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LIVESTOCK HIGHLIGHTS: Top Stories of the Day

10/08/2020 | 05:50pm EST

TOP STORIES

McDonald's Up on Sales Growth, Dividend Boost -- Market Talk

0841 ET - McDonald's up 1% premarket after bouncing back from the pandemic with US 3Q same-store sales up 4.6%, with much of the growth delivered in September. The company boosted its dividend 3% to $1.29 per share, telling investors that its pandemic recovery supports the increase. McDonald's delivered a celebrity partnership with rapper Travis Scott that it says boosted sales last month. (heather.haddon@wsj.com; @heatherhaddon)

Domino's Drops on Earnings Miss, Growing Costs -- Market Talk

0833 ET - Domino's Pizza sinks 4.7% premarket on 3Q earnings that missed expectations. Adjusted EPS of $2.49 trails projections of $2.78 for the world's largest pizza chain by sales. The pandemic has driven higher sales for the chain, including a 17.5% same-store sales increase in the US. But lower US stores margins and expenses weighed on profit. Restaurants have had to pay more to operate during the pandemic. (heather.haddon@wsj.com; @heatherhaddon)

Food Price Index Hits Highest Level in Seven Months -UN FAO

Global food prices continued to climb higher in September, supported by rebounding demand and concerns that dry weather could harm crop harvests, the United Nations' Food and Agriculture Organization said Thursday.

The UN FAO's Food Prices Index, which tracks the price of a basket of the most common foodstuffs such as grains, vegetable oils, and meat, rose 2.1% in September to its highest level since February.

The overall rise in food prices was driven mainly by cereals and vegetable oils. Both foodstuffs experienced strong demand in September as well as concerns surrounding supply, which helped push prices higher.

STORIES OF INTEREST

Kroger Adds Kitchens In Stores -- Market Talk

06:00 ET - Kroger is adding kitchens in two of its stores, as the grocer looks to broaden its prepared food offerings. The company will repurpose 1,000 square feet of its locations in Indianapolis and Columbus, Ohio to make space where meals will be prepared for delivery and pickup. Kroger is working with ClusterTruck, a company behind delivery-only kitchens, for the partnership. For Kroger and other food retailers, prepared food is emerging as a bigger area of focus during the pandemic, as consumers seek new ways to eat at home. (jaewon.kang@wsj.com; @_jaewonkang)

FUTURES MARKETS

Hog Futures Up For Fourth Straight Session -- Market Talk

15:11 ET - Lean hog futures trading on the CME finished Thursday with a fourth consecutive gain--closing up 3.5% at 66.85 cents per pound. It's the highest hog futures have finished in nearly a month, and grains traders say the contract has room to move higher in the short term. "The huge discount of futures to the cash market along with a continued advance in pork values are seen as positive forces," says RJO Futures. Live cattle futures, on the other hand, closed Thursday down 0.4% to $1.12625 per pound. (kirk.maltais@wsj.com; @kirkmaltais)

CASH MARKETS

 
Estimated U.S. Pork Packer Margin Index - Oct 8 
 
All figures are on a per-head basis. 
 
Date     Standard Margin       Estimated margin 
         Operating Index         at vertically - 
                             integrated operations 
 
Oct  8       +$ 55.62            +$ 76.39 
Oct  7       +$ 59.83            +$ 74.50 
Oct  6       +$ 53.94            +$ 69.42 
 
* 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  100.7 
      (Percent of Year-Ago)      Select  109.1 
 
USDA Boxed Beef, Pork Reports 
 

Wholesale choice-grade beef prices Thursday fell 88 cents per hundred pounds, to $216.00, according to the USDA. Select-grade prices fell $2.48 per hundred pounds, to $203.10. The total load count was 162. Wholesale pork prices rose 88 cents, to $94.60 a hundred pounds, based on Omaha, Neb., price quotes.

(END) Dow Jones Newswires

10-08-20 1749ET

Stocks mentioned in the article
ChangeLast1st jan.
CORN FUTURES (C) - CBR (FLOOR)/C1 0.84% 422.5 End-of-day quote.8.06%
DOMINO'S PIZZA GROUP PLC 0.80% 328.0915 Delayed Quote.2.06%
DOMINO'S PIZZA INC. -1.15% 383.38 Delayed Quote.30.50%
FEEDER CATTLE?FUTURES (GF) - CMG (ELECTRONIC)/C1 -0.21% 139.5 End-of-day quote.-2.43%
KROGER -4.37% 30.88 Delayed Quote.11.38%
LIVE CATTLE (LE) - CMG (ELECTRONIC)/C1 -0.18% 109.4 End-of-day quote.-11.23%
MCDONALD'S CORPORATION 0.31% 211.51 Delayed Quote.7.03%
WHEAT FUTURES (W) - CBR (FLOOR)/C1 -1.08% 571.75 End-of-day quote.3.45%
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