TOP STORIES:
Wheat Falls on Weak Export Sales
Wheat for December delivery fell 1% to $5.91 3/4 a bushel, on the Chicago Board of Trade Thursday, in response to marketing year-low export sales along with general selling across the grains complex. Corn for December delivery fell 0.8% to $4.22 1/2 a bushel. Soybeans for January delivery rose 0.2% to $11.77 1/2 a bushel. Export sales of U.S. wheat hit a paltry 192,400 metric tons for the week ending Nov. 12, a marketing year low according to the USDA. This week's total is down 36% from the previous week and 62% from the prior 4-week average, the USDA says. The total also falls below expectations of grains traders surveyed by The Wall Street Journal, who estimated wheat sales between 250,000 tons and 550,000 tons. For traders hoping to see stronger demands for U.S. grains across the board, the sales were disappointing according to ED&F Man Capital.
Post Holdings Swings to 4Q Profit on Lower Expenses
Post Holdings Inc. swung to a profit in the fiscal fourth quarter on lower expenses as the pandemic continues to push shoppers toward at-home consumption. The consumer packaged goods company, whose products include Honey Bunches of Oats and Weetabix cereal, posted a profit of $57 million, or 83 cents a share, in the quarter ended September 30, compared with a loss of $61.1 million, or 84 cents a share, a year earlier. Adjusted earnings were 58 cents a share. Analysts surveyed by FactSet were looking for adjusted profit of 78 cents a share.
Plant-Based Meat Expands Market Presence -- Market Talk
10:52 ET - Plant-based meat has made big gains in grocery store presence and consumer interest this year, even with the coronavirus pandemic altering consumer patterns. Dollar sales of products containing tempeh-- protein made from fermented soybeans -- are up 148% from the previous year, according to data from Nielsen. This week, Greenleaf Foods SPC announced that its Lightlife tempeh product is now available in 3,500 Walmart stores--bringing the total availability to 18,500 retail locations nationwide, with sales growing 44% this year. "Lightlife Tempeh accounted for about 80% of total US tempeh dollar sales so far this year," says Dan Curtin, president of Greenleaf Foods, SPC. "This is only the beginning as we further grow the plant-based category with our variety of plant-based products." (kirk.maltais@wsj.com; @kirkmaltais)
STORIES OF INTEREST:
Tyson Faces More Allegations Over Covid-19 Response -- Market Talk
10:09 ET - While Covid-19 cases rise to new records, US meatpackers continue to face allegations of missteps during the pandemic's initial springtime surge. An ongoing wrongful death lawsuit targeting Tyson Foods, filed by the family of a deceased plant worker, alleges that a Waterloo, Iowa plant manager arranged a betting pool around the number of employees that would test positive for the coronavirus. The lawsuit, which was updated this month, alleges that some workers were transferred to the Waterloo plant after a separate, nearby Tyson facility was closed due to an outbreak. A Tyson spokesman declines to comment on the lawsuit, but says the company has taken extensive steps to improve Covid-19 protections. (jacob.bunge@wsj.com; @jacobbunge)
THE MARKETS:
Livestock Futures Sink as Coronavirus Hits Demand -- Market Talk
15:22 ET - Livestock futures on the CME post big declines, partially in reaction to weak export sales figures this morning and partially due to climbing coronavirus cases ahead of next week's Thanksgiving holiday. The move lower is a correction from upticks seen earlier this week, in which cutout prices were improving on higher consumer demand. "It feels like the market [found] support from a tendency for consumers to want to own a bit more inventory than normal due to virus surge," RJO Futures says. "In the end, demand may not be as strong as believed." Most-active live cattle futures close 2.3% lower to $1.10525 a pound, while lean cattle futures slide 4.3% to 63.05c. (kirk.maltais@wsj.com; @kirkmaltais)
(END) Dow Jones Newswires
11-19-20 1745ET
