TOP STORIES

Covid-19 Still Shutting Meat Plants -- Market Talk

1233 ET - Though more essential workers are being vaccinated against Covid-19, infections among meatpacking workers are still forcing temporary plant shutdowns. Cargill says that on Tuesday it began idling its London, Ontario poultry plant, which processes 100,000 chickens a day, in what the company said was a precautionary step as cases rise in the community. A Cargill spokesman estimated 82 confirmed infections among employees there, and it's undetermined how long the plant will remain closed. Meat companies are taking employee temperatures, issuing masks and spacing out workers where possible in plants, including Cargill's Ontario facility, and the company says such measures will remain when the plant reopens. (jacob.bunge@wsj.com; @jacobbunge)

McDonald's to Enforce Workplace Standards -- Market Talk

0848 ET - McDonald's says it's requiring all of its restaurants to implement a set of workplace standards, including preventing harassment, discrimination and workplace violence through policies and training. Restaurant workers and managers will be surveyed annually, and the company is implementing a process for reporting complaints, it says. McDonald's is requiring all 39,000 franchise- and company-owned restaurants to follow its standards by next January. "When we or our franchisees fall short, we must all have a system in place to address those shortfalls immediately," CEO Chris Kempczinski says in a company message. (heather.haddon@wsj.com; @heatherhaddon)

STORIES OF INTEREST

Tesco Annual Profit Fell Despite Sales Boost, Expects FY 2022 Improvement -- Update

Tesco PLC reported Wednesday a fall in pretax profit for fiscal 2021 as the coronavirus pandemic boosted costs, and said it expects improved profitability in fiscal 2022 on lower spending.

The British grocer made a pretax profit of 825 million pounds ($1.13 billion) for the year ended Feb. 27, compared with GBP1.32 billion in fiscal 2020.

FUTURES MARKETS

Hog Futures Push Higher -- Market Talk

1502 ET - Lean hog futures trading on the CME finished up 1.4% to $1.077 per pound. For hogs, momentum continues to come from China's ongoing struggles with a resurgent African swine fever -- even amid speculation that China's pork supply is swelling due to hog producers liquidating their existing supplies. "The reopening of the US economy, and swine flu fears in China have put a strong bid in the market that continues to grind higher," says Robert Yawger of Mizuho Securities USA. Meanwhile, live cattle futures fell 0.7% to $1.2005 per pound. (kirk.maltais@wsj.com; @kirkmaltais)

CASH MARKETS

 
Estimated U.S. Pork Packer Margin Index - Apr 14 
 
All figures are on a per-head basis. 
 
Date     Standard Margin       Estimated margin 
         Operating Index         at vertically - 
                             integrated operations 
 
Apr 14       +$  7.37            +$ 92.69 
 
Apr 13       +$ 13.46            +$ 97.92 
 
Apr 12       +$  9.91            +$ 92.93 
 
* 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  120.8 
      (Percent of Year-Ago)      Select  126.4 
 
USDA Boxed Beef, Pork Reports

Wholesale choice-grade beef prices Wednesday rose $2.80 per hundred pounds, to $272.91, according to the USDA. Select-grade prices rose 77 cents per hundred pounds, to $267.31. The total load count was 108. Wholesale pork prices fell $2.43, to $108.85 a hundred pounds, based on Omaha, Neb., price quotes.

(END) Dow Jones Newswires

April 14, 2021 17:27 ET (21:27 GMT)

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