Beyond Meat Aims for Break-Even 2019
Beyond Meat Inc. said quarterly sales more than tripled in the meat-replacement supplier's first financial report since going public in May, though the company continued to lose money as it ramped up production.
Beyond Meat Locks in Yellow Pea Supplies -- Market Talk
16:56 ET - After running short of its beef-imitating burger patties in 2017 and 2018, Beyond Meat says it's tripled production capacity and locked in more of its protein supply, which includes yellow peas. CEO Ethan Brown says on the company's first quarterly earnings call that in addition to its existing ingredient supplier, Beyond Meat brought on a new US-based supplier to secure its protein supply as chains like Carl's Jr. and Del Taco introduce the company's plant-based meat alternative. Beyond Meat shares surge 19% in after-hours trading after the company projects breaking even for the year, ahead of the company's previous expectations. (firstname.lastname@example.org; @jacobbunge)
STORIES OF INTEREST
Chuy Expects Pain from Mexican Tariffs -- Market Talk
14:05 ET - Mexican chain Chuy's Holdings expects that tariffs on Mexican imports could cause its costs to go up if the situation isn't resolved by the fall, when many US companies start to get produce from the country. Between 10% and 15% of the chain's commodities come from Mexico, including liquor, avocados, limes and tomatoes. "It could raise our prices," CFO Jon Howie tells investors at an industry conference. "Hopefully, calmer minds will prevail before October and we won't have to deal with that. But that's our situation right now." (email@example.com; @heatherhaddon)
Smucker Expects Minimal Impact From Potential Tariffs On Mexico -- Market Talk
16:06 ET - J.M. Smucker doesn't expect much of an impact if tariffs the Trump administration has threatened to impose on Mexican goods begin to take effect on Monday. "We source very little if at all, from Mexico," CEO Mark Smucker tells WSJ. "Fruit for our jams and jellies comes almost entirely from the United States." The owner of Folgers coffee, Jif peanut butter and Smucker's preserves has a relatively small business serving the Mexican market, he adds. (firstname.lastname@example.org; @MicahMaidenberg)
Livestock Finish Day Little Changed -- Market Talk
15:56 ET - Livestock futures closed with barely a move today, as both the July lean hog contract and August live cattle contract finish 0.1% higher. Hogs end the day at 86.35 cents per pound and cattle at $1.048 per pound. Despite the miniscule movements, it is still the third day in a row that both contracts gain ground, a change in pace from the declines of the last month. (email@example.com; @kirkmaltais)
Estimated U.S. Pork Packer Margin Index - Jun 6
This report reflects U.S. pork packer processing margins. The margin indices
are calculated using current cash hog or carcass values and wholesale pork
cutout values and may not reflect actual margins at the plants. These
estimates reflect the general health of the industry and are not meant to
be indicative of any particular company or plant.
Source: USDA, based on Wall Street Journal calculations
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
Jun 6 +$ 7.46 +$ 46.78
Jun 5 +$ 4.90 +$ 46.26
Jun 4 +$ 7.27 +$ 46.97
* 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 97.9
(Percent of Year-Ago) Select 101.7
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Thursday rose $0.14 per hundred pounds, to $222.25, according to the USDA. Select-grade prices fell $0.02 per hundred pounds, to $207.16. The total load count was 116. Wholesale pork prices rose $0.24, to $82.16 a hundred pounds, based on Omaha, Neb., price quotes.