TOP STORIES 



  Papa John's to Hire 10,000 Additional Employees to Meet Demand 


  Papa John's International Inc. said it is seeking to hire 10,000 additional employees in the next few months to meet demand amid the Covid-19 pandemic. 


  The pizza chain said it recently hired 20,000 people, including those who were displaced due to the pandemic. Papa John's last month posted a 28% increase in preliminary comparable sales in North America for the second quarter. 


  STORIES OF INTEREST 


  Wheat Futures Slide on Expectations of Higher Russian Output 


  Wheat for September delivery fell 2.2% to $5.27 3/4 a bushel on the Chicago Board of Trade on Monday, in reaction to a Russian agency increasing its projections for the 2020 wheat crop. 


  Corn for December delivery fell 0.2% to $3.34 1/2 a bushel. 


  Soybeans for November delivery rose 0.1% to $8.99 3/4 a bushel. 


  Corn and Soybean Export Inspections Miss Mark -- Market Talk 


  11:32 ET - Export inspections of US corn and soybeans came in lower than trader expectations, says Terry Reilly of Futures International. For corn, the 797,487 metric tons inspected for export are less than trader projections, and for soybeans the projection of 472,680 tons is only somewhat higher than expectations. However, most of the big export sales announced by the USDA in the past two weeks are for delivery in 2020/21 - meaning that much of the sales won't be present on the weekly inspections reports. Even so, China and Mexico are the two largest destinations for US beans shipped this week, according to the USDA. (kirk.maltais@wsj.com; @kirkmaltais) 


  Improvement to US Crop Ratings Anticipated -- Market Talk 


  11:21 ET - Grains traders anticipate today's crop progress report from the USDA will show improvements to the crop quality of corn, soybeans and wheat, which is providing pressure to futures trading on the CBOT. "The overall weather outlook here in the US appears favorable for crop development, particularly now that the weekend heat has subsided, and the trade is looking for steady to improved crop rating this afternoon," Dan Hueber of the Hueber Report says. Hueber also notes crop ratings have improved overseas, with French wheat now at 57% good or excellent condition. This morning, corn futures are down 0. 


  FUTURES MARKETS 


  Livestock Futures Finish Mixed -- Market Talk 


  15:58 ET - Livestock futures on the CME finished mixed -- with the live cattle contract down 1.2% to $1.03825 per pound and the lean hogs contract up 1.2% to 50.75 cents per pound. For the livestock contracts, it's a reversal of this mornings' opening, when hogs opened lower and cattle higher. For cattle, it's the fifth session in the past six that cattle has traded lower -- and makes it the lowest the most-active cattle contract has traded at in roughly two weeks. (kirk.maltais@wsj.com; @kirkmaltais) 


   CASH MARKETS 

 
Estimated U.S. Pork Packer Margin Index - Jul 27 
 
 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 
 
Jul 27       +$ 52.74            +$ 18.86 
Jul 24       +$ 61.32            +$ 17.70 
Jul 23       +$ 62.59            +$ 14.95 
 
* 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   95.5 
      (Percent of Year-Ago)      Select  101.0 
 
USDA Boxed Beef, Pork Reports 


  Wholesale choice-grade beef prices Monday rose 78 cents per hundred pounds, to $202.55, according to the USDA. Select-grade prices fell 50 cents per hundred pounds, to $190.13. The total load count was 94. Wholesale pork prices rose 54 cents, to $70.51 a hundred pounds, based on Omaha, Neb., price quotes.