LIVESTOCK HIGHLIGHTS: Top Stories of the Day
July 17 2019 - 5:37PM
Dow Jones News
TOP STORIES
Tim Hortons Adds Beyond Meat Burgers to Lunch, Dinner Menus
>QSR BYND
Tim Hortons on Wednesday said it is adding burgers from Beyond
Meat Inc. (BYND) to its lunch and dinner menu, expanding its
plant-based offerings beyond breakfast.
The Canadian restaurant chain, a unit of Restaurant Brands
International Inc. (QSR), said the move follows the launch of three
Beyond Meat breakfast sandwiches last month.
STORIES OF INTEREST
Soybeans Fall Again, This Time on Weak Demand
Soybeans for November delivery fell 0.6% to $9.00 1/2 a bushel
on the Chicago Board of Trade on Wednesday on indications of weak
demand.
Wheat for September delivery lost 0.4% to settle at $5.05 1/2 a
bushel.
Corn for December delivery rose 0.1% to $4.41 1/2 a bushel.
Farm Belt Woes Make Corn Compelling Bet -- Market Talk
1603 GMT - Corn offers one of the most compelling opportunities
in commodity markets right now, says Mark Raskopf, senior research
analyst at Russell Investments. Months of torrid rain that led to
historic delays on US farms have been followed by a heatwave in the
Farm Belt. "From a fundamental perspective soil moisture was too
high for corn to grow these deep roots and now you have this hot
weather so it really could easily hurt yields," Raskopf says. "Plus
looking forward you're pretty susceptible to an early freeze
because you're going to have to have the crop in the ground
longer." Large stocks of agricultural produce carried over from
last season could keep a lid on prices, Raskopf adds. "But overall
it feels like the balance sheet is tightening rapidly." Corn
futures have slipped over the past month but have risen 18% so far
this year at $4.43 a bushel. (joe.wallace@wsj.com)
Ethanol Inventories Rise for Third Straight Week -- Market
Talk
11:06 ET - Ethanol inventories are up for the third straight
week, according to data released by the EIA. Inventory totaled
23.365M barrels this week, up over 7.3% from the same time last
year. Production of ethanol is also on the rise, increasing by
19,000 barrels to 1.066M barrels per day. For corn farmers, who are
looking for increased ethanol adoption to drive higher corn
consumption, this news is not ideal. However, corn futures are
reacting more to concerns about a heat wave in the central US this
week, with the December contract up 0.4%. (kirk.maltais@wsj.com;
@kirkmaltais)
FUTURES MARKETS
Hog Futures Finish at Highest Close in Nearly a Month -- Market
Talk
15:18 ET - Hog futures on the CME closed at their highest level
since June 19, ending up 3.7% to 82 cents per pound. The rise in
the contract comes as traders see no signs that African swine fever
is under control in Asia --and expect that prices should get a
boost in the third to fourth quarter of this year. "I do think
prices have bottomed out," says Michael Seery of Seery Futures.
August live cattle futures, meanwhile, fall 0.1% to $1.08125 per
pound. (kirk.maltais@wsj.com; @kirkmaltais)
CASH MARKETS
Estimated U.S. Pork Packer Margin Index - Jul 17
This report reflects U.S. pork packer processing margins. The margin indices
are calculated using current cash hog or carcass values and wholesale pork
cutout values and may not reflect actual margins at the plants. These
estimates reflect the general health of the industry and are not meant to
be indicative of any particular company or plant.
Source: USDA, based on Wall Street Journal calculations
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
integrated operations
Jul 17 +$ 1.89 +$ 31.90
Jul 16 +$ 3.46 +$ 30.24
Jul 15 -$ 0.92 +$ 24.25
* 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 104.0
(Percent of Year-Ago) Select 95.7
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Wednesday fell 36 cents per
hundred pounds, to $212.57, according to the USDA. Select-grade
prices fell 82 cents per hundred pounds, to $188.34. The total load
count was 200. Wholesale pork prices rose 77 cents, to $75.24 a
hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
July 17, 2019 17:22 ET (21:22 GMT)
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