TOP STORIES
Food Safety Focus Of USDA Super Bowl Tips -- Market Talk
12:30 ET - The US Department of Agriculture's Food Safety and Inspection Service is back with a football-themed food safety message. "While your Super Bowl traditions may look different this year given COVID-19 and the need to maintain social distancing, your plans probably still involve food," FSIS says. In a section titled "Cook The Opponent," FSIS says ground meats should reach 160 degrees, with at least 165 for chicken wings, advising to "take the temperature of multiple wings in the thickest part of the wing, being careful to avoid touching the bone, which can skew the reading." FSIS also addresses handwashing. "In a recent USDA study, participants failed to wash their hands correctly 99 percent of the time," FSIS says, suggesting "Time yourself by singing the Happy Birthday song twice," to reach 20 seconds. (josh.beckerman@wsj.com)
Performance Food Says 2Q Volumes Down When Excluding Acquistion
Performance Food Group Co. reported another quarter of weaker demand when excluding a recent acquisition, another sign of how the pandemic has hurt restaurants and foodservice outlets.
The distributor Wednesday said it generated $17.6 million in net income for its fiscal second quarter that ended Dec. 26, down from $41.2 million the year earlier. Earnings fell to 13 cents from 39 cents on a per-share basis.
FSIS Issues Alert About Greater Omaha Packing Beef Sold at a Single Location
The U.S. Department of Agriculture's Food Safety and Inspection Service issued an alert about raw beef made by Greater Omaha Packing Co. and sold at a single location due to the potential presence of E.coli.
The beef was sold by Art's Food Market located in Sandwich, Ill. FSIS said a recall wasn't requested because the product is no longer available for purchase. FSIS said there have been no confirmed reports of adverse reactions.
STORIES OF INTEREST
For Food Distributors, A Vaccine Waiting Game -- Market Talk
0938 ET - One message from distributors that sell to restaurants and other foodservice outlets reporting results this week: it's a waiting game for Covid-19 vaccines. "Until the pace of vaccination picks up dramatically, we do not expect to return to a more normal operating run rate," Performance Food Group CEO George Holm says on a call about fiscal 2Q results. And yesterday, Sysco finance chief Aaron Alt told investors it will battle "week by week, region by region" for the next couple of quarters until vaccination is widespread. (micah.maidenberg@wsj.com; @MicahMaidenberg)
McDonald's Suit Against Ex-Ceo to Proceed -- Market Talk
12:09 ET - McDonald's legal bid to claw back millions of dollars in severance from its ex-CEO can proceed, a Delaware judge says. Former McDonald's CEO Steve Easterbrook had sought to dismiss a lawsuit by the fast-food chain, arguing that the restaurant company had evidence of other sexual relationships he allegedly engaged in with employees on its servers and should have known about them when offering the settlement package. Vice Chancellor Joseph Slights of the Court of Chancery in Delaware writes that McDonald's was justified in believing Mr. Easterbrook that he had one inappropriate relationship with an employee when they fired him without cause in 2019. (heather.haddon@wsj.com; @heatherhaddon)
Bigdish to Form Plant-Based Meat Joint Venture
Bigdish PLC said Wednesday that it is in the process of forming a joint venture, Amala Foods Inc., for the production and distribution of plant-based meat in Asia, and that its venture builder will be spun out into its own listing.
The London-listed company said it will own a 70% stake in the joint venture, with the remaining 30% owned by Philippine businessman Archie Rodriguez, who will also be Amala's chief executive.
FUTURES MARKETS
Hogs Climb for Second Day -- Market Talk
1513 ET - Lean hog futures on the CME finished up 1.4% to 79.2 cents per pound. That makes it a 3% gain for hogs so far this month. Pork cutouts were up slightly Wednesday, with the carcass price up 54 cents per hundredweight, to $80.50 per cwt. Bellies were also higher, up $11.34 per cwt to $128.16 per cwt. Meanwhile, live cattle futures closed trading Wednesday down 0.1% to $1.2245 per pound. (kirk.maltais@wsj.com; @kirkmaltais)
CASH MARKETS
Estimated U.S. Pork Packer Margin Index - Feb 3
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
integrated operations
Feb 3 +$ 22.77 +$ 35.17
Feb 2 +$ 33.41 +$ 37.75
Feb 1 +$ 45.92 +$ 40.63
* 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 111.2
(Percent of Year-Ago) Select 107.7
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Wednesday fell $1.48 per hundred pounds, to $235.28, according to the USDA. Select-grade prices fell $1.65 per hundred pounds, to $223.39. The total load count was 153. Wholesale pork prices fell $1.20, to $78.76 a hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
02-03-21 1741ET
