LIVESTOCK HIGHLIGHTS: Top Stories of the Day
March 05 2018 - 5:55PM
Dow Jones News
TOP STORIES
Brazil's BRF Shares Down on Fraud Investigation Report -- Market
Talk
9:47 ET - Shares of Brazilian meat packer and food processor BRF
SA are down more than 11% in morning trade in Sao Paulo after
reports that local police are investigating the company on
suspicions the group engaged in fraudulent practices regarding food
inspection. BRF had no immediate comment on the reports. The
investigation into alleged illegal practices began about a year
ago, when employees of both BRF and rival JBS SA were targeted for
allegedly bribing meat inspectors. Both companies denied wrongdoing
at the time. (luciana.magalhaes@wsj.com)
More Kroger, Less Whole Foods at Natural Trade Show -- Market
Talk
11:14 ET - Whole Foods won't hold an annual supplier summit at a
big natural products convention this week as the grocer overhauls
its operations and adjusts to its Amazon ownership. The company had
nothing big to announce, a spokeswoman says. Kroger will hold a
supplier summit instead, while Target, Albertsons and other
mainstream food retailers will hit the Natural Products Expo West
as they seek niche foods to try and drive sales.
(heather.haddon@wsj.com; @heatherhaddon)
STORIES OF INTEREST
Just Eat's New Chief Facing Questions About Company Plans --
Market Talk
1612 GMT - The new chief executive of Just Eat PLC is likely to
face questions about what's on the menu for the online takeaway
service when it presents full-year results on Tuesday. UBS is
looking to Peter Plumb, who joined the company last year, to update
investors about delivery services strategy and partnerships with
branded restaurants. The Swiss broker is also seeking comments on
technology investment and the potential for capital returns,
balanced with views on possible industry M&A. "Barring any
major surprise around the 2H 2017 results, we expect focus to be on
the outlook, and as usual particularly around order and top-line
growth, competition with three-sided players and U.K.
growth/margins," UBS says. Just Eat shares last up 0.2%.
(philip.waller@wsj.com)
China Faces Tougher Balancing Act as U.S. Pushes Trade War --
Market Talk
0711 GMT - The U.S. launching a trade war could greatly
complicate China's twin goals of growing the economy and
deleveraging, says Patrick Bennett, head of macro strategy for Asia
at CIBC. Those goals sit uneasily together and will clash again
this year, he says. "If not for the rise in the threat of trade
protectionism, China's leverage to buoyant global demand might have
been sufficient to carry the growth target. That is now uncertain,
as it is for many economies around the globe."
(gregor.hunter@wsj.com; @gregorhunter)
FUTURES MARKETS
Cattle Futures Snap Losing Streak -- Market Talk
14:56 ET - Cattle and hog futures recovered on Monday after
falling for most of last week on concerns over expanding U.S. meat
supplies. April-dated live cattle futures closed near $1.23 a pound
on Monday at the CME, up 0.8% from Friday when the contract fell
for a third consecutive day. April-dated lean hog futures also
gained on Monday, closing up 1.3% at 68.80 cents a pound.
(patrick.mcgroarty@wsj.com; @patmcgroarty)
CASH MARKETS
Zumbrota, Minn Hog $1.00 Lower At $39.00 - Mar 5
Barrow and gilt prices at the Zumbrota, Minn., livestock market are
$1.00 lower at $39.00 per hundredweight.
Sow prices are $1.00 higher. Sows weighing 400-450 pounds are at $44.00-$46.00,
450-500 pounds are $44.00-$46.00 and those over 500 pounds are $48.00-$50.00.
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 - Mar 5
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
integrated operations
*
Mar 5 +$29.95 +$ 39.21
Mar 2 +$27.11 +$ 36.07
Mar 1 +$25.78 +$ 34.67
* Based on Iowa State University's latest estimated cost of production.
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 106.5
(Percent of Year-Ago) Select 105.3
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Monday rose 71 cents per
hundred pounds to $223.23, according to the USDA. Select-grade
prices rose 20 cents per hundred pounds to $214.84. The total load
count was 95. Wholesale pork prices rose $1.46 to $78.64 a hundred
pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
March 05, 2018 17:40 ET (22:40 GMT)
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