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LIVESTOCK HIGHLIGHTS: Top Stories of the Day

03/03/2021 | 05:40pm EDT

TOP STORIES

Starboard Takes Elanco Stake, Nominates Three to Its Board -- Update

Activist investor Starboard Value LP has taken a stake in Elanco Animal Health Inc. and nominated three directors to the company's board, according to people familiar with the matter.

Elanco, which makes vaccines and treatments for pets and livestock, has a market value of about $15 billion. The exact size of Starboard's stake -- and specifically what the fund intends to advocate at Elanco -- couldn't be learned, though it tends to make sizable investments in companies it targets

Burger King Spending for Chicken Sandwich Launch -- Market Talk

0954 ET - Burger King franchisee Carrols Restaurant Group says its new chicken sandwich launch is requiring it to spend on kitchen equipment and labor. The hand-breaded sandwich set to debut in May will require a dedicated worker to prepare it, as the product is raw, not frozen like most other sandwich patties, the company says in 4Q earnings. The taste is much better than the current chicken sandwich and it should drive sales, CEO Daniel Accordino says. McDonald's launched its new chicken sandwich last week as interest in the product has grown. (heather.haddon@wsj.com; @heatherhaddon)

STORIES OF INTEREST

J Sainsbury to Cut 500 Office Jobs in New Food Business-Focused Plan

J Sainsbury PLC said Wednesday that it expects to lay off 500 office workers as the company looks to redirect savings to its core food business.

Sainsbury, the second-largest grocer in the U.K. by market share, said the new proposals intend to adapt the business as part of Chief Executive Simon Roberts' plan to put 'Food First,' which would include simplifying store-support operations and focus more on its online operations.

Chinese Grain Demand Fundamental-Based, ADM Says -- Market Talk

1435 ET - China's appetite for US grain exports isn't expected to evaporate any time soon, says Ray Young, executive vice president of Archer Daniels Midland. Speaking at a virtual conference Wednesday, Young says that the company sees China's appetite for US soybeans and corn as being based on need to use the commodities, not just simply stockpile them. "I think the reason China is buying agricultural products throughout the world is fundamental demand," says Young -- calling China's appetite a "medium-term" trend. The reason, Young says, is because China has escaped the throes of the Covid-19 pandemic while other areas like the US still grapple with it -- making China's demand stand out in front of others. (kirk.maltais@wsj.com; @kirkmaltais)

Synlait Sees Steeper Fall in Full-Year Earnings -- Update

WELLINGTON, New Zealand--Synlait Milk Ltd. indicated its full-year earnings would fall by more than previously forecast because of the weakened financial performance of a key customer, a2 Milk Company Ltd.

The New Zealand milk-powder manufacturer said its previous guidance--that 2021 financial year net profit would be approximately half of the previous year--was no longer attainable.

FUTURES MARKETS

Hog Futures Rebound on Cutout Demand -- Market Talk

1529 ET - After slumping for the past week, lean hog futures on the CME posted a 3% rebound, closing up to 87.925 cents per pound. The uptick comes as certain pork cutouts are seeing higher-than-usual demand as the spring season approaches. One such cutout is ham, which has gained 33% over the past month. "Fewer hams in the freezer, fewer business days to accumulate hams for Easter and robust export demand have bolstered ham prices so far," says Steiner Consulting Group. Meanwhile, live cattle futures finished trading today virtually unchanged, at $1.194 per pound. (kirk.maltais@wsj.com; @kirkmaltais)

CASH MARKETS

 
Estimated U.S. Pork Packer Margin Index - Mar 3 
 
All figures are on a per-head basis. 
 
Date     Standard Margin       Estimated margin 
         Operating Index         at vertically - 
                             integrated operations 
 
Mar  3       +$  5.01            +$ 59.38 
Mar  2       +$ 16.88            +$ 67.76 
Mar  1       +$ 16.64            +$ 62.52 
 
* 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  112.8 
      (Percent of Year-Ago)      Select  111.5 
 
USDA Boxed Beef, Pork Reports 
 

Wholesale choice-grade beef prices Wednesday fell $1.65 per hundred pounds, to $233.03, according to the USDA. Select-grade prices fell $1.93 per hundred pounds, to $224.24. The total load count was 120. Wholesale pork prices fell $3.90, to $90.02 a hundred pounds, based on Omaha, Neb., price quotes.

(END) Dow Jones Newswires

03-03-21 1739ET

Stocks mentioned in the article
ChangeLast1st jan.
ARCHER-DANIELS-MIDLAND COMPANY 0.69% 58.54 Delayed Quote.16.13%
CLASS III MILK FUTURES (DC) - CMG (ELECTRONIC)/C1 0.11% 17.65 End-of-day quote.11.58%
CLASS IV MILK?FUTURES (GDK) - CMG (ELECTRONIC)/C1 0.26% 15.37 End-of-day quote.11.17%
CORN FUTURES (C) - CBR (FLOOR)/C1 -0.43% 577.25 End-of-day quote.19.78%
DRY WHEY?FUTURES (DY) - CMG (ELECTRONIC)/C1 0.00% 60.5 End-of-day quote.36.88%
FEEDER CATTLE?FUTURES (GF) - CMG (ELECTRONIC)/C1 -1.38% 145.1 End-of-day quote.5.88%
LIVE CATTLE (LE) - CMG (ELECTRONIC)/C1 -0.60% 123.4 End-of-day quote.9.92%
NONFAT DRY MILK FUTURES (GNF) - CMG (ELECTRONIC)/C1 0.02% 115.6 End-of-day quote.2.37%
SOYBEAN MEAL FUTURES (ZM) - CBE (ELECTRONIC)/C1 -1.45% 400.9 End-of-day quote.-6.35%
THE A2 MILK COMPANY LIMITED 3.86% 8.89 End-of-day quote.-26.35%
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