TOP STORIES 


 
Tyson Aims to Cut Deforestation Risk in Supply Chain

Tyson Foods Inc. is developing plans to reduce the risk of deforestation in its global supply chain, the Springdale, Ark.-based company said Thursday. An analysis the company completed this year with an external partner found that 6% of the company's footprint was at risk of being associated with deforestation, Tyson said. 


 
JBS 3Q Profit Soars 778% to BRL3.1 Billion

Brazil's JBS SA, the world's largest meat processor, said Wednesday profit soared in the third quarter from a year earlier as the weaker Brazilian real boosted revenue in that currency. The meatpacking giant said net profit rose 778% to 3.1 billion reais, the equivalent of US$574.9 million, up from 356.7 million reais a year earlier. Adjusted earnings before interest, taxes, depreciation and amortization rose 35% to 8 billion reais and revenue rose 34.3% to 70.1 billion reais. Per-share earnings increased to 1.17 reais from 0.13 real a year earlier.

STORIES OF INTEREST 


 
Global Food Supplies Weather Coronavirus Pandemic

Food supplies have held up during the coronavirus pandemic, defying warnings from economists that rising protectionist policies and disruptions at ports and to truck routes would lead to global shortages. Covid-19 has ravaged communities world-wide and disrupted transport routes and processing plants, but developing countries have stepped up to fill supply gaps and some nations have abandoned protectionist policies adopted earlier in the pandemic, said the United Nations Food and Agriculture Organization.

FUTURES MARKETS 


 
Hogs Turn Higher -- Market Talk

14:49 ET - After closing lower for the past two sessions, lean hog futures on the CME are back on the rise -- with the most-active contract closing up 1.5% to 65.8 cents per pound. The uptick in futures coincides with a sharp rise in carcass cutout values. According to the USDA, carcass cutout prices rose $3.43 per hundredweight today, bringing the price to $86.57 per cwt. Prior to today, pork cutouts had fallen 18%, driven largely by a lapse in pork belly prices, says Steiner Consulting Group. "A slowdown in fast food sales and a net increase in supply availability during Q4 usually combine to pressure belly prices lower," says the firm. Meanwhile, live cattle futures dropped 0.4% to $1.11975 per pound Thursday. (kirk.maltais@wsj.com; @kirkmaltais)

CASH MARKETS 


 
Estimated U.S. Pork Packer Margin Index - Nov 12 
 
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 
 
Nov 12       +$ 43.13            +$ 49.41 
Nov 11       +$ 42.94            +$ 49.79 
Nov 10       +$ 41.54            +$ 48.96 
 
* 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   93.5 
      (Percent of Year-Ago)      Select   95.7 
 
USDA Boxed Beef, Pork Reports

Wholesale choice-grade beef prices Thursday rose $3.66 per hundred pounds, to $226.50, according to the USDA. Select-grade prices fell 22 cents per hundred pounds, to $208.24. The total load count was 90. Wholesale pork prices fell 18 cents, to $82.05 a hundred pounds, based on Omaha, Neb., price quotes.

(END) Dow Jones Newswires

11-12-20 1757ET