TOP STORIES

Conagra Reports Stronger 1Q Sales But Growth Moderates

Conagra Brands Inc. reported another quarterly sales gain but, like other food manufacturers that have been helped by consumers eating more at home during the pandemic, growth was a bit slower than earlier this year.

Conagra reported a profit of $329 million, or 67 cents a share, for its fiscal first quarter to Aug. 30, up from $173.8 million, or 36 cents a share, a year earlier.

STORIES OF INTEREST

Nestle Purina PetCare to Invest Estimated $450 Million in New US Pet Food Plant

Nestle SA said Thursday that its U.S. subsidiary Nestle Purina PetCare will invest an estimated $450 million to open a new factory in North Carolina in order to meet increasing demand for its products.

The Swiss food-and-beverage giant said the new factory, which is located in Eden, will become operational in 2022. More than 300 people are expected to be employed at the site by 2024.

McDonald's Hires Ex-Obama Aide -- Market Talk

10:14 ET - McDonald's says it has hired former White House senior advisor Katie Beirne Fallon to lead a new group bringing together its government relations, communications, sustainability and philanthropy work. Fallon previously served as a senior advisor for former president Barack Obama, and is also the past head of global corporate affairs for Hilton Worldwide Holdings. Fallon will report to CEO Chris Kempczinski, who is seeking to shore up internal affairs after the departure of ex-chief Steve Easterbrook. "Our ability to make an impact in the world will be deeply strengthened by bringing together expertise from across our organization," Kempczinski says. (heather.haddon@wsj.com; @heatherhaddon)

FUTURES MARKETS

Cattle Falls Despite Higher Export Sales -- Market Talk

15:50 ET - Livestock futures finish lower with live cattle futures off 0.5% at $1.11825 per pound, and lean hog futures down 0.4% at 62.85 cents per pound. For cattle, prices fall despite an uptick in export sales reported this week by the USDA. Beef export sales totaled 24,700 metric tons, up 37% from the previous week and 67% from the prior 4-week average. Japan, South Korea, and China were the main buyers of US beef for the week ending Sept. 24. Meanwhile, pork exports were down 8% from the prior 4-week average, at 39,500 metric tons. (kirk.maltais@wsj.com; @kirkmaltais)

CASH MARKETS 


 
Estimated U.S. Pork Packer Margin Index - Oct 1 
 
All figures are on a per-head basis. 
 
Date     Standard Margin       Estimated margin 
         Operating Index         at vertically - 
                             integrated operations 
 
Oct  1       +$ 61.06            +$ 79.59 
 
Sep 30       +$ 49.26            +$ 67.34 
 
Sep 29       +$ 51.13            +$ 69.14 
 
* 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  102.8 
      (Percent of Year-Ago)      Select  111.7 
 
USDA Boxed Beef, Pork Reports

Wholesale choice-grade beef prices Thursday rose $1.24 per hundred pounds, to $218.98, according to the USDA. Select-grade prices rose 8 cents per hundred pounds, to $207.62. The total load count was 147. Wholesale pork prices rose $5.70, to $96.09 a hundred pounds, based on Omaha, Neb., price quotes.

(END) Dow Jones Newswires

10-01-20 1759ET