LIVESTOCK HIGHLIGHTS: Top Stories of the Day
Shake Shack 2Q Demand Hampered By Closed Dining Rooms,
Shake Shack Inc. said plummeting customer traffic dragged down
demand and protests crimped sales for its fiscal second
The burger chain on Tuesday reported total revenue of $91.8
million for the quarter ended June 24. Comparable sales declined
49% in the period compared with last year, with customer traffic
falling about 60%.
STORIES OF INTEREST
Corn Drops as Weather Bets Waver
Corn for December delivery fell 1% to $3.52 1/2 a bushel on the
Chicago Board of Trade Tuesday, with grains traders less optimistic
that hot weather would put a dent on abundant crop supplies.
Soybeans for November delivery fell 0.4% to $9.02 1/2 a
Wheat for September delivery rose 0.4% to $4.95 1/4 a
Wasde Expected to Show Abundant Grain Supplies -- Market
12:59 ET - The USDA's monthly Wasde report is due out noon ET
Friday, and in it grains traders are expecting to see updated
production, stockpile and yield data for corn and soybeans.
Overall, this updated data is expected to show that US crop
supplies will stay abundant this year, even with hot weather this
summer drying out soil while crops attempt to grow. "Don't look for
anything bullish in the numbers Friday with trend yields likely to
project large corn supplies and adequate bean supplies," says Doug
Bergman of RCM Alternatives. Corn and soybean futures on CBOT are
both trading lower. (email@example.com; @kirkmaltais)
Canadian Railway Moves Record Amount of Grain -- Market Talk
14:25 ET - Canadian National Railway says that it moved a record
amount of Canadian grains in the first half of 2020--transporting
15M metric tons of grain for the year through June 30. The company
says it's on pace to transport 26.9M tons by the end of the year,
which would break last years' record of 26.5M tons. "From Canadian
farmers to port terminals, these achievements are a testament to
the strength of our supply chain and its ability to meet the
continued strong global demand for grain," says James Cairns, the
company's senior vice president of Rail Centric Supply Chain. CN's
record performance comes despite the coronavirus pandemic impacting
demand for grains globally. (firstname.lastname@example.org;
Livestock Futures End Day On Downside -- Market Talk
15:31 ET - Livestock futures finish lower--with August live
cattle futures on the CME down 0.1% at $1.00 per pound and August
lean hog futures off 0.8% to 48.875 cents per pound. Hog futures
follow the trajectory of pork cutouts in moving lower--according to
the USDA, cutouts altogether have been on the decline this week.
Primal loin fell over $3 per hundredweight yesterday, according to
the USDA--leaving loin prices at $66.36 per cwt. Hog futures are
off 15% in the past month. (email@example.com; @kirkmaltais)
Estimated U.S. Pork Packer Margin Index - Jul 7
This report reflects U.S. pork packer processing margins. The margin indices
are calculated using current cash hog or carcass values and wholesale pork
cutout values and may not reflect actual margins at the plants. These
estimates reflect the general health of the industry and are not meant to
be indicative of any particular company or plant.
Source: USDA, based on Wall Street Journal calculations
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
Jul 7 +$ 64.61 +$ 0.63
Jul 6 +$ 71.32 +$ 5.58
Jul 2 +$ 77.68 +$ 10.16
* 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 94.4
(Percent of Year-Ago) Select 101.2
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Tuesday fell 16 cents per
hundred pounds, to $205.30, according to the USDA. Select-grade
prices fell 13 cents per hundred pounds, to $196.84. The total load
count was 124. Wholesale pork prices fell $2.30, to $62.03 a
hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
July 07, 2020 17:35 ET (21:35 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.