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MarketScreener Homepage  >  News  >  Commodities

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LIVESTOCK HIGHLIGHTS: Top Stories of the Day

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05/14/2020 | 05:29pm EDT

TOP STORIES

 

Tyson Reduces Some Beef Prices as Coronavirus Pushes Grocery-Store Costs Higher

Tyson Foods Inc. is lowering some prices it charges supermarkets and restaurants for beef, after coronavirus-driven disruptions at meatpacking plants have led to a surge in meat costs.

The Arkansas company, which processes about one-fifth of the nation's beef, plans to reduce prices for ground beef, roasts and other beef products by as much as 20% to 30% for sales made this week to restaurants, grocery stores and other customers. The move will help keep beef affordable, said Noel White, Tyson's chief executive.

 

McDonald's Sets Conditions for Restaurant Reopenings

McDonald's Corp. is asking restaurant owners in the U.S. to make dozens of changes to ease coronavirus concerns before reopening their dining rooms, including commitments to clean bathrooms every half-hour and digital kiosks after each order.

The world's largest fast-food company by sales is also asking its hundreds of U.S. franchisees to enforce social distancing in its restaurants, and either close their public soda fountains or deploy a staff member to monitor them, according to a 59-page dine-in reopening guide viewed by The Wall Street Journal.

 

STORIES OF INTEREST

 

Uber-Grubhub Deal Promises Synergies, But Long Regulatory Review -- Market Talk

1007 ET - The proposed combination of Uber and Grubhub could generate $300M to $1.8B in synergies to combined adjusted earnings before interest, taxes, depreciation and amortization in 2021, UBS estimates, coming on top of the $150M in anticipated Grub adjusted EBITDA at that time. But, it adds, the deal could face lengthy antitrust review of six months to a year. For Uber, the deal, UBS recons, could potentially result in FY21 adjusted EBITDA of around $1.6bn "and likely pull forward Uber's path to profitability on both an Eats segment level and consolidated basis." (robert.wall@wsj.com)

 

More Than One-Third of Yum Shareholders Vote for Deforestation Resolution -- Market Talk

1505 GMT - More than one-third of Yum shareholders voted for a resolution that would compel the KFC and Taco Bell owner to pledge a no-deforestation policy from the commodities it sources, consumer advocacy group SumOfUs says. Despite Yum's disapproval of the resolution, the group says the proposal gained 35% support, up 3% from last year. "The message is clear, a growing number of shareholders are asking YUM! Brands to take immediate action on deforestation," says Fatah Sadaoui, campaign manager at SumOfUs. (dieter.holger@wsj.com; @dieterholger)

 

Ausnutria Dairy's Growth Momentum Remains Strong -- Market Talk

0734 GMT - Ausnutria Dairy's revenue growth momentum appears strong despite the Covid-19 pandemic, with management indicating it may achieve the high end of its overall sales target this year, Daiwa says. Management is expecting to gain market share for infant milk formula products in 2020 as it shifts more of its marketing budget online. Traffic to mother-and-baby stores has recovered since April, which should help sales, the investment bank says. Daiwa raises its 2020-2022 revenue forecasts by 1%-2% and its target price to HK$20.30 from HK$17.00. The bank reiterates its buy rating. Shares gain 1.1% to HK$16.32. (yiwei.wong@wsj.com)

 

FUTURES MARKETS

 

Livestock Futures Move Higher -- Market Talk

15:27 ET - After starting the day lower, livestock futures on the CME finished higher -- with lean hog futures up 1.5% to 58.75 cents per pound, while live cattle futures are up 0.3% to 94.125 cents per pound. Poor export sales reported by the USDA this morning sent livestock futures downward this morning, but they recovered into this afternoon as sentiment regarding optimism for increasing Chinese agricultural purchases. "Over the past several weeks the United States has seen a build in pork demand by China. Total Chinese exports are running at a record pace and a primary reason yearly shipments are up 116% from last year," says Karl Setzer of AgriVisor. (kirk.maltais@wsj.com; @kirkmaltais)

 

CASH MARKETS

 
Estimated U.S. Pork Packer Margin Index - May 14 
 
All figures are on a per-head basis. 
 
Date     Standard Margin       Estimated margin 
         Operating Index         at vertically - 
                             integrated operations 
 
May 14       +$159.36            +$110.28 
 
May 13       +$166.35            +$116.71 
 
May 12       +$155.55            +$106.65 
 
* 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  205.4 
      (Percent of Year-Ago)     Select  210.2 
 
USDA Boxed Beef, Pork Reports 
 

Wholesale choice-grade beef prices Thursday fell $15.07 per hundred pounds, to $450.92, according to the USDA. Select-grade prices rose 16 cents per hundred pounds, to $437.40. The total load count was 104. Wholesale pork prices fell $2.99, to $113.03 a hundred pounds, based on Omaha, Neb., price quotes.

Stocks mentioned in the article
ChangeLast1st jan.
AT HOME GROUP INC. 8.32% 6.25 Delayed Quote.13.64%
BYD COMPANY LIMITED -4.30% 79 End-of-day quote.103.35%
CLASS III MILK FUTURES (DC) - CMG (ELECTRONIC)/C1 0.04% 24.32 End-of-day quote.25.83%
CLASS IV MILK?FUTURES (GDK) - CMG (ELECTRONIC)/C1 0.00% 13.99 End-of-day quote.-16.68%
DRY WHEY?FUTURES (DY) - CMG (ELECTRONIC)/C1 0.30% 33.775 End-of-day quote.2.20%
FEEDER CATTLE?FUTURES (GF) - CMG (ELECTRONIC)/C1 0.29% 139.825 End-of-day quote.-4.06%
GRUBHUB INC. -0.77% 69.43 Delayed Quote.42.74%
JUST GROUP PLC -3.78% 49.84 Delayed Quote.-36.91%
LINE CORPORATION 0.54% 5580 End-of-day quote.4.30%
LIVE CATTLE (LE) - CMG (ELECTRONIC)/C1 0.49% 101.8 End-of-day quote.-18.77%
MCDONALD'S CORPORATION 0.55% 191.77 Delayed Quote.-2.96%
NONFAT DRY MILK FUTURES (GNF) - CMG (ELECTRONIC)/C1 -1.71% 99.25 End-of-day quote.-16.15%
RANDOM LENGTH LUMBER?FUTURES (LBS) - CMG (ELECTRONIC)/C1 0.00% 600 End-of-day quote.48.04%
THE NEW HOME COMPANY INC. 0.30% 3.4 Delayed Quote.-27.04%
TYSON FOODS, INC. 2.91% 60.52 Delayed Quote.-33.52%
UBS GROUP AG 0.44% 11.39 Delayed Quote.-7.24%
WILL GROUP, INC. 2.87% 646 End-of-day quote.-48.40%
WORLD CO., LTD. 2.05% 1493 End-of-day quote.-44.52%
YUM BRANDS 2.46% 90.35 Delayed Quote.-12.46%
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