LIVESTOCK HIGHLIGHTS: Top Stories of the Day
July 23 2021 - 06:17PM
Dow Jones News
TOP STORIES
Premier Foods Shares Seen as Undervalued -- Market Talk
0747 GMT - Premier Foods' equity valuation remains anomalously
low, given the company's strong financial position and sustained
sales, according to Shore Capital. The food producer can leverage
solid balance sheet and free cash flow, while sales remain positive
in the multichannel system of the group, Shore says. "Online sales
remain at elevated levels, and we are encouraged by the start-up
sales rates of new lines from Premier such as Cape Herb and Spice,"
the investment group says. Shore has a buy rating on the stock.
Shares are up 3.1% at 108.2 pence. (matteo.castia@dowjones.com)
STORIES OF INTEREST
Dow Hits 35000 as Stocks Rise to Records -- Update
U.S. stocks rallied Friday, pushing the Dow Jones Industrial
Average across the 35000 closing milestone for the first time, in a
striking rebound from major indexes' pullback earlier this
week.
All three major U.S. stock indexes finished Friday at all-time
highs after each posted weekly gains of more than 1%.
Corn Prices Fall on Prospect of Rainfall -- Market Talk
1407 ET - Corn falls 3% amid signs of possible rainfall that
could alleviate production losses from dry weather. But it could
change fast, depending on how the forecasts evolve. "The
fundamentals haven't changed much, the hot and dry midwest weather
has continued to be front and center," RJO says. "Historically, we
usually see corn pull back around this time of year but so far that
hasn't been the case," the broker says, reminding that Monday's
Crop Condition Report could set the tone "as the market looks for a
fundamental catalyst." (paulo.trevisani@wsj.com; @ptrevisani)
Grimmway Farms Recalls Certain Carrots Due to Risk of
Salmonella
Grimmway Farms recalled certain carrots due to a potential risk
of salmonella, following a routine internal test.
The company said no illnesses have been linked to the
recall.
FUTURES MARKETS
Livestock Prices Edge Higher Amid Lower Supply -- Market
Talk
1602 ET - Live cattle closes up 0.4% and hogs rise 0.7%, amid
indications of relatively low supply. The USDA reports after
markets that cattle on feed for slaughter totaled 11.3M head on
July 1, 1% less than a year ago. Placements in feedlots last month
totaled 1.7M head, down 7% from 2020. That comes a day after the
agency reported lower meat inventories as of June 30, for both beef
and pork. (paulo.trevisani@wsj.com; @ptrevisani)
(END) Dow Jones Newswires
July 23, 2021 18:05 ET (22:05 GMT)
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