LIVESTOCK HIGHLIGHTS: Top Stories of the Day
Meatpacker JBS Removed At-Risk Workers from Plant Amid Covid-19
Meatpacking company JBS USA Holdings Inc. said it has removed
hundreds of at-risk workers from a Colorado beef plant in response
to rising Covid-19 infections, as the U.S. meat industry seeks to
defend itself against the pandemic's current surge.
JBS's move comes as the largest U.S. beef processor faces a
fresh Covid-19 outbreak in Greeley, Colo., where the company
maintains a beef plant that employs about 3,500 people, making it
one of the country's largest.
SEC Settles with Cheesecake Factory Over Covid-19 Effect
The Securities and Exchange Commission said it had settled
charges against Cheesecake Factory Inc. for misleading investors
about how the Covid-19 pandemic affected the restaurant chain.
The SEC said Friday that the company in the spring filed
materially false and misleading disclosures in saying that
locations were "operating sustainably." Meanwhile, the company was
losing about $6 million in cash weekly and estimated it had only
about four months' worth of cash left, according to the agency.
STORIES OF INTEREST
McDonald's Passes on Fees to Franchisees -- Market Talk
0706 ET - McDonald's is asking US franchisees to cover more of
the cost of the chain's Happy Meals as part of changes under a
wider spending plan, according to a company message. The chain
plans to end a long-standing $300 monthly rebate per restaurant for
the toys featured in the kids' boxes on Jan. 1. The chain is also
asking operators to contribute next year to the company's Archways
to Opportunity, a college-funding program begun in 2015. The
company says that the changes will help it put "resources where
they will have the biggest impact and drive growth," it says in the
message viewed by the Wall Street Journal. (firstname.lastname@example.org;
Livestock Pares Losses as Cutouts Rise -- Market Talk
15:27 ET - Livestock futures finished lower, but not as far
lower as they opened the day. Live cattle futures fell 0.2% to
$1.124 per pound, while lean hog futures finished down 0.5% to
66.575 cents per pound. Possibly providing support for futures is
the uptick in cutout prices -- with pork carcass cutouts up $3.49
per hundredweight to $79.94 per cwt, according to the USDA. Hams
also shot up today, rising $12.48 per cwt to $91.69 per cwt.
Meanwhile, select beef cutouts were also higher as of this morning.
Estimated U.S. Pork Packer Margin Index - Dec 4
Source: USDA, based on Wall Street Journal calculations.
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
Dec 4 +$ 38.38 +$ 37.78
Dec 3 +$ 35.75 +$ 34.53
Dec 2 +$ 42.74 +$ 42.91
* 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 104.2
(Percent of Year-Ago) Select 104.5
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Friday fell $4.17 per hundred
pounds, to $235.02, according to the USDA. Select-grade prices fell
$2.42 per hundred pounds, to $217.51. The total load count was 132.
Wholesale pork prices rose $1.51, to $76.64 a hundred pounds, based
on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
December 04, 2020 17:43 ET (22:43 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.