LIVESTOCK HIGHLIGHTS: Top Stories of the Day
October 24 2016 - 5:56PM
Dow Jones News
TOP STORIES
Central Beef's Operations Up for Sale -- Market Talk
14:26 ET - Central Beef, which once operated as Florida's
largest beef-processing plant, is up for sale after a federal judge
gave its bankruptcy lawyers permission to auction off its
operations. Judge Catherine Peek McEwen said she'd review the
winning bid, which requires her approval, at a Nov. 10 hearing.
Officials who put Central Beef's 214-worker plant into chapter 11
protection on March 21 blamed several years of sales declines
within the slaughterhouse industry, leading revenue to fall 9% to
$164.3M in the last two years. They have not disclosed a list of
potential buyers or price estimates to court papers.
(katy.stech@wsj.com; @katystech)
Burger King Parent Reports Slowing Sales Growth - Update
Restaurant Brands International Inc. is the latest restaurant
company to report cooling sales.
The Oakville, Ontario-based company on Monday said same-store
sales at its Tim Hortons doughnut chain rose 2%, while Burger
King's same-store sales rose 1.7%. In the same quarter last year,
same-store sales rose by 5.3% and 6.2%, respectively, at the
doughnut and burger chains.
STORIES OF INTEREST
Sonic Tumbles on Sales Miss, Downbeat Outlook -- Market Talk
17:01 ET - Drive-in fast-food chain Sonic (SONC) slides in
extended trading after it misses Wall Street's F4Q sales estimates
and warns it expects sales pressure to continue "particularly in
the first half of the year." System-wide comp store sales fell 2%
in 4Q on "slowing consumer trends that began in April," and
continued. Company says "an aggressive promotional and pricing
environment" is expected to continue to pressure sales and earnings
in FY17. Company forecasts 2017 systemwide SSS in a range of down
2% to flat. SONC falls 11% to $23.51 after-hours.
(patrick.sheridan@wsj.com)
US Soybean Harvest Three-Fourths Done; Corn Catching up --
Market Talk
16:30 ET - The US soybean crop is more than three-quarters
harvested and farmers are making good progress on corn too,
according to the USDA. The government says growers as of Sunday had
collected 76% of the nation's soybeans, on par with this time last
year. The US corn harvest has also almost caught up to normal pace,
with 61% of the crop collected, which barely trails of the average
pace of 62% for the past five years. Meanwhile, winter wheat
plantings are lagging slightly, with 79% of the grain planted,
compared to an average 82% for this time between 2011 and 2015.
(jesse.newman@wsj.com; @jessenewman13)
FUTURES MARKETS
U.S. Cattle Futures Gain For Third Session As Demand
Strengthens
CHICAGO--U.S. cattle futures rallied for a third session Monday,
lifted to the highest levels in nearly four weeks by signs of
stronger demand for discounted livestock and meat.
Live-cattle futures for October delivery rose 1.975 cents, or
2%, to settle at $1.03125 a pound, the highest settlement since
Sept. 28, and following a 5.5% climb last week. Most actively
traded December live-cattle futures advanced 2.375 cents to $1.0425
a pound on the Chicago Mercantile Exchange.
CASH MARKETS
Zumbrota, Minn Hog Market Steady At 27.00 - Oct 24
Barrow and gilt prices at the Zumbrota, Minn., livestock market today are
stady at $27.00 per hundredweight.
Sow prices are steady.
Sows weighing under 450 pounds are $22.00-$23.00, 400-450 pounds are
at $22.00-$23.00, 450-500 pounds are $22.00-$23.00 and those over
500 pounds are $24.00-$25.00.
The day's total run is estimated at 100 head.
Prices are provided by the Central Livestock Association.
Estimated U.S. Pork Packer Margin Index - Oct 24
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically
integrated operations
*
Oct 24 +$51.08 +$ 13.66
Oct 21 +$50.10 +$ 12.33
Oct 20 +$50.63 +$ 13.36
* 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 83.3
(Percent of Year-Ago) Select 79.3
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Monday rose $1.20 per hundred
pounds, to $180.98, according to the USDA. Select-grade prices rose
44 cents per hundred pounds, to $167.17. The total load count was
124. Wholesale pork prices rose 62 cents, to $72.09 a hundred
pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
October 24, 2016 17:41 ET (21:41 GMT)
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