LIVESTOCK HIGHLIGHTS: Top Stories of the Day
May 24 2017 - 05:52PM
Dow Jones News
TOP STORIES
Holding Company of Brazil's JBS in Talks to Settle Corruption
Case
SÃO PAULO -- J&F Participações, the holding company of
meatpacker JBS that is involved in Brazil's vast corruption
scandal, is willing to shell out at least $1.3 billion as part of a
leniency deal with prosecutors, said a person close to the
discussions.
JBS became the latest focus of Brazil's Car Wash corruption
investigation last week when the Supreme Court released plea
bargain testimony from its executives, who said they bribed 1,829
politicians, including President Michel Temer. He has denied
wrongdoing and has rejected calls to resign.
STORIES OF INTEREST
Campbell's Takes Largest Position in Meal Delivery Company --
Market Talk
11:40 ET - Campbell Soup (CPB) invests $10M in the Chef'd meal
kit delivery company as the packaged-food manufacturer seeks
assistance on the changing behavior of shoppers. The
California-based meal kit company will provide data on shoppers and
help with product development as part of the three year agreement.
CPB has been looking for ways to improve slowing sales in packaged
foods. CPB gains 0.4% to $58.37. (heather.haddon@wsj.com;
@heatherhaddon)
Proposal To Give McDonald's Franchisees Board Pick Fails --
Market Talk
11:56 ET - A shareholder proposal to give McDonald's (MCD)
franchisees a voice on the fast-food giant's board failed. The
proposal, which sought to give franchisees a new class of stock
that would allow them to elect one member of the board, received
the support of just 1.3% of the shares voted, according to
preliminary voting results at the company's annual shareholders
meeting. The measure, which was opposed by the company, wasn't
actually brought by franchisees, but rather by a New York
investment advisory firm that said it felt the MCD board needed
franchisee representation. MCD is selling more of its restaurants
around the globe to franchisees, a tactic restaurant chains are
increasingly adopting as a way to reduce risk and stabilize
revenues. (julie.jargon@wsj.com)
FUTURES MARKETS
Cattle Futures Slide as Seasonal Boost Slows
CHICAGO--Cattle futures fell on Wednesday as traders bet that
beef prices would trend lower after a Memorial Day bump.
The cattle market has rallied on the back of everything from
seasonal grilling demand to a government agreement to reopen China
to U.S. beef imports. Now, analysts say, futures traders have run
low on optimism to buy on.
Live cattle futures for June delivery fell 0.8% to $1.22125 a
pound on Wednesday at the Chicago Mercantile Exchange, while August
feeder cattle futures dropped 1.9% to $1.48675 a pound.
CASH MARKETS
Zumbrota, Minn Hog $1.00 Lower At $46.00 - May 24
Barrow and gilt prices at the Zumbrota, Minn., livestock market
today are $1.00 lower at $46.00 per hundredweight.
Sow prices are steady. Sows weighing under 450 pounds are
$40.00-$42.00, 400-450 pounds are at $40.00-$42.00, 450-500 pounds
are $40.00-$42.00 and those over 500 pounds are $44.00-$46.00.
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 - May 24
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
integrated operations
*
May 24 +$32.51 +$61.27
May 23 +$33.58 +$62.62
May 22 +$31.86 +$59.51
* 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 109.7
(Percent of Year-Ago) Select 106.0
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Wednesday rose 34 cents per
hundred pounds, to $246.08, according to the USDA. Select-grade
prices fell $1.57 per hundred pounds, to $219.60. The total load
count was 144. Wholesale pork prices fell 63 cents, to $88.90 a
hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
May 24, 2017 17:37 ET (21:37 GMT)
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