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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