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LIVESTOCK HIGHLIGHTS: Top Stories of the Day

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08/04/2020 | 05:33pm EDT

TOP STORIES

 

Beyond Meat Reports Stronger Demand As Pandemic Inspires Food Stockpiling

Beyond Meat Inc. said consumers scooped up its alternative-meat products in the second quarter from retail stores amid coronavirus-inspired food stockpiling.

The plant-based meat company reported revenue of $113.3 million for its second quarter that ended June 27, up 69% compared with last year. Analysts polled by FactSet expected $99.2 million in revenue.

Sales from groceries and other shops roughly tripled year-over-year in the U.S. to $90 million but dropped 61% to $6.5 million in the company's business serving restaurants and other outlets.

 

Beyond Meat Says It's Narrowing Price Gap with Beef -- Market Talk

16:57 ET - Covid-19 is helping Beyond Meat narrow the price gap between its pea protein-based patties and the kind made from cattle flesh. Meatpacking-plant slowdowns have constrained beef supplies and pushed up prices in grocery stores, while Beyond in June began selling a value pack of patties the company says cost about 20% more than beef versions. The company says its patties used to cost about twice as much as beef burgers. Beyond's long-term goal has been to eventually undercut the price of at least one major meat product. Shares fall 1.6%. (jacob.bunge@wsj.com; @jacobbunge)

 

STORIES OF INTEREST

 

Weaker Global Dairy Auction Challenges Forecasts -- Market Talk

2051 GMT - Global dairy prices need to stabilize after their sharp fall in the latest auction to support ASB's forecast for New Zealand dairy farmer incomes in the 2020-21 production year, the bank says. Whole-milk powder prices fell 7.5% from the previous auction two weeks ago. ASB recently raised its forecast for milk exporter Fonterra's 2020-21 payment to dairy farmers to NZ$6.75 kg/milk solids from NZ$6.50. "We had been factoring in some retrenchment of the large jump in prices that we saw in July," says ASB. "Prices now need to stabilise around the current levels to support our milk price forecast." Fonterra's own forecast for 2020-21 is a range of NZ$5.90 to NZ$6.90. (stephen.wright@wsj.com)

 

Farm Bankruptcies Slow, Slightly -- Market Talk

1413 ET - US farm bankruptcies are rising at a slightly slower pace, though agricultural economists aren't necessarily cheering. The American Farm Bureau Federation says that over the first six months of the year, the pace of new filings declined 4% versus the first half of 2019 -- but the trade group notes that shifting the bankruptcy process online likely contributed to fewer filings. The group says government aid has helped some farmers stave off fiscal collapse, and calls for more. (jacob.bunge@wsj.com; @jacobbunge)

 

Family Farm Bankruptcies Rise 8% -- Market Talk

14:18 ET - Family farms that declared bankruptcy under Chapter 12 in 1H are up 8% from the same timeframe last year, says the American Farm Bureau Federation. Total filings of farm bankruptcies are down 10 cases to 284 filings in 1H, but family farms make up a bigger portion of those cases. Additionally, bankruptcies reported in the Midwest were up 23% for 1H, according to the AFBF. The implementation of the Cares Act has helped mitigate Chapter 12 filings over the past three months, says John Newton of the AFBF, but with the stimulus expiring, that effect is expected to dissipate. (kirk.maltais@wsj.com; @kirkmaltais)

 

FUTURES MARKETS

 

Cattle Futures Drop After Five Consecutive Higher Sessions -- Market Talk

15:44 ET - After rising for five straight trading sessions, live-cattle futures on the CME fall 0.7% at $1.07475 a pound. It's the highest cattle futures have traded at since early March. Hog futures, meanwhile, finish trading up 1.3% to 49.025c, making up some ground after falling 2.5% to start the week yesterday. "Hog futures have been under pressure as slaughter numbers continue to rise and demand is not following at an equal volume," Karl Setzer of AgriVisor says. "The sheer number of hogs in the US is weighing on the complex." (kirk.maltais@wsj.com, @kirkmaltais)

 

CASH MARKETS

 
Estimated U.S. Pork Packer Margin Index 
 

Due to Packer submission problems at USDA the release of this report will be delayed.

 
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   95.1 
      (Percent of Year-Ago)      Select   99.4 
 
USDA Boxed Beef, Pork Reports 

Wholesale choice-grade beef prices Tuesday fell 42 cents per hundred pounds, to $204.24, according to the USDA. Select-grade prices rose 5 cents per hundred pounds, to $190.45. The total load count was 160. Wholesale pork prices fell $1.24, to $64.87 a hundred pounds, based on Omaha, Neb., price quotes.

Stocks mentioned in the article
ChangeLast1st jan.
BEYOND MEAT, INC. -2.40% 151.3 Delayed Quote.100.13%
CLASS III MILK FUTURES (DC) - CMG (ELECTRONIC)/C1 0.00% 16.35 End-of-day quote.-15.37%
CLASS IV MILK?FUTURES (GDK) - CMG (ELECTRONIC)/C1 0.00% 12.71 End-of-day quote.-24.30%
DRY WHEY?FUTURES (DY) - CMG (ELECTRONIC)/C1 0.55% 31.925 End-of-day quote.-3.11%
FEEDER CATTLE?FUTURES (GF) - CMG (ELECTRONIC)/C1 0.00% 140.925 End-of-day quote.-3.03%
LIVE CATTLE (LE) - CMG (ELECTRONIC)/C1 0.21% 108.175 End-of-day quote.-13.43%
NONFAT DRY MILK FUTURES (GNF) - CMG (ELECTRONIC)/C1 0.10% 100.15 End-of-day quote.-17.51%
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