TOP STORIES
Beyond Meat Shares Higher After Expanding Walmart Distribution
Shares of Beyond Meat Inc. were higher in heavy volume Tuesday after the company said Walmart Inc. will expand availability of its products to more than 2,400 locations from about 800 currently.
At 1257 EDT, shares of Beyond Meat were trading 8.6% higher at $164.36. Volume at the time topped 16.5 million shares, above the 65-day average volume of some 4.5 million. Year-to-date, the company's shares are up more than 117%.
STORIES OF INTEREST
United Natural Foods Customers Looking for Smaller Stores -- Market Talk
0901 ET - Independent grocers have benefited from the pandemic because of continued migration to suburbs from cities, as well as some consumers' desire to shop in stores with a smaller footprint, United Natural Foods executives said during a fiscal 4Q earnings call. The wholesaler has been replacing long-term out-of-stock items with alternative items and sees opportunities to displace competitors, they added. (jaewon.kang@wsj.com; @_jaewonkang)
Papa John's Estimates 3Q North Amer Comp Sales Up 23.8% -- Update
Papa John's International Inc. third-quarter preliminary estimated comparable sales system-wide for North America restaurants were up 23.8%.
The pizza delivery company said estimated comparable sales in the quarter for system-wide international restaurants were up 20.6%.
Corn Futures Fall as U.S. Harvest Progresses
Corn for December delivery fell 0.6% to $3.64 3/4 a bushel, on the Chicago Board of Trade on Tuesday after USDA data showed that harvesting in the Corn Belt has progressed at a rate comparable to previous years.
Soybeans for November delivery fell 0.3% to $9.93 a bushel.
Wheat for December delivery eased 0.1% lower to $5.49 1/2 a bushel.
FUTURES MARKETS
Cattle Futures Hit Highest Level in Over a Month -- Market Talk
15:06 ET - Live cattle futures on the CME finished trading up 1.3% to $1.13125 per pound - making it the highest that they've closed in over a month. Since Sept. 1, cattle futures have risen 2.3%, and have risen for two consecutive days. However, its unclear if cattle futures will maintain this upward momentum. "The uncertainty of this winter and the pandemic may be contributing to feedlots adding more cattle with longer and more flexible time horizons into their mix to offset the larger supplies of much heavier cattle," says Steiner Consulting Group. Meanwhile, lean hog futures finished down 3.2% to 61.975 cents per pound. (kirk.maltais@wsj.com; @kirkmaltais)
CASH MARKETS
Estimated U.S. Pork Packer Margin Index - Sep 29
This report reflects U.S. pork packer processing margins. The margin indices
are calculated using current cash hog or carcass values and wholesale pork
cutout values and may not reflect actual margins at the plants. These
estimates reflect the general health of the industry and are not meant to
be indicative of any particular company or plant.
Source: USDA, based on Wall Street Journal calculations
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
integrated operations
Sep 29 +$ 51.13 +$ 69.14
Sep 25 +$ 50.61 +$ 68.20
Sep 24 +$ 55.26 +$ 69.75
* 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 102.2
(Percent of Year-Ago) Select 110.6
USDA Boxed Beef, Pork Reports Wholesale choice-grade beef prices Tuesday fell 56 cents per hundred pounds, to $217.16, according to the USDA. Select-grade prices rose 57 cents per hundred pounds, to $206.99. The total load count was 134. Wholesale pork prices fell $1.29, to $91.23 a hundred pounds, based on Omaha, Neb., price quotes.
