LIVESTOCK HIGHLIGHTS: Top Stories of the Day
McDonald's Promoting Vaccination -- Market Talk
0703 ET - McDonald's says it is working with the Biden
administration to promote Covid-19 vaccination. The burger giant
says it will advertise vaccination information on its billboard in
Times Square later this month. The company says its hot coffee cups
and food delivery stickers in US stores will include the federal
government's coronavirus vaccination website beginning in July.
STORIES OF INTEREST
El Pollo Loco Eliminating Use of Styrofoam
El Pollo Loco said it is eliminating its use of Styrofoam and
undergoing a system-wide rollout of Thermo-To-Go packaging. The
transition to the Thermo-To-Go containers, which are made from
partially recycled materials, will remove 1.9 million cubic feet of
Styrofoam from the national waste stream annually, the chicken
restaurant chain said. El Pollo Loco's tostadas switched to
Thermo-To-Go packaging in late April and the restaurant's chicken
will be sold in the new containers system-wide by the end of
Wheat Climbs Amid Final Preparations for WASDE
Wheat for July delivery rose 1.9% to $7.44 a bushel on the
Chicago Board of Trade Tuesday. Grain traders took advantage of
Monday's selling to get back into long positions ahead of
Wednesday's WASDE report from the USDA. Soybeans for July delivery
rose 1.8% to $16.18 3/4 a bushel, the highest level since September
2012. Corn for July delivery rose 1.7% to $7.24 1/4 a bushel.
US Ethanol Production Forecast to Rise -- Market Talk
12:36 ET - US ethanol production is projected to show a rise in
the past week, according to analysts surveyed by Dow Jones.
Analysts surveyed forecast the EIA's ethanol production data
expected tomorrow will show production for the week ended Friday to
total anywhere from 950,000 barrels a day to 976,000 barrels a day,
up from 952,000 barrels a day reported last week. If production
hits the high end of estimates, it'll be the highest ethanol
production has been since mid-December, and well up from 617,000
barrels a day reported at this time last year. Meanwhile, analysts
forecast ethanol stockpiles to be anywhere from 20M barrels to 21M
barrels, from 20.4M barrels reported last week.
Cattle Futures Climb on Rumblings of Reduced Herds -- Market Talk
1510 ET - Live cattle futures trading on the CME closed up 0.4%
to $1.188 per pound in response to growing projections that high
corn prices around the world may cause cattle producers to reduce
the amount of animals they feed. "Several countries in the world
have started to cut back on cattle herds due to high corn values,
including the United States," says Karl Setzer of AgriVisor.
"Cow/calf operations have seen the greatest decline, with cow
slaughter up 7% from last year, putting it at the highest volume
since 2011. This action will elevate the US beef supply in the
short-term, but likely cause it to tighten in the future."
Meanwhile, lean hog futures closed down 0.8% to $1.11175 per pound.
Estimated U.S. Pork Packer Margin Index - May 11
This report reflects U.S. pork packer processing margins. The margin indices
are calculated using current cash hog or carcass values and wholesale pork
cutout values and may not reflect actual margins at the plants. These
estimates reflect the general health of the industry and are not meant to
be indicative of any particular company or plant.
Source: USDA, based on Wall Street Journal calculations.
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
May 11 -$ 28.60 +$ 98.39
May 10 -$ 26.12 +$ 98.16
May 7 -$ 24.70 +$ 98.82
* 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 67.8
(Percent of Year-Ago) Select 66.0
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Tuesday rose $3.26 per
hundred pounds, to $312.37, according to the USDA. Select-grade
prices rose $2.58 per hundred pounds, to $296.34. The total load
count was 106. Wholesale pork prices rose 11 cents, to $111.50 a
hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
May 11, 2021 18:05 ET (22:05 GMT)
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