LIVESTOCK HIGHLIGHTS: Top Stories of the Day
August 16 2017 - 5:56PM
Dow Jones News
TOP STORIES
SpartanNash Sees Easing of Food-Price Deflation -- Market
Talk
16:51 ET - SpartanNash's (SPTN) top and bottom lines benefit
from an easing of food-price deflation but the grocery-store
operator and distributor falls short on revenue expectations in its
2Q. SPTN's food-distribution business is helping buoy the retail
business, which the company has being working to restructure. CEO
David Staples says retail continues to face "challenging market
conditions," as its corporate-owned store count drops to 151 from
160 a year ago. SPTN also names former United Natural Foods (UNFI)
CFO Mark Shamber finance chief, effective Sept. 17. Shares in SPTN
fall 0.8% after hours. (bowdeya.tweh@wsj.com; @BowKnowsBiz)
STORIES OF INTEREST
Performance Food Sees Case Growth Despite Missing Views --
Market Talk
8:53 ET - Food-service distributor Performance Food Group (PFGC)
falls short of top and bottom line expectations in its F4Q, despite
a rise in case volume when adjusting for an extra week in the
comparable quarter last year. Net sales rise 1.3% to $4.43B, but
would have been up 9.1% excluding the extra week. Sales to
independent customers and growth in its branded products and candy
and snack distribution business fuel the rise in case growth.
Shares fall 5% to $24.65 premarket. (justina.vasquez@wsj.com)
FUTURES MARKETS
Tumbling Belly Prices Pressure Hog Futures
Hog futures fell sharply after a steep drop in pork-belly
prices.
A pound of pork bellies, used to make bacon, fell 15.54 cents,
to $1.8059 a pound, as of midday Wednesday. A run-up in belly
prices to highs in recent months buttressed the hog market, helping
limit losses despite growing supplies of pork. Slaughter numbers
and pork production rose to multimonth highs last week.
Cattle futures also fell, under pressure from weaker cash
prices. Feedlots didn't sell any cattle at the online Fed Cattle
Exchange auction on Wednesday morning, turning down bids from
meatpackers. Sales so far this week have mostly been at $1.10 a
pound live, down from around $1.15 a pound last week.
CASH MARKETS
Zumbrota, Minn Hog Steady At $50.00 - Aug 16
Barrow and gilt prices at the Zumbrota, Minn., livestock market
today are steady at $50.00 per hundredweight.
Sow prices are lower. Sows weighing under 450 pounds are
$54.00-$56.00, 400-450 pounds are at $54.00-$56.00, 450-500 pounds
are $54.00-$56.00 and those over 500 pounds are $60.00-$63.00.
The day's total run is estimated at 150 head.
Prices are provided by the Central Livestock Association.
Estimated U.S. Pork Packer Margin Index - Aug 16
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
integrated operations
*
Aug 16 +$25.03 +$66.15
Aug 15 +$29.07 +$71.12
Aug 14 +$28.06 +$71.35
* 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 97.9
(Percent of Year-Ago) Select 100.4
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Wednesday fell $1.44 per
hundred pounds, to $197.51, according to the USDA. Select-grade
prices fell 83 cents per hundred pounds, to $195.04. The total load
count was 201. Wholesale pork prices fell $2.31, to $91.17 a
hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
August 16, 2017 17:41 ET (21:41 GMT)
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