China to Exempt U.S. Soybeans and Pork From Punitive Tariffs
China will exempt purchases of U.S. soybeans, pork and other agricultural products from punitive tariffs, in a move that appears aimed at addressing one of President Trump's most pressing demands during the protracted trade war.
China's official Xinhua News Agency said the government would support purchases of U.S. agricultural products by Chinese companies and waive the tariffs that Beijing has imposed as trade tensions have flared. The report didn't specify the amount of products affected by the measure, which was attributed to the country's Commerce Ministry and its main economic planning agency, the National Development and Reform Commission.
Popeyes Chicken Idea Could Come Home to Roost -- Overheard
They say that having a product go viral is like catching lightning. For Popeyes Louisiana Kitchen, that could be more true than for most: It risks getting burned.
The chain owned by Restaurant Brands International famously had a run last month on its chicken sandwiches. "It's like they're putting something else inside the sandwich to get people hooked," said one satisfied customer in a Page One Wall Street Journal article. He ate six of them in three days, contributing to a shortage.
The sandwiches are temporarily unavailable, but Popeyes has suggested a weird way to get your fix: BYOB. In this case the final 'B' stands for bun. Order chicken tenders, bring your bun from home, and there you go.
STORIES OF INTEREST
Beyond Meat Replaces Grilled Steak On The Just Salad Menu -- MarketWatch
Just Salad, a New York City-based fast-casual chain, has added Beyond Meat to its menu, replacing grilled steak with Beyond Beef Meatballs. The plant-based alternative will be a feature of the Keto Zoodle Bowl, made with zucchini noodles, grape tomatoes and roasted balsamic mushrooms. Just Salad has a "Green Standard" sustainability initiative that aims to send zero waste to landfills by 2025 and save 100,000 pounds of plastic this year through the use of reusable bowls. Just Salad highlights data showing that beef is one of the least sustainable meat products.
Hogs Rise Over 5% on China Tariff Relief -- Market Talk
15:37 ET - Lean hog futures on the CME finished the day 5.2% higher, at 66.475 cents per pound. Since Wednesday, hog futures have risen over 10% in reaction to China revealing that it will not increase tariffs on US pork ahead of a meeting between the two sides in October. With China grappling with a lack of pork due to African swine fever's wrath, traders think this is the prelude to larger purchases. "The US is one of the only suppliers with adequate reserves for export," says Karl Setzer of AgriVisor. "If China's pork supplies are dropping as fast as thought, the country may wish to make purchases ahead of its fall and winter holidays rather than cut into government stocks." Meanwhile, cattle futures fell 0.7% to 98.075 cents per pound. (firstname.lastname@example.org; @kirkmaltais)
Estimated U.S. Pork Packer Margin Index - Sep 13
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 -
Sep 13 +$ 39.52 +$ 14.79
Sep 12 +$ 46.70 +$ 20.70
Sep 11 +$ 46.44 +$ 23.94
* 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 108.3
(Percent of Year-Ago) Select 100.7
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Friday rose 91 cents per hundred pounds, to $220.88, according to the USDA. Select-grade prices was unchanged at $198.60. The total load count was 127. Wholesale pork prices fell $2.75, to $67.28 a hundred pounds, based on Omaha, Neb., price quotes.