TOP STORIES

Beyond Meat Readies for Another Run at Chicken -- Market Talk

11:46 ET - As US restaurants grapple with a nationwide crunch in chicken wings and breasts, plant-based meat alternative maker Beyond Meat says it's ready to take another run at faux chicken. The California company aims to introduce later this year plant-based tenders, a return to poultry-style products several years after pulling its previous chickenesque products from the market. Beyond in February announced a partnership with KFC parent Yum Brands to develop menu items following a fried chicken test with KFC in 2019. Beyond falls 2.2%. (jacob.bunge@wsj.com; @jacobbunge)

Burger King Owner Discounting Less as Costs Rise -- Market Talk

0910 ET - Burger King-owner Carrols Restaurant Group says it discounted fewer menu items in 1Q and could raise prices if necessary as many of its costs grow. Labor inflation was up 6% in 1Q, and the company says commodities are expected to rise 4% to 5% this year. Beef, chicken and shortening prices have risen this year and are expected to keep doing so. (heather.haddon@wsj.com; @heatherhaddon)

DoorDash's Revenue Triples Amid Sustained Demand for Food Delivery

DoorDash Inc.'s revenue tripled in the first quarter, showing sustained demand for food-delivery services even as coronavirus vaccinations picked up and the nation geared up toward reopening.

The San Francisco-based company reported revenue of $1.08 billion for the three months through March, up from $362 million in the same quarter a year ago, beating Wall Street's forecast. Analysts polled by FactSet had expected revenue of $994 million.

STORIES OF INTEREST

Carrols Struggles with Labor as Chicken Requires More -- Market Talk

0918 ET - Burger King-owner Carrols Restaurant Group now is making hand-breaded chicken sandwiches for the first time, but needs workers to do it. The company in 1Q earnings says getting sufficient workers to staff its restaurants has been a struggle, as is the case with many restaurants. Six workers will be scheduled, but only two will show up in a given shift, executives say. Burger King's new chicken sandwich requires a worker to bread it fresh at a designated kitchen station, a new process for owners. (heather.haddon@wsj.com; @heatherhaddon)

Amazon, McDonald's, Others Woo Scarce Hourly Workers With Higher Pay -- Update

The fight is on for lower-wage workers.

Some of the biggest U.S. employers of entry-level workers are adding tens of thousands of new positions as the economy roars back from the coronavirus pandemic. Many are raising wages or adding perks to entice workers away from other jobs or off the sidelines of the labor market.

Amazon.com Inc. said Thursday that it would hire 75,000 more workers and offer $1,000 signing bonuses in some locations, its latest hiring spree in a year of tremendous job growth at the e-commerce giant. McDonald's Corp. said that it wants to hire 10,000 employees at company-owned restaurants in the next three months and that it would raise pay at those locations. Chipotle Mexican Grill Inc., Applebee's and KFC are among other chains seeking to hire tens of thousands of workers as they reopen dining rooms and seek to bolster staffing there.

FUTURES MARKETS

Livestock Futures Close Sharply Lower -- Market Talk

1509 ET - Livestock futures trading on the CME took a dive, with the livestock complex catching pressure from inflation worries that weighed on commodities across the board. Live cattle futures closed down 2.7% to $1.16 per pound, while lean hog futures closed down 1.8% to $1.10525 per pound. However, values for both boxed beef and pork cutouts were mostly higher through the middle of the day -- for pork, loins and ribs were lower, but other prominent cutouts like pork butt and belies were higher. Low export sales reported this morning also pressured futures today. (kirk.maltais@wsj.com; @kirkmaltais)

CASH MARKETS

 
Estimated U.S. Pork Packer Margin Index - May 13 
 
All figures are on a per-head basis. 
 
Date     Standard Margin       Estimated margin 
         Operating Index         at vertically - 
                             integrated operations 
 
May 13       -$ 11.31            +$ 98.68 
 
May 12       -$ 21.67            +$ 99.92 
 
May 11       -$ 28.60            +$ 98.39 
 
* 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   66.6 
      (Percent of Year-Ago)      Select   65.6 
 
USDA Boxed Beef, Pork Reports

Wholesale choice-grade beef prices Thursday rose $1.70 per hundred pounds, to $316.78, according to the USDA. Select-grade prices fell $1.25 per hundred pounds, to $295.91. The total load count was 106. Wholesale pork prices rose $2.09, to $114.30 a hundred pounds, based on Omaha, Neb., price quotes.

(END) Dow Jones Newswires

May 13, 2021 17:37 ET (21:37 GMT)

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