LIVESTOCK HIGHLIGHTS: Top Stories of the Day
Meatpacker JBS USA Hires New Chief Legal Officer
Beef and pork giant JBS USA Holdings Inc. has hired a former
U.S. antitrust enforcer as its new chief legal officer, as the U.S.
meat industry faces antitrust scrutiny.
Kevin Arquit, who previously served as the general counsel at
the Federal Trade Commission and director of the FTC's Bureau of
Competition, will join the Greeley, Colo.-based meatpacker on May
3, the company said.
STORIES OF INTEREST
PepsiCo Aims to Cut Emissions in Food Supply Chain With
PepsiCo Inc. is putting its weight behind so-called regenerative
farming in a bid to cut greenhouse gas emissions in its supply
chain, a challenge that more food-and-beverage companies have
recently been taking up.
The Purchase, N.Y.-based company said Tuesday that it plans to
spread regenerative farming--a nascent concept broadly aimed at
achieving sustainable agriculture--across 7 million acres of land,
roughly equal to its entire agricultural footprint.
Tyson Broadens Covid-19 Shots to Employees' Families -- Market
14:11 ET - Covid-19's spread through meatpacking plants a year
ago drew critics who blamed slaughterhouses and packing plants for
exacerbating the pandemic in rural areas. As meat companies mount
vaccination drives, Tyson Foods says it now is making Covid-19
inoculations available at no cost to family members of employees, a
move that the company and the United Food and Commercial Workers
International Union say will benefit broader community health.
Tyson has given out vaccines to employees' family and household
members in states like Indiana, Oklahoma and Virginia recently, and
estimates that about 29% of its total 139,000 employees have
received a vaccine. (email@example.com; @jacobbunge)
Corn Rises as Midwest Remains Frigid
Corn for May delivery rose 2.5% to $6.06 1/2 a bushel, on the
Chicago Board of Trade Tuesday, as frigid temperatures stress crops
in the Midwest and elsewhere globally.
Soybeans for May delivery rose 1.5% to $14.72 a bushel.
Wheat for July delivery rose 1.2% to $6.61 1/4 a bushel.
Cattle Futures End Slide -- Market Talk
1524 ET - After staying on a decline for the past seven trading
sessions, live cattle futures trading on the CME finished up 0.5%
to $1.192 per pound. After trading down 3.1% in that seven-session
period, traders seem to have paused their selling for cattle
futures - although that negative trend may not have yet subsided,
especially with the USDA's Cattle on Feed report due out at the end
of the week. "We think that on April 1 the supply of cattle with
150 days or more on feed was over 2.7 million head, almost 300k
head or 12% higher than a year ago," says Steiner Consulting.
Meanwhile, lean hog futures finished up 1.9% to $1.0635 per pound.
Estimated U.S. Pork Packer Margin Index - Apr 20
This report reflects U.S. pork packer processing margins. The margin indices
are calculated using current cash hog or carcass values and wholesale pork
cutout values and may not reflect actual margins at the plants. These
estimates reflect the general health of the industry and are not meant to
be indicative of any particular company or plant.
Source: USDA, based on Wall Street Journal calculations.
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
Apr 20 +$ 6.17 +$102.73
Apr 19 +$ 7.80 +$100.48
Apr 16 +$ 5.29 +$ 96.89
* 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 116.4
(Percent of Year-Ago) Select 119.0
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Tuesday rose $2.09 per
hundred pounds, to $278.26, according to the USDA. Select-grade
prices rose $1.34 per hundred pounds, to $270.47. The total load
count was 91. Wholesale pork prices rose $1.05, to $113.52 a
hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
April 20, 2021 17:33 ET (21:33 GMT)
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