TOP STORIES

Elanco Animal Health Cutting 900 Jobs as Part of Bayer Restructuring

Elanco Animal Health Inc. said Wednesday it is cutting more than 900 jobs as part of its restructuring after its acquisition of Bayer Animal Health.

The company said it is cutting the positions across nearly 40 countries, primarily in sales and marketing, but also research and development, manufacturing and quality, and back-office support. These moves would begin to reduce duplication, drive efficiency and optimize the company's footprint, particularly in Basel, Switzerland.

Jack in the Box Getting 77% of Its Eggs From Cage-Free Chickens

Jack in the Box Inc. said Wednesday it is more than three-quarters of the way toward ensuring that all the eggs in its supply chain come from chickens raised in cage-free environments.

In 2015, the restaurant company committed to transitioning to a majority of its eggs to be cage-free by 2020, and to use 100% cage-free eggs by 2025.

STORIES OF INTEREST

Canada Recovery Threatened By Stiff Second-Wave Headwinds -- Market Talk

11:09 ET - Desjardins Securities strategist Jimmy Jean tells WSJ the sudden, rapid rise in Covid-19 cases in Canada's two biggest provinces threatens the economic recovery underway. Quebec has ordered the shutdown of bars, restaurants and movie theaters in the province's two biggest cities to contain the spread of cases, and he expects Ontario to follow suit with similar measures. The flare-up--in which case growth in Canada ranks among the highest in the Americas--will have an impact on consumer confidence, "and many households can be expected to stay home for some time," Jean says. He adds this could also mark a final blow for a bevy of small businesses that emerged from the spring in a precarious state. "There is a lot at stake." (paul.vieira@wsj.com; @paulvieira)

Concerns Over Charoen Pokphand Foods' Upcoming Deals Likely Unnecessary -- Market Talk

0728 GMT - Charoen Pokphand Foods investors' concerns over its two upcoming deals are likely unnecessary, Daiwa says, keeping the stock at buy and nudging up the target price to THB41 from THB40. The company is planning to merge its swine business in China and acquire a stake of Tesco in Thailand and Malaysia, which has raised questions about the investments' profitability, Daiwa notes. But the brokerage believes both moves would be beneficial with limited downside. For the China merger, a more consolidated business can help increase product traceability, a booming demand among consumers, Daiwa says, while the Tesco deal could be a long-term driver with less than 1% earnings-dilution hit. Shares are down 1.8% at THB28. (yifan.wang@wsj.com)

FUTURES MARKETS

Lean Hog Futures Halt This Week's Decline, Up 20% For Month -- Market Talk

15:37 ET - Lean hog futures trading on the CME finish the day 1.8% higher at 63.1 cents per pound. The uptick ended two consecutive days of declines for the hog contract, although it is still down 2% for the week. For the month, hog futures are up 20.2%. Meanwhile, live cattle futures finish Wednesday down 0.7% to $1.1235 per pound, this after starting the day higher. For the month, cattle futures are up 1.6%. (kirk.maltais@wsj.com; @kirkmaltais)

CASH MARKETS

 
Estimated U.S. Pork Packer Margin Index - Sep 30 
 
All figures are on a per-head basis. 
 
Date     Standard Margin       Estimated margin 
         Operating Index         at vertically - 
                             integrated operations 
 
Sep 30       +$ 49.26            +$ 67.34 
Sep 29       +$ 51.13            +$ 69.14 
Sep 25       +$ 50.61            +$ 68.20 
 
* 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  102.0 
      (Percent of Year-Ago)      Select  111.6 
 
USDA Boxed Beef, Pork Reports

Wholesale choice-grade beef prices Wednesday rose 58 cents per hundred pounds, to $217.74, according to the USDA. Select-grade prices rose 55 cents per hundred pounds, to $207.54 . The total load count was 155. Wholesale pork prices fell 84 cents, to $90.39 a hundred pounds, based on Omaha, Neb., price quotes.

(END) Dow Jones Newswires

September 30, 2020 17:08 ET (21:08 GMT)

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