LIVESTOCK HIGHLIGHTS: Top Stories of the Day
Beyond Meat Readies for Another Run at Chicken -- Market
11:46 ET - As US restaurants grapple with a nationwide crunch in
chicken wings and breasts, plant-based meat alternative maker
Beyond Meat says it's ready to take another run at faux chicken.
The California company aims to introduce later this year
plant-based tenders, a return to poultry-style products several
years after pulling its previous chickenesque products from the
market. Beyond in February announced a partnership with KFC parent
Yum Brands to develop menu items following a fried chicken test
with KFC in 2019. Beyond falls 2.2%. (firstname.lastname@example.org;
Burger King Owner Discounting Less as Costs Rise -- Market
0910 ET - Burger King-owner Carrols Restaurant Group says it
discounted fewer menu items in 1Q and could raise prices if
necessary as many of its costs grow. Labor inflation was up 6% in
1Q, and the company says commodities are expected to rise 4% to 5%
this year. Beef, chicken and shortening prices have risen this year
and are expected to keep doing so. (email@example.com;
DoorDash's Revenue Triples Amid Sustained Demand for Food
DoorDash Inc.'s revenue tripled in the first quarter, showing
sustained demand for food-delivery services even as coronavirus
vaccinations picked up and the nation geared up toward
The San Francisco-based company reported revenue of $1.08
billion for the three months through March, up from $362 million in
the same quarter a year ago, beating Wall Street's forecast.
Analysts polled by FactSet had expected revenue of $994
STORIES OF INTEREST
Carrols Struggles with Labor as Chicken Requires More -- Market
0918 ET - Burger King-owner Carrols Restaurant Group now is
making hand-breaded chicken sandwiches for the first time, but
needs workers to do it. The company in 1Q earnings says getting
sufficient workers to staff its restaurants has been a struggle, as
is the case with many restaurants. Six workers will be scheduled,
but only two will show up in a given shift, executives say. Burger
King's new chicken sandwich requires a worker to bread it fresh at
a designated kitchen station, a new process for owners.
Amazon, McDonald's, Others Woo Scarce Hourly Workers With Higher
Pay -- Update
The fight is on for lower-wage workers.
Some of the biggest U.S. employers of entry-level workers are
adding tens of thousands of new positions as the economy roars back
from the coronavirus pandemic. Many are raising wages or adding
perks to entice workers away from other jobs or off the sidelines
of the labor market.
Amazon.com Inc. said Thursday that it would hire 75,000 more
workers and offer $1,000 signing bonuses in some locations, its
latest hiring spree in a year of tremendous job growth at the
e-commerce giant. McDonald's Corp. said that it wants to hire
10,000 employees at company-owned restaurants in the next three
months and that it would raise pay at those locations. Chipotle
Mexican Grill Inc., Applebee's and KFC are among other chains
seeking to hire tens of thousands of workers as they reopen dining
rooms and seek to bolster staffing there.
Livestock Futures Close Sharply Lower -- Market Talk
1509 ET - Livestock futures trading on the CME took a dive, with
the livestock complex catching pressure from inflation worries that
weighed on commodities across the board. Live cattle futures closed
down 2.7% to $1.16 per pound, while lean hog futures closed down
1.8% to $1.10525 per pound. However, values for both boxed beef and
pork cutouts were mostly higher through the middle of the day --
for pork, loins and ribs were lower, but other prominent cutouts
like pork butt and belies were higher. Low export sales reported
this morning also pressured futures today. (firstname.lastname@example.org;
Estimated U.S. Pork Packer Margin Index - May 13
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
May 13 -$ 11.31 +$ 98.68
May 12 -$ 21.67 +$ 99.92
May 11 -$ 28.60 +$ 98.39
* 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 66.6
(Percent of Year-Ago) Select 65.6
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Thursday rose $1.70 per
hundred pounds, to $316.78, according to the USDA. Select-grade
prices fell $1.25 per hundred pounds, to $295.91. The total load
count was 106. Wholesale pork prices rose $2.09, to $114.30 a
hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
May 13, 2021 17:37 ET (21:37 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.