TOP STORIES

Little Caesars Links Up With Impossible 'Sausage' -- Market Talk

1000 GMT - Little Caesars Pizza is the latest fast-food chain to link up with Impossible Foods for a plant-based product launch. The world's third-biggest pizza chain is testing sausage made from plants, onions and other vegetables in Florida, New Mexico and Washington markets. Impossible Foods and rival Beyond Meat are increasingly moving into major fast-food chains, such as Burger King, after launching in higher-end retailers. (heather.haddon@wsj.com, @heatherhaddon)

Carr's Group Feels Heat From Mild Winter: Shore Capital -- Market Talk

1356 GMT - U.K. agriculture and engineering company Carr's Group is feeling the heat from a mild winter, Shore Capital says as it cuts the stock to hold from buy. Beneficial weather conditions for farmers have increased the availability and quality of grassland, hitting demand for animal-health products and supplements, Shore says. Furthermore, uncertainty around Brexit has led to a decline in farmers' confidence, which could weigh on the company's machinery sales, Shore says. The investment group says it is prudent to downgrade to hold despite a nondemanding valuation. Shares fall 1.3% to 148 pence. (adria.calatayudvaello@dowjones.com)

STORIES OF INTEREST

Trade, Part Dos: Retaliatory tariffs on U.S. agricultural products are no longer in place thanks to Friday's deal to lift the levies on steel and aluminum imports from Mexico and Canada. "Starting Monday, our great farmers can begin doing business again with Mexico and Canada," said a post on President Trump's Twitter account. "They have both taken the tariff penalties off of your great agricultural product. Please be sure that you are treated fairly."

Meat Prices are Set to Climb as Swine Fever Claims China's Hogs (May 19)

A disease sweeping China's hog farms is set to hit U.S. meat eaters' pocketbooks.

The companies that sell Big Mac and Whopper burgers, Jimmy Dean sausages and Dunkin' bacon sandwiches all expect meat prices to rise this year, as China imports more pork, beef and poultry to fill a shortfall in its huge hog market.

African swine fever, harmless to humans but deadly to pigs, has decimated Chinese hog counts, constraining supplies in the world's top market for pork. Up to 200 million Chinese hogs will be lost as the disease spreads and herds are culled to prevent it from spreading further, U.S. meat-industry officials estimate. Some expect the number to rise further.

Jack in the Box Gets Thumbs Up From Stifel -- Market Talk

0724 ET - Jack in the Box's plan to remain a standalone company and steer spending to drive-thrus prompts Stifel to upgrade the stock to buy from hold and raise its price target to $95 from $85. Stifel says the stock has suffered from uncertainty about the company's lengthy strategic review and worries about reduced guidance. But the analysts say recent promotional changes should deliver sustainable gains in same-restaurant sales, and they note the new capital plan focuses on higher-returning investments. Stifel says it expect Jack in the Box's valuation will improve as investors gain confidence the chain's outlook. Jack in the Box rose 4.2% Friday to close at $82.17. (colin.kellaher@wsj.com)

FUTURES MARKETS

Hog Futures Slip to Close Day, Cattle Up Slightly -- Market Talk

17:20 ET - Lean hog futures on the CME closed Monday's session down 0.7% at 91.750 cents per pound, with demand indicators continuing to be soft. Meanwhile, live cattle futures closed up 0.1% at $1.11350 per pound. Livestock had a quiet session in Chicago, characterized as "taking a breather" by Jeff French of Top Third Ag Marketing. "The cattle futures had inside trading days where all of the day's price range is between the previous days' range," says French. (kirk.maltais@wsj.com, @kirkmaltais)

CASH MARKETS

 
Estimated U.S. Pork Packer Margin Index - May 20 
 
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 
May 20       +$  1.85            +$ 53.16 
May 17       -$  3.01            +$ 50.54 
May 16       -$  3.85            +$ 53.23 
 
* 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   95.4 
      (Percent of Year-Ago)     Select   99.8 
 
USDA Boxed Beef, Pork Reports 

Wholesale choice-grade beef prices Monday rose $1.14 per hundred pounds, to $221.45, according to the USDA. Select-grade prices fell 25 cents per hundred pounds, to $208.03. The total load count was 110. Wholesale pork prices rose $1.22, to $85.13 a hundred pounds, based on Omaha, Neb., price quotes.

(END) Dow Jones Newswires

May 20, 2019 17:40 ET (21:40 GMT)

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