LIVESTOCK HIGHLIGHTS: Top Stories of the Day
Supreme Court Strikes Down Union Organizers' Access Right to
WASHINGTON -- The Supreme Court struck down union organizers'
right to visit farmworkers on agricultural fields, ruling Wednesday
that a 1975 California regulation providing such access violated
growers' private property rights.
The decision, by a 6-3 vote along the court's
conservative-liberal divide, erases a major victory that Cesar
Chavez's farmworker movement achieved in the 1970s, when they
argued the nature of agricultural labor made it too difficult to
reach workers outside the fields.
UK-Australia Trade Deal 'May Hit British Sheep Farmers' --
1622 GMT - The UK's proposed trade deal with Australia following
the country's EU exit could hit British sheep farmers, an industry
trade association says. The UK's National Sheep Association claims
the deal could result in the country importing more than 80% of its
sheep meat, potentially side-stepping UK farmers' animal-welfare
standards and under-cutting their prices. The NSA says the deal
needs close scrutiny to ensure it includes measures to avoid market
disruption and a reduction in standards. "NSA warned from day one
that the UK sheep sector could end up being the sacrificial lamb
for the benefit of other industries in a trade deal and ministers
could still step in to ensure this doesn't happen," NSA Chief
Executive Phil Stocker says. (firstname.lastname@example.org)
STORIES OF INTEREST
JM Swank Deal Makes Brenntag Market Leader in US
Food-Ingredients Segment, Says Citi -- Market Talk
0758 GMT - Brenntag's acquisition of JM Swank from Platinum
Equity makes the German company the market leader in the attractive
U.S. food-ingredients segment, says Citi. According to Brenntag, JM
Swank has an enterprise value of $304 million and reported sales of
around $500 million in 2020. Citi says JM Swank's Ebitda margins
look relatively low at about 5% to 6% compared with typical margins
of around 9% in the segment. "Brenntag is confident it can
significantly improve Swank's margins thanks to cost and revenue
synergies, with management particularly optimistic about
cross-selling opportunities from combining complementary product
portfolios and filling in regional/industry vertical white spots,"
says Citi. Shares in Brenntag trade 0.3% lower at EUR78.62.
Empire 4Q Profit Falls; Sees Challenging Fiscal 2022 Ahead
Empire Co. said Wednesday that profit fell slightly in the final
quarter of fiscal 2021, and warned it expects business to contract
in fiscal 2022 as Canadian shoppers adjust their habits to
loosening pandemic-related restrictions.
The Canadian food retail and corporate investments conglomerate
said earnings per share were 64 Canadian cents (52 cents) for the
period ended May 1, down from C$0.66 in the comparable quarter a
Net income attributable to owners of the company was C$171.9
million, compared with C$177.8 million a year ago.
Lean Hogs Sink Amid Dropping Cutout Prices -- Market Talk
1511 ET - Lower prices for pork products is applying pressure to
hog futures , with the most-active contract finishing trading down
2.8% to $1.00725 per pound. The drop in futures comes as pork
cutout prices continue to sink, with prices for loin, butt, and
belly all down mid-day today. This comes after the big drops in
cutout prices across the board reported by the USDA at the end of
the day yesterday. Meanwhile, live cattle futures closed down 0.2%
to $1.22875 per pound. (email@example.com; @kirkmaltais)
Estimated U.S. Pork Packer Margin Index - Jun 23
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
Jun 23 -$ 47.21 +$ 75.81
Jun 22 -$ 61.66 +$ 74.86
Jun 21 -$ 33.58 +$103.03
* 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.
This report compares the USDA's latest beef carcass composite
values as a percentage of their respective year-ago prices.
For Today Choice 145.8
(Percent of Year-Ago) Select 134.8
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Wednesday fell $3.70 per
hundred pounds, to $312.05, according to the USDA. Select-grade
prices fell $4.34 per hundred pounds, to $275.41. The total load
count was 119. Wholesale pork prices rose 44 cents, to $106.33 a
hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
June 23, 2021 17:07 ET (21:07 GMT)
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