 17 cents per hundred pounds, to $219.58. The total load count was 89. Wholesale pork prices rose 21 cents, to $82.49 a hundred pounds, based on Omaha, Neb., price quotes.

Stocks mentioned in the article
ChangeLast1st jan.
CORN FUTURES (C) - CBR (FLOOR)/C1 0.17% 436 End-of-day quote.17.60%
EURO / BRAZILIAN REAL (EUR/BRL) 0.20% 4.2277 Delayed Quote.-4.81%
FEEDER CATTLE?FUTURES (GF) - CMG (ELECTRONIC)/C1 -0.18% 140.325 End-of-day quote.-5.24%
LIVE CATTLE (LE) - CMG (ELECTRONIC)/C1 -0.05% 108.075 End-of-day quote.-13.28%
SOYBEAN OIL FUTURES (ZL) - CBE (ELECTRONIC)/C1 -1.00% 27.71 End-of-day quote.2.65%
SOYBEANS FUTURES (S) - CBR (FLOOR)/C1 -0.59% 882.5 End-of-day quote.0.59%
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