McDonald's Strikes Delivery Deal with DoorDash -- 4th Update
DoorDash Inc. will start making deliveries from McDonald's Corp. restaurants in Houston later this month, a blow to Uber Technologies Inc. relationship with the burger giant as the only company currently ferrying its food to customers in the U.S.
The move comes as companies, including Uber's Uber Eats, jockey for share in the fast-growing business to deliver food to customers' homes and offices. Investors have poured money into startups including DoorDash and PostMates Inc., a rival service that filed earlier this year to list its shares publicly.
STORIES OF INTEREST
Blue Apron Adds Beyond Meat to Its Menu -- Market Talk
08:18 ET - Blue Apron will feature plant-based proteins from Beyond Meat on its menu. Blue Apron said Beyond Meat recipes will be included on its two-serving plan starting in August, and customers can begin placing orders now. The first Blue Apron x Beyond Meat recipes will feature Beyond Meat's new Beyond Burger. Blue Apron will continue to feature Beyond Meat products on future menus. Shares of Blue Apron were up 6% to $8.12 premarket, while Beyond Meat shares rose 0.8% to $167.95. (email@example.com)
Soybeans Take Brunt of Weather Disappointment
Soybeans for November delivery fell 1.5% to $9.06 a bushel on the Chicago Board of Trade on Tuesday, as traders sold off grains in reaction to slight improvements in crop conditions for corn and soybeans.
Corn for December delivery fell 1.3% to $4.41 1/4 a bushel.
Wheat for September delivery fell 0.1% to $5.07 1/2 a bushel.
Evogene Refocuses Corn Disease Collaboration With Bayer
Evogene said its corn disease resistance research collaboration with the Crop Science Division of Bayer AG is being refocused on identifying genome editing targets for evaluation against a broad range of corn diseases.
The amended agreement follows positive results in corn stalk rot fungal disease control, biotechnology company Evogene said.
Hog Futures Drop Amid Large Spread Between Prices -- Market Talk
15:48 ET - August lean hog futures finish down 1.3% to 79.05 cents per pound. While movement of the futures contract was partially in reaction to indications out of the Trump Administration that negotiations of a trade deal with China are not close to fruition, the bigger issue is the spread between cash and future prices, says Mark Schultz of Northstar Commodity. As of Monday, hog carcass prices averaged $68.45 per hundredweight--or 68.45 cents per pound, more than 10 cents less than August futures. Therefore, futures have a lot of room to move down, Schultz says. "August [futures have] very little hope of going up," he adds. August live cattle futures, meanwhile, finish down 0.3% to $1.08225 per pound. (firstname.lastname@example.org; @kirkmaltais)
Estimated U.S. Pork Packer Margin Index - Jul 16
This report reflects U.S. pork packer processing margins. The margin indices
are calculated using current cash hog or carcass values and wholesale pork
cutout values and may not reflect actual margins at the plants. These
estimates reflect the general health of the industry and are not meant to
be indicative of any particular company or plant.
Source: USDA, based on Wall Street Journal calculations
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
Jul 16 +$ 3.46 +$ 30.24
Jul 15 -$ 0.92 +$ 24.25
Jul 12 -$ 2.52 +$ 21.86
* 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 104.5
(Percent of Year-Ago) Select 96.7
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Tuesday fell 34 cents per hundred pounds, to $212.93, according to the USDA. Select-grade prices fell 5 cents per hundred pounds, to $189.16. The total load count was 151. Wholesale pork prices rose $2.79, to $74.47 a hundred pounds, based on Omaha, Neb., price quotes.