Sanderson Farms Board Extends Buyback Program
Sanderson Farms Inc.'s board extended the company's stock-buyback program for another three years. The buyback program -- which was most recently extended in May of 2018 -- is now extended until Oct. 22, 2023. It was first approved in 2009.
STORIES OF INTEREST
Bayer's Request for Roundup Appeal Rejected by California Court
The California Supreme Court declined to hear an appeal by Bayer AG seeking to reverse a jury verdict that the company's Roundup herbicide caused a groundskeeper's cancer, leaving the company with few remaining options to avoid paying a $20.4 million judgment. The German drug and agriculture conglomerate had challenged a 2018 verdict in California state court that found the company's Roundup products posed a danger to users like plaintiff Dewayne "Lee" Johnson, and that the company failed to warn consumers of potential health risks. It was the first of three jury decisions in favor of Roundup-using plaintiffs, helping build a wave of lawsuits and eventually leading Bayer to strike a $10.9 billion settlement deal with tens of thousands of plaintiffs in July.
Restaurant Openings Begin to Rebound -- Market Talk
0900 ET - National restaurant openings were down 10% in 3Q compared to 2019, but the pace of new food-service locations picked up later in the pandemic, according to listing site Yelp. New restaurant openings plunged in April, but rebounded month over month from May to July, new data from the firm finds. Openings flattened in August and September. Food trucks proved particularly popular for new ventures as customers search for outdoor dining options, along with companies catering to celebrations such as cupcake and dessert purveyors. (firstname.lastname@example.org; @heatherhaddon)
Unilever 3Q Underlying Sales Rose on Strong Hygiene, Food-at-Home Growth
Unilever PLC said Thursday that third-quarter underlying sales rose thanks to growth in hand and home hygiene products, as well as in food consumed at home. The Anglo-Dutch multisector retailer -- which owns consumer brands such as Ben & Jerry's ice cream, Dove soap and Cif and Domestos cleaning products -- said quarterly underlying sales rose 4.4% year-on-year, while turnover fell 2.4% to 12.9 billion euros ($15.3 billion).
Hog Futures Finish Down 4.3% -- Market Talk
15:08 ET - Lean hog futures finish firmly in the red, with the most-active contract down 4.3% to 66.2 cents per pound. The drop in hog futures coincides with news that China expects to fulfil much of its own pork ahead of its next Lunar New Year -- a time when a lot of pork is consumed in China. "Estimates are China will have 30% more pork in reserve this year than last as the country's hog herd rebuilds," says Karl Setzer of AgriVisor. "Not only has China opened 12,500 new hog facilities but reopened 13,000 that were closed when the African Swine Fever outbreak took place." Meanwhile, live cattle futures finished down 1.1% to $1.03475 per pound -- the lowest they've closed at since late August. (email@example.com; @kirkmaltais)
Estimated U.S. Pork Packer Margin Index - Oct 22
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
Oct 22 +$ 71.75 +$ 84.67
Oct 21 +$ 62.57 +$ 81.96
Oct 20 +$ 61.58 +$ 79.72
* 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.
This report compares the USDA's latest beef carcass composite
values as a percentage of their respective year-ago prices.
For Today Choice 93.5
(Percent of Year-Ago) Select 96.0
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Thursday rose 39 cents per hundred pounds, to $208.86, according to the USDA. Select-grade prices rose 17 cents per hundred pounds, to $191.08. The total load count was 160. Wholesale pork prices rose $1.26, to $98.45 a hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires