LIVESTOCK HIGHLIGHTS: Top Stories of the Day
Kraft: Some At-Home Cooking, Eating Still in Place -- Market
10:40 ET - Kraft Heinz says it's seeing signs that some cooking
and eating behaviors from the pandemic are sticking, even as
consumers venture out of the house more during Covid-19's second
year. For the latest quarter, the food company's comparable sales
fell 2.1% from year-ago levels when pantry loading bolstered
demand, but rose 5% from the same period in 2019. "We continue to
see retail very strong and we are coming back with food service,"
CEO Miguel Patricio says. Executives on a conference call say
future consumer behavior is tough to predict given variables like
the rise of the Delta variant, but that they see higher levels of
at-home consumption persisting. Kraft Heinz reported profit and
revenue for the latest quarter that beat expectations. Shares fall
4.1% to $37.32. (firstname.lastname@example.org)
Land O'Lakes 2Q Sales Rise as Farmers Invest in Crops, Animals
-- Commodity Comment
Land O'Lakes Inc.'s second-quarter sales rose as farmers put
money into protecting their crops and feeding their livestock,
signaling a possible increase in agricultural production.
Net sales rose 14% from a year ago to $4 billion, the
farmer-owned cooperative said.
"Net Sales accelerated in the second quarter as farmers invested
in their crops and animals."
"Earnings for the quarter were driven by strong performance in
Crop Inputs with higher volumes and favorable product mix in Crop
Protection and improved margins in Crop Nutrients.
STORIES OF INTEREST
MGP Ingredients Shares Rise 12% on 2Q Earnings, FY Forecast
MGP Ingredients Inc. shares were up 12% to $66.63 after the
company reported earnings and sales that beat analysts'
The company, which provides ingredients for food and drinks,
said it had second-quarter earnings of $20.1 million, or 91 cents a
share, compared to $8.5 million, or 50 cents a share, in the same
period last year. Analysts polled by FactSet were looking for
earnings of $11.9 million, or 59 cents.
Instacart Hiring Facebook's Everson to Be President -- Market
11:00 ET - Instacart is hiring another veteran from Facebook,
appointing Carolyn Everson as president. Everson will oversee the
delivery company's retail, advertising, business development and
legal efforts, among others. Everson has worked with Fidji Simo,
who started as chief executive of Instacart this week, at Facebook
for a decade. At Facebook, Everson most recently led the company's
relationships with top advertisers and agencies. The appointment is
effective Sept. 7. (email@example.com)
Fertilizer Costs Expected to Hit Near-Record Highs in 2022 --
1051 ET - The cost of fertilizer for farmers has rocketed up
over 50% in Illinois in the past year, according to the University
of Illinois. This uptick is expected to continue in 2022, making
costs the highest they've been since 2015 and nearing record prices
seen in 2008. The reason for the move? Surging prices for
fertilizer ingredients like anhydrous ammonia, diammonium phosphate
and potash. For farmers, higher input costs affect their decisions
on what to plant--a key question when looking at tight supplies for
row crops like corn, wheat, and soybeans.(firstname.lastname@example.org;
Hogs Sink as Chinese Covid Concerns Grow -- Market Talk
1512 ET - Concerns about the Delta variant of Covid-19 spreading
in China weighed on CME lean hog futures today--with the
most-active contract down 1.4% to 90.125 cents per pound. "Lean hog
futures are weaker on China Covid concerns, where lockdowns are
increasing, hurting meat demand," says Arlan Suderman of StoneX.
Chinese demand for US pork exports continues to be a key mover of
US hog futures, even amid indications that China's hog herds have
successfully rebounded from African swine fever. Meanwhile, live
cattle futures close up 0.6% to $1.28975 per pound.
(END) Dow Jones Newswires
August 04, 2021 17:37 ET (21:37 GMT)
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