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LIVESTOCK HIGHLIGHTS: Top Stories of the Day

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08/07/2020 | 05:36pm EDT

TOP STORIES

 

Zoetis Sees Cattle Medication Challenges -- Market Talk

09:55 ET - Zoetis expects sales for its livestock products related to cattle to remain challenged for the next six to 12 months due to disruptions in meatpacking amid the Covid-19 pandemic, CEO Kristin Peck says. The company makes vaccines and medication for livestock and pets. Poultry processing hasn't seen much disruption due to its quick adjustment, she says. But "it is harder for swine and for beef to adjust," as it would take longer to change their supply chains, Peck tells WSJ. In terms of M&A, Zoetis continues to aim for opportunities in diagnostics devices for animals, Peck says. (dave.sebastian@wsj.com; @depsebastian)

 

China Trade Rides a Wave in July After Coronavirus Restrictions Ease

China's exports picked up momentum in July for the second straight month, as global demand recovered with the easing of coronavirus-related restrictions.

Underpinned by strong shipments of protective gear for the pandemic and electronic products to fulfill work-from-home demand, July's 7.2% increase from a year earlier was the fastest so far in 2020, according to data released by the General Administration of Customs on Friday. It beat June's 0.5% growth, in addition to a 0.1% increase expected by economists polled by The Wall Street Journal.

"After turning positive in June, July's export data showed an overall improvement in global demand," said Iris Pang, an economist with ING Bank in Hong Kong.

 

STORIES OF INTEREST

 

Domino's Pizza to Serve Up 1H Lockdown Boost -- Market Talk

1436 GMT - Domino's Pizza Group is likely to report a boost from lock-downs as people eat more at home during the pandemic, though that may not last as restaurants re-open, says Numis Securities ahead of the takeaway delivery group's first-half results Tuesday. Numis says the group has been one of the key beneficiaries of lock-down and its shares are up 7% in the year to date, though virus-related cost pressures are likely to weigh on 1H earnings. "There will be questions on current trading, given the increased competition from other platforms in recent weeks as restaurants re-open," says analyst Richard Stuber. (philip.waller@wsj.com)

 

FUTURES MARKETS

 

Hogs Rise Ahead of Next Week's US-China Trade Meet -- Market Talk

15:28 ET - Lean hog futures on the CME moderated their gains, closing up 3.6% at 50.975 cents per pound -- the highest close since late July. Next weekend, a meeting between the US and Chinese delegations to discuss the outcome of January's phase one trade agreement is taking place. "China has been buying US goods, but volumes are falling short of expectations," says Karl Setzer of AgriVisor. Whether or not these talks will impact livestock futures depends on if any actionable news comes out of them. Meanwhile, live cattle futures finished down 0.5% at $1.0645 per pound. (kirk.maltais@wsj.com; @kirkmaltais)

 

CASH MARKETS

 
Estimated U.S. Pork Packer Margin Index - Aug 7 
 
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 
 
Aug  7       +$ 66.54            +$ 20.82 
Aug  6       +$ 61.68            +$ 17.68 
Aug  5       +$ 55.77            +$ 10.18 
 
* 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   94.7 
      (Percent of Year-Ago)      Select  100.2 
 
USDA Boxed Beef, Pork Reports 

Wholesale choice-grade beef prices Friday rose 81 cents per hundred pounds, to $205.47, according to the USDA. Select-grade prices rose 74 cents per hundred pounds, to $192.75. The total load count was 116. Wholesale pork prices rose $1.46, to $71.42 a hundred pounds, based on Omaha, Neb., price quotes.

Stocks mentioned in the article
ChangeLast1st jan.
FEEDER CATTLE?FUTURES (GF) - CMG (ELECTRONIC)/C1 -0.14% 141.15 End-of-day quote.-2.74%
ING GROEP N.V. -0.50% 6.027 Delayed Quote.-43.33%
LIVE CATTLE (LE) - CMG (ELECTRONIC)/C1 -0.09% 108.45 End-of-day quote.-12.95%
THE PECK COMPANY HOLDINGS, INC. -1.97% 6.97 Delayed Quote.185.89%
ZOETIS -0.42% 164.615 Delayed Quote.24.95%
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