LIVESTOCK HIGHLIGHTS: Top Stories of the Day
March 22 2019 - 5:35PM
Dow Jones News
TOP STORIES
US Cattle on Feed Rise by 1% -- Market Talk
15:26 ET - Cattle on feed for the slaughter market in the US
totaled 11.8M head on March 1, 2019, up 1% from a year prior, while
placements in feedlots during February totaled 1.79M head, 2% above
the year before, according to a USDA report. Marketings of fed
cattle during February totaled 1.68M head, slightly above a year
prior. (francesca.fontana@wsj.com, @francescamarief)
Pilgrim's Pride CEO Leaves His Perch -- Market Talk
10:21 ET - Bill Lovette raised some eyebrows in the meat
industry eight years ago when he jumped from a senior position at
Tyson Foods to take over as CEO of struggling poultry rival
Pilgrim's Pride, but the bet seems a good one as the company
announces his retirement. Lovette came in as Pilgrim's, the
second-biggest US chicken company, emerged from bankruptcy thanks
to an investment by Brazilian meat giant JBS. After stabilizing
Pilgrim's business he steered expansion into Mexico and the UK, as
well as investment in organic and antibiotic-free chicken.
Pilgrim's shares tripled under Lovette's watch, though the past
year has been bruising for the poultry industry due to low prices
and slackened demand. Pilgrim's USA President Jayson Penn now takes
over. PPC down 0.1%. (jacob.bunge@wsj.com; @jacobbunge)
STORIES OF INTEREST
Papa John's Could Use That Old Shaq Magic -- Overheard
Just in time for March Madness, Papa John's International sank a
big basket.
The company announced that retired basketball star and
restaurant entrepreneur Shaquille O'Neal will join its board of
directors and become an ambassador for the brand while also
investing personally in nine Papa John's restaurants in the Atlanta
area.
Second-Longest-Serving Director at McDonald's to Leave Board
A longtime director on the McDonald's Corp. (MCD) board is
stepping down.
Jeanne Jackson, who has served on the board of the Chicago-based
restaurant chain since 1999, has decided not to stand for
reelection at the company's annual shareholder meeting, McDonald's
said in a securities filing.
FUTURES MARKETS
Livestock Futures End Mixed -- Market Talk
15:34 ET - CME cattle futures lose 0.3% while hog futures gain
1% as the African swine fever issue in China continues to dominate
traders' attention. "Many in the trade believe it has reduced
Chinese hog feeding by up to 30%," says Adam Suntken of MaxYield
Cooperative. "The void in pork supply will likely be filled by
imports from other countries, possibly the US."
(francesca.fontana@wsj.com; @francescamarief)
CASH MARKETS
Estimated U.S. Pork Packer Margin Index - Mar 22
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
Mar 22 +$ 11.24 +$ 31.78
Mar 21 +$ 14.04 +$ 27.46
Mar 20 +$ 18.43 +$ 23.18
* 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 101.7
(Percent of Year-Ago) Select 100.3
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Friday fell 22 cents per
hundred pounds, to $229.09, according to the USDA. Select-grade
prices rose 27 cents per hundred pounds, to $218.64. The total load
count was 72. Wholesale pork prices rose $2.01, to $76.52 a hundred
pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
March 22, 2019 17:20 ET (21:20 GMT)
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