Tyson Recalls 20 Tons of Chicken Patties Due to Contamination
Tyson Foods Inc. is recalling nearly 20 tons of frozen chicken patties because they could be contaminated with extraneous materials, the U.S. Department of Agriculture said.
Corn Bounces Ahead of Crop Tour
Hitting the Road: Big selling among managed money investors appears to have subsided ahead of ahead of the Pro Farmer crop tour next week. "It is hard to imagine that the tour is not going to find a lot of yield problems when they get out into the fields, especially for the part of the tour that begins in the eastern Corn Belt," said Tomm Pfitzenmaier of Summit Commodity Brokerage.
STORIES OF INTEREST
Update: Dillard's Management Is Silent After Earnings Miss, And Analysts Take Note -- MarketWatch
JPMorgan analysts noticed that the earnings release for Dillard's Inc. (DDS)second-quarter earnings didn't include a comment from management, which could suggest a tough road ahead. Dillard's stock slipped 1.8% in Friday trading after the department store retailer reported earnings and sales that missed expectations. "Importantly, the press release included no commentary from management on 2Q business results versus 2Q of last year when CEO Dillard cited '[an] encouraging year-to-date improvement as we head into the important back half of the year,'" the note said. "Looking forward, we note Dillard's multi-year comp comparisons in 3Q to 4Q stand 540 basis points more challenging on average relative to 1H." JP Morgan rates Dillard's underweight with a $37 price target, slashed from $54.
Farmers to Scale Back Machinery Purchases, Deere Says
Deere & Co. provided fresh evidence Friday of weakening conditions in the U.S. manufacturing sector, saying lower demand for U.S. farm commodities is discouraging farmers from buying its machinery.
The Moline, Ill.-based maker of tractors and construction machinery, which reported lower sales for the third quarter, trimmed its forecast for the year. It has struggled to increase sales amid lower commodity prices in recent years that have pulled down farmers' incomes. Now, U.S. farmers are scaling back their purchases as a result of a yearlong trade dispute with China.
Hogs Close Limit Down, Cattle Swings Lower -- Market Talk
15:38 ET - Lean hogs on the CME closed limit down Friday, finishing with a loss of 4.6% at 62 cents per pound. Hog futures have now given back all of their gains from the African swine fever-rally of March and April, with the price falling 34% since hitting a year-high in April. This week alone, hog futures have fallen 6%. "Hogs traded similar to yesterday as we gapped higher on the open and failed hard into the day," says Craig VanDyke of Top Third Ag Marketing. "Today was once again very strange as we had what I would consider a "flash crash" around 11 am [CT]." Meanwhile, cattle futures also fell, falling 0.5% to 98.05 cents per pound. For the week, cattle fell 5.5%. (firstname.lastname@example.org; @kirkmaltais)
Estimated U.S. Pork Packer Margin Index - Aug 16
Source: USDA, based on Wall Street Journal calculations
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
Aug 16 +$ 22.90 +$ 52.63
Aug 15 +$ 25.05 +$ 56.86
Aug 14 +$ 30.75 +$ 57.91
* 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 114.2
(Percent of Year-Ago) Select 105.9
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Friday rose $2.57 per hundred pounds, to $238.69, according to the USDA. Select-grade prices rose $2.59 per hundred pounds, to $213.26. The total load count was 100. Wholesale pork prices fell $1.97, to $84.88 a hundred pounds, based on Omaha, Neb., price quotes.