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LIVESTOCK HIGHLIGHTS: Top Stories of the Day

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08/01/2019 | 05:27pm EDT

TOP STORIES

Pork Exports Low As China Cancels Orders -- Market Talk

09:18 ET - US pork exports totaled only 6,300 metric tons for the week ending July 25, according to the USDA, thanks to 14,700 tons of reductions in pork sold for export to China in 2019 and 2020. The news will likely push hog futures down in Thursday's session, adding to the already 9.4% that October hog futures on the CME have fallen since the start of the week. Export beef sales totaled 11,300 tons. (kirk.maltais@wsj.com; @kirkmaltais)

ADM Stays Upbeat on US-China Trade Talks -- Market Talk

09:29 ET - Archer Daniels Midland is trying to stay optimistic for a resolution to the US-China trade battle, which has scrambled the global flow of food commodities and pressured prices of ADM's grain and agricultural products. "Although the timing is uncertain, we remain confident in the resumption of significant food and agricultural trade flows between the US and China, which will help bolster margins in the US grain export and ethanol industries," CEO Juan Luciano says. While the US farm sector is hopeful as the two countries rejoin talks, some are less certain: ADM rival Bunge earlier this week said it wasn't counting on a resolution of the trade dispute in its outlook for the remainder of 2019. (jacob.bunge@wsj.com; @jacobbunge)

Yum Brands Reports Sales Gains, Beats Adjusted Profit Targets -- Update

Yum Brands reported stronger sales in the second quarter across its network of restaurants and beat Wall Street targets for adjusted profit.

The owner of KFC, Pizza Hut and Taco Bell said Thursday that same-store sales--a metric that tracks the sales change of its restaurants open for at least a year--rose 5% in the quarter.

Overall, the Louisville, Ky.-based restaurant company said revenue fell 4% to $1.31 billion, but that surpassed the $1.28 billion analysts were looking for, according to FactSet.

STORIES OF INTEREST

Elanco Acquires Swine Vaccine Maker Elanco Prevtec Microbia >ELAN

Elanco Animal Health Thursday said it acquired Prevtec Microbia Inc., a Montreal biotechnology startup that develops vaccines to help prevent bacterial diseases in food animals, for 78.5 million Canadian dollars (US$59.9 million) in cash.

The Greenfield, Ind., animal-health company said the deal also includes a contingent payment of up to C$21.5 million if certain sales milestones are achieved in 2021.

Conagra Recalls Canned Beef Products Over Possible Processing Defect >CAG

Conagra Brands is recalling about 32,400 pounds of canned beef products due to a potential processing defect that could allow bacterial pathogens to survive in the products, the U.S. Department of Agriculture said.

The 15-ounce cans of "Kaskey's Beefy Mac" pasta in tomato and meat sauce were produced on July 18 and shipped to distribution centers and retail locations in Indiana, Kentucky, Maryland and Texas, the USDA said.

Wet Weather Swamps Farm Suppliers

Record-breaking rains continue to vex the agricultural industry, adding hundreds of millions of dollars in costs for grain traders and crop-seed suppliers.

Millions of corn and soybean acres were left unplanted after continuous springtime storms, leading to product returns and swelling inventories for seed and pesticide makers including Corteva Inc. and Bayer AG. Agricultural shippers and processors Archer Daniels Midland Co., Bunge Ltd. and Ingredion Inc. have contended with overflowing rivers that shut plants and raised grain prices across the Midwest.

FUTURES MARKETS

Hogs Finish 5% Lower as Traders Bristle At New Tariff -- Market Talk

14:41 ET - October lean hog futures on the CME closed out trading down 5% at 67.475 cents per pound, with the market reacting negatively to President Trump's tweets announcing a new 10% tariff on $300M worth of Chinese goods come Sept. 1. "Trump and his love affair with tariffs is ruining US pork producers...The hogs are essentially back where they were when the news out of China broke at how great the carnage has been from [African swine fever] losses," says independent trader Dan Norcini. The hog market is now projected to stay bearish for the foreseeable future, although some weakening in the US dollar following the announcement could mitigate the bearishness, says Mike Zuzolo of Global Commodity Analytics. Meanwhile, October live cattle futures finished trading 1% higher, at $1.08725 per pound. (kirk.maltais@wsj.com; @kirkmaltais)

CASH MARKETS

 
Estimated U.S. Pork Packer Margin Index - Aug 1 
 
All figures are on a per-head basis. 
 
Date     Standard Margin       Estimated margin 
         Operating Index         at vertically - 
                             integrated operations 
 
Aug  1       +$ 11.05            +$ 56.80 
Jul 31       +$  4.26            +$ 55.23 
Jul 30       -$  2.95            +$ 53.68 
 
* 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  105.1 
      (Percent of Year-Ago)     Select   95.8 
 
USDA Boxed Beef, Pork Reports 
 

Wholesale choice-grade beef prices Thursday rose 70 cents per hundred pounds, to $214.24, according to the USDA. Select-grade prices fell 35 cents per hundred pounds, to $189.34. The total load count was 104. Wholesale pork prices rose 67 cents, to $86.82 a hundred pounds, based on Omaha, Neb., price quotes.

Stocks mentioned in the article
ChangeLast1st jan.
ALUMINIUM DU MAROC 0.00% 1870 End-of-day quote.19.49%
ARCHER-DANIELS-MIDLAND COMPANY -0.41% 41.79 Delayed Quote.2.42%
BAYER AG -1.50% 66.85 Delayed Quote.10.39%
BUNGE LTD -2.01% 56.66 Delayed Quote.6.03%
CBOT ETHANOL FUTURE (EH) - CBR (FLOOR)/C1 -1.43% 1.378 End-of-day quote.7.28%
CONAGRA BRANDS -1.54% 29.97 Delayed Quote.40.31%
CORN FUTURES (C) - CBR (FLOOR)/C1 -1.60% 368 End-of-day quote.-1.67%
CRB COMMODITY INDEX 0.10% 195.01 End-of-day quote.0.00%
ELANCO ANIMAL HEALTH INC -0.85% 28.08 Delayed Quote.-10.94%
ELI LILLY AND COMPANY 0.90% 111.12 Delayed Quote.-3.98%
FEEDER CATTLE?FUTURES (GF) - CMG (ELECTRONIC)/C1 0.18% 139.425 End-of-day quote.-8.26%
INGREDION INC -0.67% 82.71 Delayed Quote.-9.51%
LIVE CATTLE (LE) - CMG (ELECTRONIC)/C1 0.20% 99.55 End-of-day quote.-20.39%
MIDLAND HOLDINGS LIMITED 0.00% 1.02 End-of-day quote.-32.00%
SOYBEAN OIL FUTURES (ZL) - CBE (ELECTRONIC)/C1 -0.24% 29.1 End-of-day quote.5.63%
VILMORIN & CIE 0.51% 49 Real-time Quote.-4.60%
YUM BRANDS 2.04% 112.8 Delayed Quote.20.26%
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