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LIVESTOCK HIGHLIGHTS: Top Stories of the Day

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12/03/2019 | 05:30pm EST

TOP STORIES

McDonald's Tests New Chicken Sandwich -- Market Talk

0723 ET - McDonald's is amping up its presence in the so-called chicken-wars with two new sandwiches in select restaurants in Houston and Knoxville, Tenn. The tests of the Crispy Chicken Sandwich and the Deluxe Crispy Chicken Sandwich will run through Jan. 26. A company spokeswoman says: "everyone else should stay tuned for what's to come in 2020." Both sandwiches feature fried chicken filets on potato rolls. Chick-fil-A and Popeyes Louisiana Kitchen have made fried chicken sandwiches some of the biggest fast-food trends of 2019. (heather.haddon@wsj.com; @heatherhaddon)

STORIES OF INTEREST

Wheat Falls on Disappointing Egyptian Tender

Wheat for March delivery fell 1.9% to $5.25 1/4 a bushel on the Chicago Board of Trade on Tuesday, folowing Egypt's cheaper-than-anticipated purchase of Russian wheat.

Corn for March delivery fell 0.2% to $3.81 1/4 a bushel.

Soybeans for January delivery rose 0.1% to $8.71 a bushel.

Cargill Sets New Greenhouse Gas Goal -- Market Talk

15:58 ET - Agricultural conglomerate Cargill says it's setting a new target to reduce greenhouse gas emissions across its global supply chains by 30% per ton of product by 2030. Cargill has taken heavy fire this year from environmental groups after saying the company will fall short of a previously set goal to halt deforestation, and the new target relies on improving soil content, reducing carbon emissions in its ocean shipping and planting trees. "Without bold and decisive actions by all involved in the production of food, climate change will destabilize the food system," says Cargill CEO David MacLennan. (jacob.bunge@wsj.com; @jacobbunge)

French Dairy Sector Exposed to Proposed US Tariffs -- Market Talk

1123 GMT - U.S. tariffs on French cheese would strike a dairy sector that has benefited from rising American demand for Camembert, Roquefort, Brie and the like. France exported 16,655 metric tons of cheese to the U.S. in the first nine months of the year, according to European Union data, or 16% of all the cheese the EU sold to the U.S. in that period. Only Italy was more successful, exporting 29,493 tons. The EU as a whole runs a healthy trade surplus in cheese and the U.S. is the biggest importer, though Chinese demand has been rising faster. The Trump administration on Monday proposed tariffs of up to 100% on various French products, including Roquefort and blue-veined cheese. (joe.wallace@wsj.com)

FUTURES MARKETS

Hog Futures Recover From Monday Decline -- Market Talk

15:47 ET - Hog futures on the CME rebound from a Monday slide, finishing 3.4% higher at 68.375 cents per pound. Today's bounce-back erases yesterday's 3% fall, and brings the February contract to its highest close in nearly two weeks. Meanwhile, live cattle futures slipped by 0.1%, falling to $1.2565 per pound. (kirk.maltais@wsj.com; @kirkmaltais)

CASH MARKETS

 
Estimated U.S. Pork Packer Margin Index - Dec 3 
 
 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 - 
                             integrated operations 
 
Dec  3       +$ 69.90            +$ 42.15 
Dec  2       +$ 78.35            +$ 47.42 
Nov 29       +$ 77.72            +$ 44.65 
 
* 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  108.0 
      (Percent of Year-Ago)     Select  106.6 
 
USDA Boxed Beef, Pork Reports 

Wholesale choice-grade beef prices Tuesday fell $2.46 per hundred pounds, to $230.15, according to the USDA. Select-grade prices fell 67 cents per hundred pounds, to $212.31. The total load count was 150. Wholesale pork prices fell $2.45, to $80.01 a hundred pounds, based on Omaha, Neb., price quotes.

Stocks mentioned in the article
ChangeLast1st jan.
CHEESE FUTURES (CSC) - CMG (ELECTRONIC)/C1 0.54% 2.058 End-of-day quote.48.44%
CORN FUTURES (C) - CBR (FLOOR)/C1 -1.51% 357.75 End-of-day quote.-2.27%
FEEDER CATTLE?FUTURES (GF) - CMG (ELECTRONIC)/C1 0.11% 142.925 End-of-day quote.-4.84%
LIVE CATTLE (LE) - CMG (ELECTRONIC)/C1 0.02% 120.6 End-of-day quote.-3.95%
LIVE COMPANY GROUP PLC -15.87% 26.5 Delayed Quote.-58.27%
MCDONALD'S CORPORATION -0.12% 194.72 Delayed Quote.9.66%
RANDOM LENGTH LUMBER?FUTURES (LBS) - CMG (ELECTRONIC)/C1 -0.03% 396.5 End-of-day quote.19.28%
SOYBEAN MEAL FUTURES (ZM) - CBE (ELECTRONIC)/C1 -1.21% 293.3 End-of-day quote.-2.87%
WHEAT FUTURES (W) - CBR (FLOOR)/C1 -0.75% 530.75 End-of-day quote.5.81%
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