LIVESTOCK HIGHLIGHTS: Top Stories of the Day

Date : 09/20/2019 @ 10:58PM
Source : Dow Jones News

LIVESTOCK HIGHLIGHTS: Top Stories of the Day

TOP STORIES

 

McDonald's Boosts Dividend, Adding to Its Strong Stock Gains -- Barrons.com

McDonald's has added a little extra spice to its strong stock performance with an 8% dividend increase.

The company's board declared a quarterly dividend of $1.25 a share, up from $1.16. The stock, which yields 2.2%, has a one-year return of 34%.

 

Trump Says He Wants 'Complete Deal' With China

WASHINGTON -- President Trump rejected suggestions that the U.S. would accept a partial trade agreement with China, saying his administration is "'looking for a complete deal."

Speaking to reporters on Friday at a press conference with Australian Prime Minister Scott Morrison, Mr. Trump said China's plan to boost purchases of U.S. agriculture exports alone isn't enough to compel his administration to sign a deal. Intellectual-property theft, he added, remains an issue that must be resolved.

 

STORIES OF INTEREST

 

New H-2A Rules Benefit Farmers, Says Agriculture's Perdue -- Market Talk

08:48 ET - New rules presented by the US Department of Labor to modernize the H-2A visa process for foreign nationals to work as temporary agricultural workers was met with praise by Agriculture Secretary Sonny Perdue on Friday. "No one should have to hire a lawyer to hire a farm worker," Perdue says. The new rule removes the requirement to advertise a job opening in a print newspaper, instead shifting that requirement to Department of Labor and State Workforce Agency websites. Additionally, forms that were mailed to the Department of Labor can now be done online. The US agricultural economy has been struggling this year due to low crop prices and tough planting conditions, with farm bankruptcies hitting their highest level since 2012, according to the American Farm Bureau. (kirk.maltais@wsj.com; @kirkmaltais)

 

S&P Takes Dim View on Pizza Hut, Wendy's Franchisee NPC -- Market Talk

10:15 ET - S&P cuts its rating on NPC International by two notches, sending it deeper into junk territory, saying it's becoming more likely the Pizza Hut and Wendy's franchisee will undertake a debt restructuring or loan modification that the agency views as distressed. The downgrade, to CCC- from CCC+, follows a single-notch cut in April. S&P says NPC continues to report weak operating results, which have further weakened its credit metrics, and that it expects the company will continue to generate negative results in the near term. NPC, which operates more than 1,200 Pizza Hut restaurants and nearly 400 Wendy's locations, says it's the fifth-largest restaurant operator by units in the US. (colin.kellaher@wsj.com)

 

FUTURES MARKETS

 

Livestock Futures Finish Week Lower -- Market Talk

15:47 ET - Livestock futures end Friday on the downside, hog futures off 2.5% to 66.25 cents per pound while live cattle futures lose 0.6% to $1.0515 per pound. A lack of indication from the Chinese delegation--who left the US early instead of taking a previously planned farm tour in Montana--on any willingness to purchase more US meat has left livestock traders disappointed. "There were hopes that China would give an indication of elevated meat demand from the US but this did not happen," says Karl Setzer of AgriVisor. "The US is starting to see beef and pork supplies grow at a faster rate than demand which is weighing on futures." (kirk.maltais@wsj.com; @kirkmaltais)

 

CASH MARKETS

 
Estimated U.S. Pork Packer Margin Index - Sep 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 
 
Sep 20       +$ 45.43            +$ 16.27 
Sep 19       +$ 44.66            +$ 16.94 
Sep 18       +$ 41.99            +$ 14.23 
 
* 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  106.1 
      (Percent of Year-Ago)     Select   98.4 
 
 
USDA Boxed Beef, Pork Reports 

Wholesale choice-grade beef prices Friday fell $1.20 per hundred pounds, to $216.97, according to the USDA. Select-grade prices fell 44 cents per hundred pounds, to $191.72. The total load count was 121. Wholesale pork prices fell 31 cents, to $67.97 a hundred pounds, based on Omaha, Neb., price quotes.

(END) Dow Jones Newswires

September 20, 2019 17:43 ET (21:43 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.


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