TOP STORIES

PepsiCo, Beyond Meat Form Plant-Based Foods Venture

PepsiCo Inc. plans to form a joint venture with imitation-meat maker Beyond Meat Inc. to develop snacks and drinks made from plant-based protein, the companies said Tuesday.

PepsiCo, which makes such products as Doritos and Quaker Oats and is a joint owner of Sabra hummus, has over the past several years looked at different options for adding plant-based ingredients to its lineup, including experimenting with soluble oats as a protein in drinks. The broader market for meat alternatives has grown rapidly, with plant-based burger patties proliferating across fast-food drive-throughs and grocery-store meat cases.

STORIES OF INTEREST

Coronavirus Prompts Restaurant Sales Plunge -- Market Talk

0848 ET - US restaurant and food-service sales were down $240B last year from levels projected prior to the advent of the pandemic, according to the National Restaurant Association. The trade group had projected sales of $899B last year, with the pandemic wiping out 27% of those sales, it states in a new annual report. Restaurants are projected to regain some of that ground this year, but it will take more than a year to boost back total spending, according to the trade group. (heather.haddon@wsj.com; @heatherhaddon)

Corn Futures Climb Following Large Chinese Export Purchase

Corn for March delivery rose 4.1% to $5.32 1/4 a bushel on the Chicago Board of Trade Tuesday as China bought more than 1.3 million metric tons of U.S. corn.

Wheat for March delivery rose 2.6% to $6.65 1/4 a bushel.

Soybeans for March delivery rose 2% to $13.70 1/4 a bushel.

Archer Daniels Midland 4Q Profit, Revenue Rise Above Expectations

Archer Daniels Midland Co. said its profit and revenue rose for the fourth quarter as it sees strong demand for grains and oilseeds, among others, in the 2021.

The ingredients company on Tuesday posted a profit of $687 million, or $1.22 a share, compared with $504 million, or 90 cents a share, in the comparable quarter last year.

Violence Erupts at Indian Farmers' Latest Protest Against Agricultural Law Changes -- Update

NEW DELHI -- Months of protests by Indian farmers turned violent Tuesday as security forces used tear gas and water cannons on some of the tens of thousands of tractors that broke through barriers along police-approved routes around the capital.

The farmers, who have been camped around New Delhi for nearly two months to demand the repeal of new agricultural laws, had planned a tractor rally to coincide with a military parade celebrating India's Republic Day. The farmers had agreed not to start their rally until the Republic Day parade ended, but some protesters began early and didn't stick to the planned route.

FUTURES MARKETS

Livestock Futures Finish Higher -- Market Talk

15:36 ET - Livestock futures trading on the CME close higher--with live cattle futures finishing up 0.1% at $1.231 per pound and lean hog futures gaining 0.4% at 76.95 cents per pound. For hogs, however, the move in the plus-side may be only short-term. "The 4-day surge higher for April hogs is impressive but unless there is a trend toward consumers hoarding pork, the upside seems somewhat limited," says RJO Futures. "The market has seen impressive demand for export, and at the same time pork values have gained sharply even with relatively high pork production." (kirk.maltais@wsj.com, @kirkmaltais)

CASH MARKETS

 
Estimated U.S. Pork Packer Margin Index - Jan 26 
 
 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 
 
Jan 26       +$ 42.89            +$ 36.35 
Jan 25       +$ 50.14            +$ 38.71 
Jan 22       +$ 51.11            +$ 40.71 
 
* 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  106.8 
      (Percent of Year-Ago)      Select  103.1 
 
USDA Boxed Beef, Pork Reports 

Wholesale choice-grade beef prices Tuesday rose $2.33 per hundred pounds, to $229.06, according to the USDA. Select-grade prices rose $1.12 per hundred pounds, to $217.33. The total load count was 131. Wholesale pork prices fell $1.10, to $79.31 a hundred pounds, based on Omaha, Neb., price quotes.

(END) Dow Jones Newswires

January 26, 2021 17:25 ET (22:25 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.