LIVESTOCK HIGHLIGHTS: Top Stories of the Day
November 16 2018 - 5:52PM
Dow Jones News
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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