LIVESTOCK HIGHLIGHTS: Top Stories of the Day
June 14 2021 - 5:47PM
Dow Jones News
TOP STORIES
Cracker Barrel Plans to Issue $275M in Debt in Private Offering
Cracker Barrel Old Country Store Inc. expects to issue $275
million of convertible senior notes due 2026 in a private offering,
the company said Monday. It intends to allow the initial purchasers
of its debt an option to buy up to an additional $25 million of
notes in the private placement.
Freshpet Recalls One Lot of Dog Food Over Salmonella Concerns
Freshpet Inc. said it is recalling one lot of dog food due to
potential salmonella contamination. The Secaucus, N.J., maker of
pet food said the lot of beef-and-egg flavored food for small dogs
had been designated for destruction but was inadvertently shipped
last week to customers including Target Corp. and Publix Super
Markets.
STORIES OF INTEREST
Hot Research: Meme Stock or Not, Analysts See Upside for Wendy's Shares -- Barrons.com
Wendy's stock rode a wave of meme stock volatility last week.
Now analysts are making a case for the stock -- one that doesn't
involve Reddit comments. Wendy's stock (ticker: WEN) was up 1.5% to
$24.50 on Monday. Shares soared to a close of $28.87 last Tuesday,
but pulled back through the tail end of the week. In between,
speculation swirled that the company was caught in a broader market
fascination with meme stocks.
Corn Falls on Weekend Rainfall
Corn for July delivery fell 3.7% to $6.59 1/4 a bushel on the
Chicago Board of Trade Monday in reaction to rainfall hitting U.S.
growing areas over the weekend. "The National Weather Service shows
above-normal rains and average temperatures across the Midwest in
the 8- to 14-day range," said Terry Reilly of Futures
International. Grain traders will likely make most of their
decisions based on any changes to the forecast this week, he
said.
FUTURES MARKETS
Cattle Rallies as Beef Demand Stays Strong -- Market Talk
1510 ET - Live cattle futures finished trading higher, with the
most-active contract closing up 1% to $1.21275 per pound. It marks
the fourth trading session in a row that cattle futures have risen,
as demand for beef from food service and other avenues has provided
support for futures. The amount of food eaten in and outside of the
home has risen in recent months, according to data from the Bureau
of Labor Statistics. "Pent up demand for restaurants and outside
the home eating experiences are playing into these numbers, but at
higher and higher prices does sticker shock become an issue?" says
Steiner Consulting Group. Meanwhile, lean hog futures closed down
1.5% to $1.18225 per pound. (kirk.maltais@wsj.com;
@kirkmaltais)
CASH MARKETS
Estimated U.S. Pork Packer Margin Index - Jun 14
Source: USDA, based on Wall Street Journal calculations.
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
integrated operations
Jun 14 -$ 16.90 +$120.08
Jun 11 -$ 4.84 +$128.12
Jun 10 +$ 9.85 +$131.39
* 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 142.4
(Percent of Year-Ago) Select 138.0
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Monday fell $2.09 per hundred
pounds, to $335.47, according to the USDA. Select-grade prices fell
$1.80 per hundred pounds, to $303.41. The total load count was 80.
Wholesale pork prices fell $3.74, to $126.92 a hundred pounds,
based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
June 14, 2021 17:32 ET (21:32 GMT)
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