Breakfast Sales Struggle for Burger King -- Market Talk

09:14 ET - Burger King-parent Restaurant Brands International says it's trying to improve its breakfast options as morning sales remain slow due to the pandemic. Late-night sales are also struggling as the pandemic has curbed nightlife. "The pandemic continues to have a pronounced effect on consumer behavior," CEO Jose Cil says in 3Q earnings. US same-store sales down 3.2% in 3Q at Burger King. (; @heatherhaddon)




Wheat Slides Amid Election Jitters

Wheat for December delivery fell 0.7% to $6.15 3/4 a bushel, on the Chicago Board of Trade Tuesday, dropping for a second straight day as grains traders were cautious in trading ahead of next week's U.S. general election.

Soybeans for January delivery fell 0.6% to $10.76 1/2 a bushel.

Corn for December delivery fell 0.4% to $4.16 a bushel.


Soybeans for January delivery fell 0.6% to $10.76 1/2 a bushel.

Corn for December delivery fell 0.4% to $4.16 a bushel.

Some Grain Traders Opt For Caution -- Market Talk

13:34 ET - Grain futures are lower as some traders take a cautious approach on commodities ahead of next weeks' presidential election. "There is an 'air' of correction in the marketplace," says AgResource. "The risk vs. reward amid improving South American, US and Black Sea weather forecasts is not there with a major US election in a week." (; @kirkmaltais)


Ethanol Figures Expected to Drop Further -- Market Talk

12:10 ET - US ethanol production and inventories are expected to drop again this week, says Terry Reilly of Futures International, which forecasts ethanol production to fall 6,000 barrels per day to 907,000 barrels per day, which would be the lowest they've been since mid-September. Meanwhile, the firm forecasts ethanol inventories to fall by anywhere from 100,000 barrels to 300,000 barrels--which could potentially put ethanol inventories at their lowest levels since December 2016. An inventory drop combined with higher production would be a hopeful sign for grains traders looking to see US ethanol domestic demand rebound. Corn futures trading on the CBOT are down 0.2% Tuesday. (; @kirkmaltais)




Hog Futures Inch Lower as Herd Expected to Shrink -- Market Talk

15:11 ET - Lean hog futures trading on the CME finished down 0.2% at 67.65 cents per pound, amid speculation that US hog herds may contract in 2021. "Months of disappointing returns will drive a modest contraction in the herd in 2021," says Christine McCracken, a senior analyst with Rabobank. Longer term, the rebound of China's hog herd from devastation due to African swine fever is expected to eventually lessen the export market potential for US pork. "Although the reestablishment of China's breeding herd and production assets is a multi-year process, it is now apparent that China is confident in its ability to manage additional virus events," says McCracken. Live cattle futures, meanwhile, closed trading up 0.6% to $1.0405 per pound Tuesday. (; @kirkmaltais)



Estimated U.S. Pork Packer Margin Index - Oct 27 
 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 - 
                             integrated operations 
Oct 27       +$ 47.71            +$ 61.81 
Oct 26       +$ 55.10            +$ 68.01 
Oct 23       +$ 60.18            +$ 69.79 
* 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   90.7 
      (Percent of Year-Ago)      Select   94.0 
USDA Boxed Beef, Pork Reports 

Wholesale choice-grade beef prices Tuesday fell $1.13 per hundred pounds, to $206.70, according to the USDA. Select-grade prices rose 18 cents per hundred pounds, to $188.67. The total load count was 175. Wholesale pork prices fell $2.88, to $87.82 a hundred pounds, based on Omaha, Neb., price quotes.

(END) Dow Jones Newswires

October 27, 2020 17:34 ET (21:34 GMT)

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