TOP STORIES

China to Keep Tariffs on U.S. Exports of a Livestock Feed

BEIJING--China has decided to retain antidumping and antisubsidy tariffs on U.S. distillers' dried grains. a livestock feed the U.S. farm industry has tried for years to promote among Chinese feed mills.

The decision followed requests by the U.S. Grains Council earlier this year to review the tariffs imposed in 2017, given changes in the Chinese market and concerns about the public interest, the Ministry of Commerce said Wednesday.

Vintage Capital Moves to Take Control of Red Robin Board

One of Red Robin Gourmet Burgers Inc.'s (RRGB) biggest shareholders is moving to replace the majority of the board as it pushes for a sale of the restaurant chain.

Private-equity firm Vintage Capital Management LLC, which holds an 11.6% stake in Red Robin, Wednesday said it called on the company's board to convene a special shareholder meeting in a bid to remove five directors and replace them with Vintage designees who would launch a review of strategic alternatives, including a sale.

STORIES OF INTEREST

Businesses Are Key to Tackling Environmental and Social Issues: Mondelez International -- Market Talk

1457 GMT - Businesses play a "critical role" in helping combat climate change and tackle social issues, Mondelez Europe's Global Strategic Sourcing Manager Energy Dimitar Uzunov says at the Schneider Electric sustainability summit in Barcelona. He says Illinois-based food multinational Mondelez International is committed to growing by making "sustainable and mindful" snacks, and that it has invested $800 million since 2012 as it aims to "have a positive impact" on the communities it operates. The company launched its Cocoa Life Program as part of its goal to source all of its cocoa sustainably by 2025. Under the program, Mondelez International works with farmers on the ground to help them tackle gender inequality, poverty and child labor, Uzunov says. (maitane.sardon@dowjones.com)

USDA Announces Departure of World Agricultural Chair -- Market Talk

10:35 ET - The USDA says that its chair of the World Agricultural Outlook Board Dr. Seth Meyer will be departing the USDA effective July 13, with deputy board chair Dr. Mark Jekanowski stepping in as acting board chair. Meyer joined the USDA in 2013, and will be returning to the faculty of the University of Missouri's Department of Agricultural Economics. Grains futures are down today, with wheat leading the way down 2%. (kirk.maltais@wsj.com; @kirkmaltais)

Mondelez to Buy Majority of Perfect Snacks

Mondelez International Inc. (MDLZ) has agreed to buy a majority stake in nutrition bar company Perfect Snacks, which had about $70 million in net revenue last year.

Mondelez said, "Well-being snacks in general, and refrigerated well-being snacks in particular, are a fast-growing segment."

FUTURES MARKETS

Hog Futures Stay Up on US-China Hopes -- Market Talk

15:50 ET - August lean hog futures on the CME finish higher, up 1.6% at 83 cents per pound. The lift in hog futures is related to increasing optimism that the US and China may restart negotiations for a trade agreement in a meeting at the G-20 Summit. The US market may also be reacting to China's recent suspension of buying from some Canadian pork importers, which traders hope means that China will have to make up for its African swine fever-related shortfall by buying from the US. Live cattle futures, meanwhile, kept dropping--down 1% to $1.0455 per pound. (kirk.maltais@wsj.com; @kirkmaltais)

CASH MARKETS

 
Estimated U.S. Pork Packer Margin Index - Jun 19 
 
All figures are on a per-head basis. 
 
Date     Standard Margin       Estimated margin 
         Operating Index         at vertically - 
                             integrated operations 
 
Jun 19       -$  8.11            +$ 34.54 
Jun 18       +$  1.85            +$ 42.00 
Jun 17       +$  5.42            +$ 45.38 
 
* 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  100.9 
      (Percent of Year-Ago)     Select  100.0 
 
USDA Boxed Beef, Pork Reports

Wholesale choice-grade beef prices Wednesday rose $1.06 per hundred pounds, to $221.59, according to the USDA. Select-grade prices rose 44 cents per hundred pounds, to $202.24. The total load count was 184. Wholesale pork prices fell $3.47, to $76.47 a hundred pounds, based on Omaha, Neb., price quotes.

(END) Dow Jones Newswires

June 19, 2019 17:07 ET (21:07 GMT)

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