LIVESTOCK HIGHLIGHTS: Top Stories of the Day
Meat Prices Fall at Grocery Shops -- WSJ
Meat prices are falling at grocery stores as last spring's
shortages fade and livestock clog farms, benefiting consumers but
hurting meatpackers and farmers already hit by Covid-19
disruptions. Prices for ground beef and pork loins have returned to
pre-pandemic levels, after surging as Covid-19 sickened meat-plant
workers and forced shutdowns. Some products, including chicken
wings and prime rib, are cheaper now than they were before the
pandemic began, according to data from Nielsen.
Fast-Casual Steakhouse Pioneer Sizzler USA Files for Bankruptcy
Sizzler USA filed for bankruptcy Monday, the latest casual
dining chain to fall victim to the effects of the Covid-19
pandemic. One of the earliest affordable steakhouses, Sizzler USA
was a cultural staple for decades. It experienced its heyday in the
late 1970s and early '80s but its chain of largely franchised
operations shrank in recent years. The company said its franchised
locations, numbering more than 90, aren't affected by the
bankruptcy filing. Sizzler added it plans to keep the 14
company-owned locations operating during the bankruptcy process,
which is aimed at renegotiating leases.
STORIES OF INTEREST
Beyond Meat Expands Beyond Breakfast Sausage To Thousands Of Additional Stores -- MarketWatch
Beyond Meat Inc. (BYND) said Monday that it is expanding
availability of its Beyond Breakfast Sausage Patties to thousands
of additional stores nationwide, including Kroger Co. (KR)
locations, Walmart Inc. (WMT) and Publix stores. Beyond Breakfast
Sausage Patties were launched earlier this year. Last week, Beyond
Meat launched Beyond Meatballs
Beyond Meat stock fell 2.7% in Monday premarket trading, but is up
more than 97% for the year to date. The S&P 500 index has
gained 2.8% for 2020 so far.
Fast Food to Go Still Tops Casual Dining in the Age of Covid -- Barrons.com
Restaurants in the U.S. may continue to struggle as cold-and-flu
season begins amid the Covid-19 pandemic continues. Yet with
drive-throughs and lower prices, fast food may weather winter
better than fast, casual dining. That's the takeaway from analyst
actions on Monday. Piper Sandler's Nicole Miller Regan boosted her
rating on Dunkin' Brands Group (ticker: DNKN) to Overweight from
Neutral, and raised her price target to $89 from $66.
Coronavirus Fears Sink Livestock Futures -- Market Talk
15:37 ET - Livestock futures on the CME finish lower
Monday--with lean hog futures down 3.1% to 61.55 cents per pound
and live cattle futures down 1.1% to $1.106 per pound. Both futures
are lower Monday in reaction to stressors on the macro market
regarding a resurgence in coronavirus cases in states including
North Dakota and Tennessee. Meanwhile, cutout prices for pork and
beef rise Monday afternoon, according to USDA data--upward momentum
that didn't translate to futures prices. (email@example.com;
Estimated U.S. Pork Packer Margin Index - Sep 21
Source: USDA, based on Wall Street Journal calculations
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
Sep 21 +$ 52.20 +$ 65.12
Sep 18 +$ 51.75 +$ 58.89
Sep 17 +$ 42.20 +$ 58.93
* 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 99.7
(Percent of Year-Ago) Select 107.4
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Monday rose 58 cents per
hundred pounds, to $216.22, according to the USDA. Select-grade
prices rose $1.88 per hundred pounds, to $205.82. The total load
count was 106. Wholesale pork prices rose $2.90, to $89.36 a
hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
September 21, 2020 17:16 ET (21:16 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.