TOP STORIES

Easterday Ranches and Farms Head to Bankruptcy Auction Block -- Market Talk

1627 ET - The Washington State cattle-fattening operation Easterday Ranches and its sister farm company, are preparing to put themselves up for auction in June. The business filed for chapter 11 protection earlier this year, after Easterday's largest customer, an affiliate of Tyson Foods, sued, alleging it had been billed for feeding cattle that didn't exist. Easterday owns or leases 22,500 acres, including multiple farms, orchards, feed lots, ranches, and other facilities. Bankruptcy professionals are looking for a "stalking horse," meaning a buyer willing to commit to a deal that will set the floor price for the auction. (peg.brickley@wsj.com)

Nomad Foods to Acquire Fortenova Group's Frozen Food Business Group

Nomad Foods Ltd. said it would acquire Fortenova Group's Frozen Food Business Group for about 615 million euros on a debt-free, cash free basis.

Nomad said the business's brands Ledo and Frikom provide it with entry into Central and Eastern European markets.

STORIES OF INTEREST

Restaurant Group to Raise Less Proceeds Than Expected via Share Placing

Restaurant Group PLC said Monday that it has received valid acceptances from shareholders in respect of its share placing for 86.21% of the open shares issued, raising less proceeds than expected.

The U.K. restaurant and pub chain said the open offer closed for acceptances on March 26, noting that it first intended to raise 175 million pounds ($243 million) by way of a share placing, firm placing and open offer.

How Cracker Barrel Will Gain More Than Rivals From Pandemic's End -- Barrons.com

Cracker Barrel Old Country Store has soared more than 124% in the past year, but Deutsche Bank sees even more upside for the restaurant operator as more consumers look to eat out.

Analyst Brian Mullan initiated coverage of Cracker Barrel (ticker: CBRL) with a Buy rating and $195 price target on Monday. Shares currently trade for a bit more than $170.

U.S. Farmers Vie for Land as a Grain Rally Sparks Shopping Spree (3/28)

In a resurgent American Farm Belt, the hottest commodity around is dirt.

Across the Midwest, prices to buy and rent farmland are climbing as demand is driven by rallying grain markets, historic government payments and low interest rates, according to economists, agricultural lenders and land managers.

The battle for farmland is playing out in small town community centers, online portals and parking lots, where bids in Covid-19-era auctions are placed with a wave from the window of a pickup truck or a quick flashing of headlights.

FUTURES MARKETS

Turnaround in Cutout Prices Pare Hog Losses -- Market Talk

1518 ET - A turnaround in pork cutout prices Monday helped lean hog futures trim losses seen on the outset of trading Monday. The most-active contract on the CME closed trading down 0.4% to $1.05225 per pound, after falling by as much as 1.4% in trading today. Hog futures started today weaker in reaction to weaker cutout prices on Friday, says independent trader Dan Norcini. However, cutout prices turned stronger by midday Monday, with ham and pork belly prices both posting substantial gains. Meanwhile, cattle futures rose 0.7% to $1.2265 per pound. (kirk.maltais@wsj.com; @kirkmaltais)

CASH MARKETS 


 
Estimated U.S. Pork Packer Margin Index - Mar 29 
 
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 
 
Mar 29       +$ 12.51            +$ 94.83 
Mar 26       +$ 14.45            +$ 94.70 
Mar 25       +$ 22.15            +$ 98.10 
 
* 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   94.5 
      (Percent of Year-Ago)      Select   96.0 
 
USDA Boxed Beef, Pork Reports

Wholesale choice-grade beef prices Monday rose $1.87 per hundred pounds, to $239.53, according to the USDA. Select-grade prices rose $4.73 per hundred pounds, to $232.50. The total load count was 96. Wholesale pork prices rose 6 cents, to $106.51 a hundred pounds, based on Omaha, Neb., price quotes.

(END) Dow Jones Newswires

03-29-21 1732ET