Dean Foods Rises After Report of Saputo Interest
Shares of Dean Foods Inc. (DF) are up about 5% to $2.25 in Monday trading as investors digested a report last week from the Globe and Mail that said Canadian dairy firm Saputo Inc. was "going through the books" of the company.
Dallas-based Dean in February suspended its dividend and said it would complete a strategic review of its business, which could result in a sale of the company.
EU-U.S. Trade Talks Won't Be Easy, Says German Economics Minister -- Market Talk
1425 GMT - German Economics Minister Peter Altmaier says EU talks for a trade deal with the U.S. won't be easy but "we will conduct them resolutely for the benefit of both partners." Calling the mandates for the negotiations agreed to today in Brussels a "real breakthrough," he says the goal is to bring tariffs on industrial goods to zero and avert a trade conflict. "This will secure jobs in Germany, Europe and the USA," he adds. U.S. President Trump has frequently threatened to impose tariffs on European goods, including cars, one of Germany's major exports. The talks could remove some risk that tariffs could ultimately be introduced. (email@example.com; @mxbernhard)
STORIES OF INTEREST
New Export Sale of US Soybeans Reported -- Market Talk
11:00 ET - The USDA confirmed this morning that 140,000 metric tons of soybean exports were sold for delivery to unknown destinations during the 2018/19 marketing year. Traders say that "unknown destinations" often means China. The sale comes following news of similar sales last week. Although more export purchases of U.S. soybeans is bullish for the market, traders have been concerned that an increased reliance of China on U.S. pork cuts into their purchases of animal feed, thusly cutting into foreign soybean purchases. Hog futures are down 0.3% so far this morning. (firstname.lastname@example.org; @kirkmaltais)
Latest E.coli Outbreak Tied to Ground Beef, CDC Says -- Market Talk
17:22 ET on Friday - Preliminary evidence points to ground beef as the source of an ongoing E.coli outbreak, according to the CDC. The agency says 109 people in six states have now fallen ill from related E.coli O103 infections, and that sick people reported eating beef both at home and in restaurants. Investigators are still trying to determine the source of the tainted meat making people sick, and haven't identified a common supplier, distributor or beef brand. The CDC says the outbreak is the third-largest multistate E.coli outbreak in 20 years. It isn't warning consumers not to eat ground beef, or that retailers stop selling it, but it is advising people to handle ground beef safely and cook it thoroughly to prevent infection. (email@example.com; @jessenewman13)
Livestock Futures End On Mixed Note -- Market Talk
15:45 ET - Livestock futures posted mixed movements for the day, with June hog futures moving down 0.2% to 98.3 cents per pound, while June live cattle moved up less than 0.1% to $1.21475 per pound. For beef, prices are expected to rise in the aftermath of the blizzard that hit last week. Snow cover is said to still be on the ground, and for feedlots muddy conditions are expected to resume. (firstname.lastname@example.org, @kirkmaltais)
Estimated U.S. Pork Packer Margin Index - Apr 15
Source: USDA, based on Wall Street Journal calculations
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
Apr 15 +$ 12.92 +$ 54.88
Apr 12 +$ 11.70 +$ 51.72
Apr 11 +$ 13.29 +$ 49.31
* 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 108.6
(Percent of Year-Ago) Select 110.7
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Monday rose $2.23 per hundred pounds, to $230.98, according to the USDA. Select-grade prices rose 20 cents per hundred pounds, to $221.22. The total load count was 93. Wholesale pork prices rose $1.47, to $85.93 a hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
April 15, 2019 17:19 ET (21:19 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.