Dairy Trade Responds to Starbucks; Pledges Sustainability -- Market Talk
10:37 ET - Trade group Dairy Management says milk farmers are doing their part to be more sustainable as companies zero in on dairy as a carbon contributor. Starbucks cites dairy as a major contributor to its carbon emissions as the coffee giant seeks to cut waste output in half by 2030. "Dairy can and will play an important role in achieving sustainability in supply chains and global food production. From an environmental and nutrition standpoint, it is not an either-or," says Krysta Harden, the group's head of environmental strategy. The environmental impact of producing a gallon of milk is falling as a result of better farm techniques, the trade group says. (firstname.lastname@example.org; @heatherhaddon)
Lab-Grown Meat Startup Grabs $161 Million for Expansion
Memphis Meats Inc., a startup that uses animal cells to grow edible meat in a laboratory, has raised $161 million to commercialize its lab-grown chicken, beef and other products.
The Berkeley, Calif.-based company plans to use the Series B financing to build a pilot production facility and triple its workforce. The company hasn't sold its products to the public yet, and has focused on research and development of lab-grown, or "cultured" versions of beef, chicken and duck.
STORIES OF INTEREST
McDonald's Ups Worker Benefits with App -- Market Talk
0804 ET - McDonald's says its releasing an app to help workers better advance in their careers and make the most of company benefits. The tool is part of the burger giant's program to give workers job advice and college tuition assistance of up to $3,000 after 90 days of employment. Restaurants are increasing rolling out benefits for workers as they fight to attract and maintain staff given low unemployment. McDonald's says it has given $90M in tuition assistance to thousands of workers since 2015. (email@example.com; @heatherhaddon)
Conagra Aims to Make 100% of Plastic Packaging Renewable, Recyclable or Compostable by 2025 >CAG
Conagra Brands on Wednesday said it will work to make 100% of its current plastic packaging renewable, recyclable or compostable by 2025.
The Chicago packaged-foods company said the move it part of its efforts to reduce the overall use of plastic under its corporate social responsibility and environmental, social and governance initiatives.
G. Willi-Food CEO Michael Luboschitz Resigning for Personal Reasons
G. Willi-Food International said Wednesday that Michael Luboschitz submitted his resignation as chief executive for personal reasons, effective March 20.
The kosher foods company said it is currently searching for a replacement for Mr. Luboschitz as CEO.
Livestock Mixed; Hogs Rise on Swine Fever Fears -- Market Talk
15:57 ET - Livestock futures end mixed -- with April live cattle futures on the CME dropping 0.4% to $1.26775 per pound while lean hog futures rose 1% to 74.525 cents per pound. The cattle market stayed generally quiet, waiting for Friday's Cattle on Feed report. For hogs, a case of African swine fever found near the German/Polish border pushed futures up -- as European hogs being stricken with the disease would become a serious wrinkle for a global hog supply already seriously impacted by the disease decimating Chinese production. (firstname.lastname@example.org; @kirkmaltais)
Estimated U.S. Pork Packer Margin Index - Jan 22
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
Jan 22 +$ 49.99 +$ 34.34
Jan 21 +$ 49.26 +$ 33.61
Jan 20 +$ 46.89 +$ 31.01
* 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 99.4
(Percent of Year-Ago) Select 100.1
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Wednesday rose 45 cents per hundred pounds, to $214.96, according to the USDA. Select-grade prices fell $1.45 per hundred pounds, to $212.02. The total load count was 157. Wholesale pork prices rose 34 cents, to $77.71 a hundred pounds, based on Omaha, Neb., price quotes.