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. (email@example.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. (firstname.lastname@example.org; @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.email@example.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. (firstname.lastname@example.org; @jessenewman13)
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. (email@example.com; @francescamarief)
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-$41.00.
The day's total run is estimated at 100 head.
Prices are provided by the Central Livestock Association.
Estimated U.S. Pork Packer Margin Index - Nov 8
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
Nov 8 +$ 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.
This report compares the USDA's latest beef carcass composite
values as a percentage of their respective year-ago prices.
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)
Copyright (c) 2018 Dow Jones & Company, Inc.