Burger King Sales Recover -- Market Talk
0704 ET - Burger King's sales in the US are now flat compared to last year as drive-throughs help sales during the pandemic, parent-company Restaurant Brands International says in a letter. Sales had been down 30% in mid-March. Most of the chain's North American stores remain closed for dine-in, a trend across many fast-food chains with drive-throughs to keep workers and customers safe. Restaurant Brands says it will pay back the revolver it drew down on when the pandemic hit based on the strength of sales. (email@example.com; @heatherhaddon)
Impossible Foods Keeps the Heat on Beyond Meat -- Barrons.com
Beyond Meat's rival Impossible Foods is launching its faux-sausage product at Burger King -- a signal to investors that interest in alternative protein remains high and that competition within the burgeoning industry remains strong.
Burger King, owned by Restaurant Brands International (ticker: QSR), sells the Impossible Whopper and will sell Impossible Sausage too. The Impossible Sausage will be available in Starbucks (SBUX) stores, as well as the top 30 diners in America, as rated by Yelp.
STORIES OF INTEREST
Chipotle, Grubhub Strike Delivery Deal
Chipotle Mexican Grill Inc. said it has added Grubhub Inc. as a delivery provider , a deal that underscores how restaurant chains are looking to beef up delivery options after officials ordered dining rooms closed earlier this year to try to slow the spread of the coronavirus.
Chipotle on Monday said consumers can now order burritos and other menu items from its stores through Grubhub's app as well as the delivery company's website.
New York City May Delay Indoor Dining Amid Coronavirus Surges in Many States
New York state and city officials said Monday they may delay the planned reopening of New York City restaurants for indoor dining, extending a shutdown that has already pushed some eateries to the brink of ruin.
Gov. Andrew Cuomo and Mayor Bill de Blasio said they were concerned about the novel coronavirus spreading among diners crammed in an indoor setting. While indoor dining is permitted in all other areas of the state, New York City isn't scheduled to enter the required phase of reopening until Monday.
Livestock Futures Finish Trading Higher -- Market Talk
15:28 ET - Livestock futures on the CME close higher, with August live-cattle futures rising 0.5% at 96.475 cents a pound, while August lean-hog futures gaining 0.7% at 48.45c. Even though futures gained, traders anticipate choppy trading and further downturns this week. "Beef prices remain in a short-term downtrend and until prices can find a floor, the market is vulnerable to speculative selling," RJO Futures says, noting beef cutout prices also fell Friday. (firstname.lastname@example.org; @kirkmaltais)
Estimated U.S. Pork Packer Margin Index - Jun 29
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 -
Jun 29 +$ 71.29 +$ 5.53
Jun 26 +$ 71.96 +$ 6.87
Jun 25 +$ 68.74 +$ 4.52
* Based on Iowa State University's latest estimated cost of producion.
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 94.9
(Percent of Year-Ago) Select 102.6
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Monday rose $1.19 per hundred pounds, to $208.36, according to the USDA. Select-grade prices rose $1.86 per hundred pounds, to $200.71. The total load count was 150. Wholesale pork prices fell 62 cents, to $64.31 a hundred pounds, based on Omaha, Neb., price quotes.