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TOP STORIES

Red Meat Exports Rise -- Market Talk

09:43 ET - Pork export sales of 31,600 metric tons in the week ended March 8 were over 20% above the four-week average. Beef sales of 20,200 tons were also higher than recent averages, with both figures reflecting solid international demand for U.S. meat. Physical hog prices, meanwhile, fell almost 50 cents on Wednesday, bringing prices to $59.12 per 100 pounds. That was the fifth consecutive day of losses as large slaughter-ready supplies allow packers to push prices lower. Market observers expect that trend to continue, with packers likely bidding steady to lower again, mostly offering 50 cents to $1 less. (benjamin.parkin@wsj.com; @b_parkyn)

Unilever Picks Rotterdam Over London for Headquarters -- 3rd Update

LONDON -- Unilever PLC will consolidate its dual headquarters in Rotterdam instead of London, a politically charged decision that came despite last-minute lobbying from the British government.

The decision, pending for months, has taken on outsized significance in the U.K., which is in the process of negotiating its exit from the European Union. Critics of that move -- triggered by a 2016 referendum -- have warned the split from the EU could force some big companies to move to mainland Europe.

Blue Apron to Sell Meal Kits in Stores to Buttress Sagging Deliveries -- Update

Blue Apron Holdings Inc. will try to give its struggling business a boost by selling meal kits in stores, acknowledging that its subscription-only model isn't enough in the intensifying fight to fill people's dinner plates.

One of the first meal-kit companies, Blue Apron has been losing customers amid increased competition and distribution problems. The company reported 750,000 subscribers last month, down from a peak of over 1 million last year. Its shares, down 46% so far this year, are trading around a fifth of their debut price of $10 last July. HelloFresh S.E., the only other publicly traded meal-kit company, is up around 5% this year.

STORIES OF INTEREST

Smart & Final Swoons on Online Investments, Weak Inflation -- Market Talk

09:40 ET - Smart & Final Stores down 17% in early trading as the California-based grocery reports light full-year sales guidance, and is the latest food retailer to sink profits into e-commerce efforts to quickly compete with Amazon and Walmart. "We expect that the impact of investments in IT infrastructure and digital commerce and marketing will continue to pressure operating and administrative costs," CFO Richard Phegley tells investors. Executives are hoping that the short-term hit will pay off in the long-term. Smart & Final also reports weak inflation in food prices so far this year is making it cautious about sales growth. (heather.haddon@wsj.com, @heatherhaddon)

Greencore's Peacock Foods Buy Hasn't Worked Out: Shore Capital -- Market Talk

1156 GMT - Greencore has experienced steady weakness since the acquisition of Peacock Foods in 2016, and recent talks of delays in new business wins across the acquired estate justify a downgrade to hold from buy, Shore Capital says. The broker says the decision to transfer leadership of Greencore US from divisional management to the CEO suggests that there are material challenges and that there will be no quick fix. "We also question if the U.K. will suffer in any way from this distraction, given recent 'softness' in trading," it says as it downgrades its FY 2018 EPS forecast by 7% to 14.8 pence. (carlo.martuscelli@dowjones.com)

FUTURES MARKETS

Cattle Futures Fall as Traders See Larger Supplies Ahead

Cattle futures fell despite rising prices for physical animals.

Meatpackers paid steady to higher prices this week for cattle to slaughter. Those values tend to underpin the futures market, but contracts were unable to hold onto those gains on Thursday.

Hog futures were mixed. The front-month April contract for lean hogs at the CME fell 1.7% to 65.725 cents a pound, hitting a new low for the year, while later months rose.

The cash market for hogs has fallen for five consecutive sessions to $59.12 per 100 pounds and was on track to fall further on Thursday. Observers expected meatpackers to bid a further 50 cents to $1 less. Wholesale pork prices have also been under pressure recently.

CASH MARKETS

 
Zumbrota, Minn Hog Steady At $39.00 - Mar 15 
 

Barrow and gilt prices at the Zumbrota, Minn., livestock market are steady at $39.00 per hundredweight.

Sow prices are steady. Sows weighing 400-450 pounds are at $36.00-$38.00, 450-500 pounds are $36.00-$38.00 and those over 500 pounds are $40.00-$42.00.

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 - Mar 15 
 
All figures are on a per-head basis. 
 
Date     Standard Margin       Estimated margin 
         Operating Index         at vertically - 
                             integrated operations 
                                      * 
Mar 15       +$22.47              +$25.81 
Mar 14       +$21.35              +$24.57 
Mar 13       +$26.06              +$30.09 
 
* 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  101.2 
      (Percent of Year-Ago)     Select  101.1 
 
USDA Boxed Beef, Pork Reports 
 

Wholesale choice-grade beef prices Thursday rose 88 cents per hundred pounds, to $224.99, according to the USDA. Select-grade prices fell 70 cents per hundred pounds to $216.31. The total load count was 107. Wholesale pork prices rose 58 cents to $72.41 a hundred pounds, based on Omaha, Neb., price quotes.

(END) Dow Jones Newswires

March 15, 2018 17:41 ET (21:41 GMT)

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