LIVESTOCK HIGHLIGHTS: Top Stories of the Day
08 November 2018 - 11:50PM
Dow Jones News
TOP STORIES
Salmonella Outbreak Tied to Raw Turkey Grows -- Market Talk
14:15 ET - A salmonella outbreak linked to raw turkey products
is growing, according to the CDC. In its latest update, the agency
said 164 people in 35 states have been sickened, including one
person who died. The CDC has found the outbreak strain of
salmonella in raw turkey pet food, live turkeys and raw turkey
products, like ground turkey and turkey patties, but it hasn't yet
identified a single, common supplier of the products. Federal
health officials believe many people got sick preparing raw turkey
products. They've found the strain in raw turkey samples from 22
slaughter facilities and seven processing establishments,
indicating it may be prevalent in the turkey industry.
(jesse.newman@wsj.com ; @jessenewman13)
STORIES OF INTEREST
Dean Foods Faces More Competition as Volume Slides -- Market
Talk
11:50 ET - Jefferies lowers Dean Foods to hold from buy
following the largest US milk producer's disappointing earnings and
guidance cut Wednesday morning. "Competitive activity remains
elevated, volume declines persist and [Dean] continues to lose
share," Jefferies says, slashing its price target to $6 from $13.
Credit Suisse also takes action, slashing its price target to $4
from $7. Dean trades close to flat Thursday at $6.01 after
plummeting 22% to a 21-year low Wednesday. (heather.haddon@wsj.com;
@heatherhaddon)
Hain Sales, Profit Margin Disappoint -- Market Talk
10:01 ET - Hain Celestial said its sales fell 5% to $560.8M in
the latest quarter, partly because of low-margin items it
discontinued and foreign currency fluctuations, and because of
declining sales of some of its packaged foods and snacks in the US.
Hain's gross margin also slipped as commodity and freight costs
rose and it spent more money on promotions in stores. Hain didn't
say whether it will raise its prices to cover the expenses, which
leaves Wall Street wondering if it will follow the lead of is peers
in doing so or buck the trend. Shares down 11%.
(Annie.gasparro@wsj.com)
Corn Falls as USDA Cuts Export Outlook -- Market Talk
12:33 ET - Corn is in the red after the USDA trims its harvest
forecast but also predicts greater world export competition cutting
into US shipments. The USDA says it expects farmers to harvest
14.63B bushels of the grain this fall, which is lower than the
government's October projection and analyst estimates. But grain
prices fall as the agency also prunes its export projection by 25M
bushels this season, citing increased competition from Ukraine. The
reduced export outlook comes as US farmers are expected to boost
corn plantings next year thanks to low expected returns on
soybeans. CBOT December corn down 1.5% to $3.66 3/4 a bushel.
(jesse.newman@wsj.com; @jessenewman13)
FUTURES MARKETS
Livestock Futures End Higher -- Market Talk
15:21 ET - CME lean hog futures rise 0.2% to 55.625 cents a
pound, as cash prices are called lower Thursday. Meanwhile, live
cattle futures rise 0.4% as packer margins remain profitable.
"Winter weather appears to be developing into a supportive
factor...It appears we're embarking upon a tough winter for feeding
cattle," says Dennis Smith of Archer Financial Services.
(francesca.fontana@wsj.com; @francescamarief)
CASH MARKETS
Zumbrota, Minn., Hog Market Nov 8
Barrow and gilt prices at the Zumbrota, Minn., livestock market
are $2.00 lower at $35.00 per hundredweight.
Sow prices are steady. Sows weighing 400-450 pounds are at
$36.00-$37.00, 450-500 pounds are $36.00-$37.00 and those over 500
pounds are at $39.00-$41.00.
The day's total run is estimated at 100 head.
Prices are provided by the Central Livestock Association.
Estimated U.S. Pork Packer Margin Index - Nov 8
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
integrated operations
*
Nov 8 +$ 29.56 +$ 17.57
Nov 7 +$ 31.18 +$ 20.86
Nov 6 +$ 30.59 +$ 22.93
* 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 101.6
(Percent of Year-Ago) Select 100.4
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Thursday fell $2.15 per
hundred pounds, to $216.07, according to the USDA. Select-grade
prices fell $2.66 per hundred pounds, to $199.11. The total load
count was 128. Wholesale pork prices fell $1.53, to $69.91 a
hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
November 08, 2018 17:35 ET (22:35 GMT)
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