TOP STORIES

Beyond Meat Sets IPO Terms, Seeking Valuation Up to $1.2 Billion

Beyond Meat Inc. has set terms of its initial public offering that could raise roughly $184 million at the high end of its estimated price range, as the plant-based meat substitute startup moves closer to its planned Wall Street debut.

According to its latest regulatory filing, the El Segundo, Calif., company plans to offer 8.75 million shares priced between $19 and $21 each, which would value the venture-backed company at up to $1.21 billion.

Kraft Heinz Names New CEO

Kraft Heinz Co. named a new chief executive, appointing a fellow veteran manager of companies backed by investment firm 3G Capital LLC to succeed Bernardo Hees amid weak sales and a federal investigation into the food giant's procurement practices.

Miguel Patricio, the former chief marketing officer of brewer Anheuser-Busch InBev SA, where 3G is also a top investor, will succeed Mr. Hees as chief executive on July 1, Kraft said Monday.

STORIES OF INTEREST

McDonald's to Add International Offerings to U.S. Menu, Documents Say -Business Insider

--McDonald's Corp. (MCD) plans to add four "Worldwide Favorites" to its American menu for the summer, beginning in early June, Business Insider reported Monday, citing internal documents.

Corn and Wheat Grain Inspections Top Expectations -- Market Talk

12:49 ET - Grain export inspections of wheat and corn have exceeded analyst forecasts, according to USDA data. Corn inspections totaled over 1.35M metric tons, beating predictions of up to 1.1M tons. Meanwhile, wheat inspections totaled 811,130 tons, over the 600,000 tons forecast by analysts. Soybeans failed to meet expectations, however - totaling only 382,298 tons, below expectations of 400,000-800,000 tons. Grains futures on the CBOT continue to trade lower, with wheat down 1.5%, corn down 0.5%, and soybeans down 0.1%. A steady lack of demand, combined with indications of higher supply in Russia, is considered the main factors bringing wheat futures down. (kirk.maltais@wsj.com; @kirkmaltais)

FUTURES MARKETS

Hog Futures Slumps Over 3% to Start Week -- Market Talk

15:58 ET - Lean hog futures on the CME fall 3.1% today, to 93.775 cents per pound. The futures drop pulls the contract out of its 95-100 cent per pound range it has been trading in since the start of the month. Live cattle futures also drop by 0.9% to $1.21575 per pound. Cattle has been following the movement of the-more volatile hog futures in recent weeks, with the assumption that higher exports of pork will eventually benefit beef as well. (kirk.maltais@wsj.com; @kirkmaltais)

CASH MARKETS

 
Estimated U.S. Pork Packer Margin Index - Apr 22 
 
Source: USDA, based on Wall Street Journal calculations 
All figures are on a per-head basis. 
 
Date     Standard Margin       Estimated margin 
         Operating Index         at vertically - 
                             integrated operations 
 
Apr 22       +$  6.84            +$ 55.74 
Apr 19       +$  5.74            +$ 55.33 
Apr 18       +$  9.57            +$ 56.62 
 
* 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  110.6 
      (Percent of Year-Ago)     Select  111.2 
 
USDA Boxed Beef, Pork Reports

Wholesale choice-grade beef prices Monday rose 83 cents per hundred pounds, to $234.38, according to the USDA. Select-grade prices rose $2.15 per hundred pounds, to $222.64. The total load count was 72. Wholesale pork prices rose 19 cents, to $86.33 a hundred pounds, based on Omaha, Neb., price quotes.

(END) Dow Jones Newswires

April 22, 2019 17:34 ET (21:34 GMT)

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