TOP STORIES
Tyson Plant Reopens After Infestation -- Market Talk
13:14 ET - Meat processor Tyson Foods reopened an Indiana pork
plant that closed earlier this week after an insect infestation.
The company closed its Logansport facility after cockroach
sightings, according to a person familiar with the matter. Tyson
says it closed temporarily due to a production issue, which has
been resolved, and declined to disclose more detail. The plant
closed after USDA inspectors decided on Monday to withhold their
inspection seal due to unsanitary conditions, the agency says,
which prevented the company from selling its meat.
(benjamin.parkin@wsj.com; @b_parkyn)
JBS Shares Rise Following Former CEO's Release From Prison
SAO PAULO--Brazil's JBS SA (JBSS3.BR), the world's biggest
meatpacker, saw its shares gain Wednesday after its former Chief
Executive Wesley Batista was released from prison.
Shares of JBS, which owns U.S. brands Swift and Pilgrim's Pride,
were up 3.4% in early afternoon trading in Brazil.
A Brazilian court late Tuesday said it agreed to release Mr.
Batista, who had been locked up since last September. The
executive, freed early Wednesday, will have to wear an ankle
monitor and will be forbidden from leaving the country or returning
to his company, the court said in a statement.
Update: Wendy's Shares Fall After Company Misses 4Q Revenue
Expectations -- MarketWatch
Shares of Wendy's Co. (WEN) fell more than 6% late Wednesday
after the fast-food company beat per-share earnings expectations
but missed on revenue. Wendy's said it earned $159.3 million, or 64
cents a share, in the fourth quarter, compared with $28.9 million,
or 11 cents, in the fourth quarter of 2016. Adjusted for one-time
earnings, Wendy's earned 11 cents a share in the quarter, compared
with 8 cents a share a year ago. Revenue reached $309.2 million,
compared with $309.9 a year ago. Analysts polled by FactSet had
expected earnings of 11 cents a share on sales of $313 million.
STORIES OF INTEREST
Oil Pipeline Companies' New Foe: Texas Farmers -- Market
Talk
15:27 ET - Oil and gas pipeline companies already battling
Native Americans and environmentalists may soon also be fighting
Texas farmers. Gene Hall, communications director for the 500,000
member-strong Texas Farm Bureau says companies are using eminent
domain to force pipelines through farmers' lands, and says the
bureau aims to take it up with the legislature in 2019. "Low-ball
things are going on right now and pipeline companies are among some
of the worst offenders," Hall tells a Lions Club luncheon in Ennis,
Texas. "They'll come out and offer you a ridiculously low price for
the land or the property, and then if you say 'That's not enough'
they'll say 'Fine, come to court.' And what they know is their
pockets are deep and yours are not." (dan.molinski@wsj.com)
KFC Crisis Could Cost Up to GBP3.1M of Ebitda for Boparan: BAML
-- Market Talk
0928 GMT - Logistical problems that have caused a chicken
shortage for KFC and led to the closure of a large number of stores
could impact the earnings of Boparan, according to Bank of America
Merrill Lynch. Boparan is one of the several poultry suppliers to
KFC UK and given its market share, analyst Tom Gibney says it may
be the largest supplier. A bullish assumption points to a negative
impact of GBP0.2 million on Boparan's fiscal 3Q 2018 Ebitda, with a
bearish scenario pointing to losses of GBP3.1 million.
(tasos.vossos@wsj.com; @tasosvos)
FUTURES MARKETS
Cattle Futures Ease Off Recent Highs; Cash Prices Fall
Cattle futures tumbled from multimonth highs, while meatpackers
negotiated lower prices with feedyard operators for slaughter-ready
animals.
The cash trade for physical cattle rose sharply last week.
Meatpackers paid an average of $130 per 100 pounds, up $4 from the
previous week. The futures market also rose, as traders looked to
tighter short-term supplies of slaughter-ready cattle.
February live cattle contracts fell 0.5% to $1.2965 a pound at
the Chicago Mercantile Exchange, briefly shooting lower on
Wednesday morning before recouping most of those losses.
Hog futures rose, bouncing from recent lows. Cash prices have
fallen every day for over two weeks. CME April lean hog contracts
rose 1% to 69.9 cents a pound.
CASH MARKETS
Zumbrota, Minn Hog Steady At $41.00 - Feb 21
Barrow and gilt prices at the Zumbrota, Minn., livestock market
are steady at $41.00 per hundredweight.
Sow prices are steady. Sows weighing 400-450 pounds are at
$47.00-$49.00, 450-500 pounds are $47.00-$49.00 and those over 500
pounds are $51.00-$53.00.
The day's total run is estimated at 200 head.
Prices are provided by the Central Livestock Association.
Estimated U.S. Pork Packer Margin Index - Feb 21
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
integrated operations
*
Feb 21 +$25.13 +$37.64
Feb 20 +$25.16 +$38.99
Feb 19 +$21.84 +$36.26
* 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 111.7
(Percent of Year-Ago) Select 111.1
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Wednesday rose $1.45 per
hundred pounds to $217.37, according to the USDA. Select-grade
prices rose $1.52 per hundred pounds to $211.92. The total load
count was 114. Wholesale pork prices fell 63 cents to $77.91 a
hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
February 21, 2018 17:44 ET (22:44 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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