TOP STORIES

Tyson Foods Buys 49% Stake in Malayan Flour Mills' Poultry Segment

Tyson Foods Inc. said it is buying a 49% stake in the poultry segment of the food-manufacturing company Malayan Flour Mills Bhd. as part of a partnership aimed at boosting supply flexibility for halal-certified poultry.

The meatpacker on Wednesday said it operates one plant and one innovation center in Malaysia, where Malayan Flour Mills is based. Malayan Flour Mills' poultry business includes feed mills, hatcheries, farms and processing facilities.

Bankrupt Ruby Tuesday Has Proposed Settlement With Creditors -- Market Talk

1215 ET - Ruby Tuesday has a proposed settlement with unsecured creditors ahead of a scheduled court appearance Thursday at which the bankrupt restaurant chain will seek approval of its chapter 11 reorganization. Terms of the deal, which is also supported by lenders, includes general unsecured creditors getting $3M in cash and a $2M note. Ruby Tuesday has said it plans to permanently close 185 locations that were closed during the pandemic and would continue to operate 236 company-owned restaurants, though it has said its footprint could be further reduced. A long-term forecast by its investment bank shows 210 restaurants. (becky.yerak@wsj.com; @beckyyerak)

STORIES OF INTEREST

Bunge Raises Full-Year Adjusted Profit Guidance

Bunge Ltd. Wednesday raised its full-year adjusted profit forecast, but added that some of its divisions will likely see a decline in performance this year compared with strong results in 2020.

The St. Louis-based agricultural commodities company said it expects its full-year adjusted profit will be at least $6 a share. Previously, the company had estimated full-year adjusted earnings of at least $5 a share.

Activist Jana Sets Sights on TreeHouse Foods -- Market Talk

10:26 ET - TreeHouse Foods surges as activist hedge fund Jana Partners says it's taken a 7.3% stake and plans to seek three seats on the food maker's board. Jana says in an SEC filing that TreeHouse's shares are undervalued, and that it plans to hold talks with the company's management and board on ways to address the issue, including the evaluation of a sale. Jana is known for taking large stakes in companies and pushing them for change, with past targets that include Whole Foods Market, Walgreen, ConAgra and Bloomin' Brands. TreeHouse representatives aren't immediately available for comment. TreeHouse jumps 20% to $51.06, nearing their 52-week high reached last May. (colin.kellaher@wsj.com)

FUTURES MARKETS

Livestock Futures Close Day Mixed -- Market Talk

1547 ET - Live cattle futures finish down 0.9% to $1.227 per pound, and lean hogs close up 1.8% to 81.825 cents per pound. Yesterday's WASDE from the USDA raised production forecasts for US meats, while the agency kept its export outlook unchanged--which made some traders uneasy. "Robust exports remain critical for the pork market this spring and summer," says Steiner Consulting Group. In the short term, Steiner says it expects world buyers to favor US meat for exports. (kirk.maltais@wsj.com; @kirkmaltais)

CASH MARKETS 


 
Estimated U.S. Pork Packer Margin Index - Feb 10 
 
All figures are on a per-head basis. 
 
Date     Standard Margin       Estimated margin 
         Operating Index         at vertically - 
                             integrated operations 
 
Feb 10       +$ 32.14            +$ 48.99 
 
Feb  9       +$ 33.82            +$ 46.95 
 
Feb  8       +$ 39.56            +$ 45.14 
 
* 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  111.5 
      (Percent of Year-Ago)      Select  108.5 
 
USDA Boxed Beef, Pork Reports

Wholesale choice-grade beef prices Wednesday fell $1.27 per hundred pounds, to $233.02, according to the USDA. Select-grade prices rose 23 cents per hundred pounds, to $220.96. The total load count was 136. Wholesale pork prices rose 95 cents, to $85.19 a hundred pounds, based on Omaha, Neb., price quotes.

(END) Dow Jones Newswires

02-10-21 1735ET