LIVESTOCK HIGHLIGHTS: Top Stories of the Day
Farmers Ask for Extension in Applying for Covid Relief -- Market
12:13 ET - In the wake of bitter cold temperatures descending on
farmlands across the country, the American Farm Bureau is asking
the federal government to extend the deadline for applying for the
Coronavirus Food Assistance Program, which would supply farmers
$13B in aid. "The current deadline is this Friday, February 26, but
recent severe weather and the suspension of CFAP payments led to
challenges and confusion surrounding the application process," says
Farm Bureau president Zippy Duvall in a letter addressed to
Agriculture Secretary Tom Vilsack. (email@example.com,
More Meatpacking Workers Taking Vaccine, JBS Says -- Market
1345 ET - As Covid-19 vaccines roll out to meatpacking plants,
top US beef processor JBS USA says about three-quarters of its
employees are expressing interest or signing up prior to the
vaccine being distributed. Meatpacking workers have been among the
hardest hit by the pandemic, with thousands sickened and more than
100 killed, according to union estimates. But many have been
hesitant when surveyed about vaccination, with as many as half of
workers at some meat companies saying they won't immediately take
it. JBS this month was able to use all the vaccines allotted to its
Beardstown, Ill. pork plant, a spokesman said, and to boost
participation at its Greeley, Colo. beef-processing operations, JBS
plans to shut down that plant on March 5 and 6.
Elanco 4Q Sales Rise on Bayer Animal Health Purchase
Elanco Animal Health Inc. beat Wall Street's expectations in the
last quarter as its sales rose following its purchase of Bayer
The pet and livestock drugmaker said Wednesday that its net loss
was $322.8 million in the fourth quarter ended Dec. 31, compared
with a loss of $9.5 million a year ago. It booked a per-share loss
of 66 cents, compared with a loss of 3 cents last year.
Adjusted earnings were 12 cents a share, topping analysts'
forecast of 10 cents a share, according to FactSet.
STORIES OF INTEREST
Instacart Adds to Board Ahead of Expected IPO -- Market Talk
12:05 ET - Instacart bolsters its board with a pair of tech
veterans as expectations continue to build for a blockbuster
initial public offering this year. Fidji Simo, head of Facebook's
mobile app, and Barry McCarthy, who served stints as chief
financial officer of Spotify and Netflix, join as directors of the
grocery-delivery service, just weeks after Instacart brought in
Goldman Sachs banker Nick Giovanni to serve as chief financial
officer. Reuters in November reported Instacart had tapped Goldman
to lead an IPO that come early this year and value the company at
around $30B. Rival DoorDash saw its shares surge 86% in their
trading debut after an IPO in December, pushing that company's
valuation above $70B. (firstname.lastname@example.org)
Land O'Lakes Reports Higher Net Earnings for 2020
Land O'Lakes Inc. reported higher net earnings for 2020.
The agribusiness and food company, which is a farmer-owned
cooperative, reported net sales of $13.9 billion and net earnings
of $266 million for the year ending Dec. 31, compared with net
sales of $13.9 billion and net earnings of $207 million in
Supermarkets Are Pressured to Raise Hazard Pay -- Update
Grocery chains are coming under pressure to boost hourly
employees' pay again, as municipalities push continued aid for
frontline workers nearly a year into the Covid-19 pandemic.
Seattle, Long Beach, Calif., and other cities have passed new
rules requiring supermarkets to provide employees temporary bonus
pay. Los Angeles approved the mandate on Wednesday and more cities
are considering similar measures designed to help employees who
have to show up for work in public-facing jobs like cashiers or
baggers and risk exposure to the coronavirus.
Lean Hog Futures Extend Climb -- Market Talk
1522 ET - Lean hog futures on the CME closed up 3.5%, to 89.425
cents per pound. That makes it three days in a row that hog futures
have risen -- climbing 5.7% in that period. Pork carcass cutouts
rose by nearly $3 per hundredweight through midday today, putting
that price at $95.31 per cwt -- up 5% over the past five days. Hog
futures have been rising amid indications of stronger demand from
consumers. Meanwhile, live cattle futures rose 0.8% to $1.22225 per
pound. (email@example.com; @kirkmaltais)
Estimated U.S. Pork Packer Margin Index - Feb 24
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
Feb 24 +$ 23.52 +$ 60.77
Feb 23 +$ 28.17 +$ 62.13
Feb 22 +$ 34.03 +$ 61.48
* 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 116.3
(Percent of Year-Ago) Select 113.5
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Wednesday rose 46 cents per
hundred pounds, to $240.75, according to the USDA. Select-grade
prices fell 74 cents per hundred pounds, to $229.79. The total load
count was 129. Wholesale pork prices fell 63 cents, to $90.67 a
hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
February 24, 2021 17:45 ET (22:45 GMT)
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