LIVESTOCK HIGHLIGHTS: Top Stories of the Day
Darden Reports 1Q Profit Even as Sales Remain Down
Darden Restaurants Inc. brought back its dividend even though
demand remained weaker in its latest quarter across its portfolio
of restaurants due to the challenges of the pandemic. The operator
of Olive Garden, LongHorn Steakhouse and other outlets said
Thursday profit fell for its fiscal-first quarter that ended Aug.
30 to $36.1 million, or 28 cents a share, from $170.6 million, or
$1.37 a share, the year earlier.
Agriculture Groups Call for Coronavirus Help, Warn of Risks for Workers -- Market Talk
1616 ET - The agriculture industry appealed to the Trump
administration for help securing resources to deal with the spread
of coronavirus among farm employees and rural communities. Dozens
of farm groups in a letter to the White House coronavirus task
force called for the ability to use FEMA trailers or RV's to house
and quarantine agricultural workers, as well as access to
additional testing. The groups said that in some regions, results
from coronavirus tests can take nearly two weeks, boosting the risk
of disease spread and potentially delaying farm productivity.
Agricultural workers have been among those most affected by the
virus in major US farm states, and the groups warned that "the
agricultural workforce remains at heightened risk of infection."
Farm Groups Press for Covid Vaccine Priority -- Market Talk
12:47 ET - The agriculture industry is arguing for priority as
Covid-19 vaccine tests advance. In a letter Thursday to the White
House coronavirus task force, farm groups including the American
Farm Bureau Federation and the National Farmers Union say that
vaccine allocation must be prioritized for the "food and fiber
supply chain," saying their industry is critical to US safety and
wellbeing. The US government plans to start shipping out Covid-19
vaccines within 24 hours of any FDA approval, federal officials
said last week. (email@example.com; @jacobbunge)
STORIES OF INTEREST
Kellogg Reducing Food Waste By Donating, Switching Uses
Kellogg Co. said Thursday that since 2016, it has reduced its
total organic waste by 13.4% and total waste per pound of food
produced by 5.7%. The food company said that in 2019, just 1.1% of
food handled across its manufacturing operations went unused
globally, which was provided to local food banks and farmers for
IGC Cuts Corn Production Forecasts by 6 Million Metric Tons
The global corn harvest will be smaller than expected next year,
the International Grains Council said Thursday, as it lowered its
forecast for the global grain harvest. The intergovernmental body
lowered its predictions for the 2020-21 corn harvest by 6 million
metric tons to 1.16 billion tons. The reduced figure was due to
smaller-than-expected harvests in the U.S., China, and the EU,
which outweighed an upward revision to forecast for Argentina and
Livestock Futures Close Mixed -- Market Talk
15:01 ET - Livestock futures trading on the CME closed mixed --
with the most-active hog futures contract closing down 1.7% to
63.275 cents per pound, while cattle futures rose 1% to $1.12275
per pound. Export sales of US pork were relaxed in this week's
report, totaling 37,800 metric tons -- down 25% from the same time
last week. China was not the main buyer this week, with Mexico
purchasing 15,000 tons. However, pork cutout prices are higher over
the course of the past five days, rising 2.5% in that time period.
Estimated U.S. Pork Packer Margin Index - Sep 24
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
Sep 24 +$ 55.26 +$ 69.75
Sep 23 +$ 46.05 +$ 62.52
Sep 22 +$ 45.26 +$ 62.07
* 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 101.3
(Percent of Year-Ago) Select 109.4
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Thursday rose $1.61 per
hundred pounds, to $217.48, according to the USDA. Select-grade
prices rose 14 cents per hundred pounds, to $207.74. The total load
count was 123. Wholesale pork prices rose $3.36, to $91.51 a
hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
September 24, 2020 17:56 ET (21:56 GMT)
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