LIVESTOCK HIGHLIGHTS: Top Stories of the Day

Date : 01/24/2020 @ 10:59PM
Source : Dow Jones News

LIVESTOCK HIGHLIGHTS: Top Stories of the Day

TOP STORIES

 

McDonald's Closes Some China Shops as Virus Spreads -- Market Talk

1049 ET - McDonald's joins a growing list of companies suspending some operations in China amid the coronavirus outbreak. The fast-food giant temporarily closes all restaurants in Wuhan, Ezhou, Huanggang, Qianjiang and Xiantao while health officials grapple with the virus. McDonald's was already requiring its workers in the country to wear masks and have their temperatures taken. (colin.kellaher@wsj.com)

 

STORIES OF INTEREST

 

Cargill Tells Employees to Steer Clear of Wuhan -- Market Talk

1354 ET - Agricultural conglomerate Cargill is recommending that its employees defer or cancel business travel to Wuhan, the Chinese city seen as the origination point for a coronavirus strain that's led to lockdowns of entire cities in China, and popped up in the U.S. and elsewhere. Cargill's one of the most global companies, with operations in 70 countries and regions, including China where Cargill employs 10,000 people across grain trading, poultry production, food processing and financial businesses. A Cargill spokesman says the company has flexible work options and support services for any employees that have been exposed to the coronavirus or traveled to Wuhan. (jacob.bunge@wsj.com; @jacobbunge)

 

FUTURES MARKETS

 

Hog Futures Tumble to Finish Week -- Market Talk

15:44 ET - Lean hog futures on the CME took a dive to end the week, dropping 2.5% to 73.45 cents per pound. For the week, hog futures were down 0.9% -- with no indication that China has purchased any more US pork ahead of the Lunar New Year. However, 16,900 metric tons of US pork were exported to China for the week ending Jan. 16, which some traders saw a bullish. Meanwhile, live cattle futures recovered somewhat, going from down in the morning to finishing 0.1% up at $1.243 per pound. (kirk.maltais@wsj.com; @kirkmaltais)

 

CASH MARKETS

 
Estimated U.S. Pork Packer Margin Index - Jan 24 
 
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 
 
Jan 24       +$ 44.14            +$ 31.70 
Jan 23       +$ 51.47            +$ 34.84 
Jan 22       +$ 49.99            +$ 34.34 
 
* 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   98.5 
      (Percent of Year-Ago)     Select   99.3 
USDA Boxed Beef, Pork Reports 

Wholesale choice-grade beef prices Friday fell 83 cents per hundred pounds, to $214.49, according to the USDA. Select-grade prices fell 50 cents per hundred pounds, to $210.70. The total load count was 100. Wholesale pork prices fell $1.46, to $76.48 a hundred pounds, based on Omaha, Neb., price quotes.

(END) Dow Jones Newswires

January 24, 2020 17:44 ET (22:44 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.


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