LIVESTOCK HIGHLIGHTS: Top Stories of the Day
Mondelez Approves $4 Billion Share Buyback Increase, Extends
Plan by 3 Years
Mondelez International Inc. said Wednesday that it has extended
its share repurchase program by three years and increased its scope
by $4 billion.
The Chicago, Illinois-based company said that board approved to
increase the scale of the repurchase program by $4 billion, which
authorizes the board to repurchase a combined $6 billion in
STORIES OF INTEREST
US-China Trade Deal to Stay in Place Under Biden -- Market
09:36 ET - The phase one trade agreement looks to stay in place
following the inauguration of President-elect Biden, at least in
the short-term. Speaking to the New York Times, Biden says that his
administration will not immediately roll back tariffs or alter the
terms of the current trade deal between the US and China, adding
that the US needs to "regain leverage" to bring to negotiations. As
it stands now, China is behind on its promised agricultural
purchases, leaving grains traders eyeing how Biden will address
this. CBOT corn and soybean futures are down in pre-market trading
Wednesday. (email@example.com; @kirkmaltais)
US Farm Incomes to Rise to Highest Level in 7 Years -- Market
1138 ET - US farm incomes will surge 43% to the highest level
since 2013, according to a US Department of Agriculture forecast.
Net farm income will top $119B in 2020, USDA says, as direct
government payments double. The payments are projected to soar to a
record $46B as the Trump administration provides support to farmers
and ranchers dealing with the fallout from the coronavirus
pandemic. The payments, which would comprise nearly 40% of farmers'
incomes, come as agricultural commodity prices are also rising due
to dry weather globally and increased exports to China. Government
payments and better prices are helping revive farmers' fortunes
following a yearslong downturn in the farm economy that has pushed
some out of business. (firstname.lastname@example.org; @jessenewman13)
Wm. Morrison Supermarkets to Waive Business-Rates Relief in
Wm. Morrison Supermarkets PLC said Wednesday that it expects net
debt in fiscal 2021 to be higher as higher costs as a result of the
pandemic weigh on the company, but that it has decided to pay its
business rates for the period.
The British grocer said profits have been significantly hit due
to the direct effects of the pandemic on the business. The company
pointed to widespread closures of many of its cafes and market
street counters in the wake of national lockdowns.
Cattle Closes Higher as Cutout Spread Widens -- Market Talk
15:18 ET - Live cattle futures trading on the CME finished 0.7%
higher at $1.13925 per pound, making it the third day in a row that
cattle futures have risen. The uptick in futures coincides with the
elevated spread in choice and select cutout values - suggestive of
holiday demand incoming for beef. "The holiday season is usually
ready to absorb supplies of higher quality beef, due to consumer
tastes and preferences during the 4th quarter," says Steiner
Consulting Group. "It appears there has been some late seasonal
demand for Prime product this year." Meanwhile, lean hog futures
finished down 1.3% to 67.875 cents per pound.
Estimated U.S. Pork Packer Margin Index - Dec 2
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
Dec 2 +$ 42.74 +$ 42.91
Dec 1 +$ 36.18 +$ 36.51
Nov 30 +$ 42.12 +$ 42.53
* 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 104.7
(Percent of Year-Ago) Select 105.0
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Wednesday fell $2.51 per
hundred pounds, to $240.89, according to the USDA. Select-grade
prices fell 13 cents per hundred pounds, to $222.95. The total load
count was 123. Wholesale pork prices rose $2.98, to $79.03 a
hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
December 02, 2020 17:25 ET (22:25 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.