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LIVESTOCK HIGHLIGHTS: Top Stories of the Day

05/14/2021 | 05:39pm EDT


General Mills to Buy Tyson Foods' Pet-Treats Business for $1.2 Billion 

General Mills Inc. has agreed to buy Tyson Foods Inc.'s pet-treats business for $1.2 billion in cash, the companies said, a deal that would complement General Mills' pet-food unit. The deal would provide an estimated tax benefit of $225 million, equating to an effective purchase price of $975 million, General Mills said Friday. The Tyson unit includes the Nudges, Top Chews and True Chews brands.

Billion-Dollar Pet Treat Deal Gives Tyson Spending Options -- Market Talk 

0814 ET - Tyson Foods' $1.2B sale of its pet treats business to General Mills is a rare major divestiture for the Arkansas meat giant, but how will Tyson spend the dough? Costs are rising for the biggest US meat producer, with hundreds of millions in expenses in the last year related to Covid-19 safety gear and related bonus pay for workers. This year Tyson and other meatpackers have been hiking pay to recruit and retain employees, while cost grain and hog costs have surged in recent months. A Tyson spokesman says funds from the deal, targeted to close this year, will add to Tyson's capacity to build its finances, invest in its business and return cash to shareholders. (jacob.bunge@wsj.com; @jacobbunge)


Simply Good Foods to Restate Several Periods of Financial Statements After SEC SPAC Guidance 

Simply Good Foods Co. said it will restart financial statements for fiscal years 2018 to 2020 and the first two quarters of fiscal 2021 after the Securities and Exchange Commission issued guidance for entities related to special-purpose acquisition companies. Simply Good Foods went public through a combination with Conyers Park Acquisition Corp. in 2017. The company on Friday said the restatement is related to the accounting treatment for public warrants and private placement warrants that were outstanding at the time of its combination with the SPAC.

U.S. Businesses Are Playing Catch-Up as the Economy Surges 

A revival in the U.S. economy is driving up demand for everything from plane tickets to dinner reservations. Many companies that stand to benefit can't keep up. Diners are streaming into restaurants but owners can't find enough people to cook or serve their food. People are shopping for cars in record numbers but dealers can't fill their lots. Americans are getting back on planes but the future of the more lucrative business of ferrying international and business travelers remains in doubt.


Hog Futures Lead Push Lower as Soybeans Turn Higher -- Market Talk 

1507 ET - Lean hog futures trading on the CME closed down leading the livestock complex lower -- with the most-active contract ending down 1.3% to $1.0975 per pound, while live cattle futures closed down 0.4% to $1.16575 per pound. For hogs, the downtrend seen in the contract comes as soybean futures trading on the CBOT managed to turn higher, even as corn -- another common feed ingredient -- posted another 4.5% dip in trading today. For soybeans, indications of continued tight supplies kept them higher today, says Arlan Suderman of StoneX. (kirk.maltais@wsj.com; @kirkmaltais)


Estimated U.S. Pork Packer Margin Index - May 14 
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 
May 14       -$ 14.00            +$ 97.00 
May 13       -$ 11.31            +$ 98.68 
May 12       -$ 21.67            +$ 99.92 
* 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. 
This report compares the USDA's latest beef carcass composite 
values as a percentage of their respective year-ago prices. 
          For Today              Choice   68.0 
      (Percent of Year-Ago)      Select   67.1 
USDA Boxed Beef, Pork Reports 

Wholesale choice-grade beef prices Friday rose 16 cents per hundred pounds, to $316.94, according to the USDA. Select-grade prices fell $2.72 per hundred pounds, to $293.19. The total load count was 107. Wholesale pork prices fell 78 cents, to $113.52 a hundred pounds, based on Omaha, Neb., price quotes.

(END) Dow Jones Newswires

05-14-21 1739ET

Stocks mentioned in the article
ChangeLast1st jan.
CORN FUTURES (C) - CBR (FLOOR)/C1 -3.06% 547.25 End-of-day quote.0.00%
CORN?FUTURES (SETTLEMENT ONLY) (ZC) - CBR (FLOOR)/C11 0.00%End-of-day quote.0.00%
DJ INDUSTRIAL 0.68% 35061.55 Delayed Quote.13.69%
FEEDER CATTLE?FUTURES (GF) - CMG (ELECTRONIC)/C1 1.11% 159.95 End-of-day quote.13.85%
GENERAL MILLS, INC. 1.02% 59.4 Delayed Quote.1.02%
LIVE CATTLE (LE) - CMG (ELECTRONIC)/C1 0.29% 121.15 End-of-day quote.6.95%
S&P GSCI CORN INDEX -3.57% 451.806 Delayed Quote.16.94%
S&P GSCI LIVE CATTLE INDEX 0.38% 433.959 Delayed Quote.10.13%
S&P GSCI SOY BEANS INDEX -0.41% 536.6743 Delayed Quote.3.91%
SOYBEAN MEAL FUTURES (ZM) - CBE (ELECTRONIC)/C1 -2.84% 352.9 End-of-day quote.-14.87%
THE SIMPLY GOOD FOODS COMPANY 2.41% 37.79 Delayed Quote.20.50%
TYSON FOODS, INC. 0.85% 71.32 Delayed Quote.10.68%
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