TOP STORIES

 

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 Regenerative Farming

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 Talk

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. (jacob.bunge@wsj.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.

 

FUTURES MARKETS

 

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. (kirk.maltais@wsj.com; @kirkmaltais)

 

CASH MARKETS

 
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 - 
                             integrated operations 
 
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. 
 
Beef-O-Meter 
This report compares the USDA's latest beef carcass composite 
values as a percentage of their respective year-ago prices. 
                                  Beef 
          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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