TOP STORIES

Hormel Recalls 45 Tons of Turkey for Possible Salmonella Link >HRL

A unit of Hormel Foods Corp. (HRL) is recalling more than 45 tons of turkey products that may be linked to an outbreak of salmonella that has sickened 164 people in 35 states, the U.S. Department of Agriculture said.

The agency said Jennie-O Turkey Store Sales LLC, of Barron, Wis., recalled 91,388 pounds of raw ground-turkey products that were produced on Sept. 11, with use-by dates of Oct. 1 and Oct. 2.

STORIES OF INTEREST

Wendy's to Buy 3.64 Million of its Shares From Jefferies

Wendy's Co. (WEN) has agreed to buy back 3.64 million of its shares for $75 million in cash from Jefferies LLC, Wendy's said in a securities filing.

The agreement, dated Thursday, is part of a share buyback program the fast-food retailer has in place, Wendy's said. The number of shares it will buy from Jefferies will generally be based on the average of the daily volume-weighted average prices of Wendy's common stock during the agreement's lifetime, according to the filing with the Securities and Exchange Commission.

Soybean Traders React to Trump's Trade Comments -- Market Talk

13:11 ET - Soybean prices move higher after President Trump says China wants to make a deal on trade, though the price reaction was muted as traders are looking for more substantial developments, analysts say. "There still is not any solid evidence (of a resolution)," says Don Roose, president of US Commodities, adding that the grain market is still anchored by a glut of supply amid the US-China trade dispute. CBOT soybean contracts for January delivery are up 0.5%, while corn futures fall 0.5% and wheat futures rise 0.6%. (francesca.fontana@wsj.com; @francescamarief)

Bunge Shares Keep Getting Cheaper -- Market Talk

10:06 ET - Investors have been persistently downbeat on shares of agricultural trader Bunge, but Vertical Group analysts figure the clouds have got to lift sooner or later. Bunge's stock is languishing around nine-year lows, despite crop trading and processing becoming more profitable--plus the company's agreed to name four new directors to its board in a settlement with activist investors, and has held deal talks with major rivals over the past two years. At Bunge's current valuation, it's likely "worth the while of would-be acquirers to work through the potential regulatory/antitrust burden and the complexities of potential divestitures," Vertical Group says. Bunge shares, down 13% this year, are barely changed this morning at $58.52. (jacob.bunge@wsj.com; @jacobbunge)

FUTURES MARKETS

Hog Prices Soar As Swine Disease Spreads -- Market Talk

15:31 ET - Hog futures soar as new cases of African swine fever are reported in China, the world's largest pork producer. CME December hog contracts hit limit up, or the maximum amount the price can increase in a trading day, gaining 5.3% to 60.075 cents a pound while cattle futures edge 0.2% higher. "This is a major problem for the Chinese," says Dennis Smith of Archer Financial Services, adding that the scenario is also a "major bullish story for the US hog market," as some traders hope to see increased foreign pork demand. Friday's rally extends the week's gains, with December hog contracts gaining more than 4 cents since last week's close. (francesca.fontana@wsj.com; @francescamarief)

CASH MARKETS

 
Estimated U.S. Pork Packer Margin Index - Nov 16 
 
All figures are on a per-head basis. 
 
Date     Standard Margin       Estimated margin 
         Operating Index         at vertically - 
                             integrated operations 
                                      * 
Nov 16       +$ 28.34            +$ 10.99 
Nov 15       +$ 30.14            +$ 12.09 
Nov 14       +$ 31.00            +$ 12.65 
 
* 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  102.7 
      (Percent of Year-Ago)     Select  105.2 
 
USDA Boxed Beef, Pork Reports

Wholesale choice-grade beef prices Friday fell 64 cents per hundred pounds, to $212.91, according to the USDA. Select-grade prices fell 1 cent per hundred pounds, to $197.57. The total load count was 83. Wholesale pork prices fell 51 cents, to $66.85 a hundred pounds, based on Omaha, Neb., price quotes.

(END) Dow Jones Newswires

November 16, 2018 17:37 ET (22:37 GMT)

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