TOP STORIES

 

US Cattle on Feed Rise by 1% -- Market Talk

15:26 ET - Cattle on feed for the slaughter market in the US totaled 11.8M head on March 1, 2019, up 1% from a year prior, while placements in feedlots during February totaled 1.79M head, 2% above the year before, according to a USDA report. Marketings of fed cattle during February totaled 1.68M head, slightly above a year prior. (francesca.fontana@wsj.com, @francescamarief)

 

Pilgrim's Pride CEO Leaves His Perch -- Market Talk

10:21 ET - Bill Lovette raised some eyebrows in the meat industry eight years ago when he jumped from a senior position at Tyson Foods to take over as CEO of struggling poultry rival Pilgrim's Pride, but the bet seems a good one as the company announces his retirement. Lovette came in as Pilgrim's, the second-biggest US chicken company, emerged from bankruptcy thanks to an investment by Brazilian meat giant JBS. After stabilizing Pilgrim's business he steered expansion into Mexico and the UK, as well as investment in organic and antibiotic-free chicken. Pilgrim's shares tripled under Lovette's watch, though the past year has been bruising for the poultry industry due to low prices and slackened demand. Pilgrim's USA President Jayson Penn now takes over. PPC down 0.1%. (jacob.bunge@wsj.com; @jacobbunge)

 

STORIES OF INTEREST

 

Papa John's Could Use That Old Shaq Magic -- Overheard

Just in time for March Madness, Papa John's International sank a big basket.

The company announced that retired basketball star and restaurant entrepreneur Shaquille O'Neal will join its board of directors and become an ambassador for the brand while also investing personally in nine Papa John's restaurants in the Atlanta area.

 

Second-Longest-Serving Director at McDonald's to Leave Board

A longtime director on the McDonald's Corp. (MCD) board is stepping down.

Jeanne Jackson, who has served on the board of the Chicago-based restaurant chain since 1999, has decided not to stand for reelection at the company's annual shareholder meeting, McDonald's said in a securities filing.

 

FUTURES MARKETS

 

Livestock Futures End Mixed -- Market Talk

15:34 ET - CME cattle futures lose 0.3% while hog futures gain 1% as the African swine fever issue in China continues to dominate traders' attention. "Many in the trade believe it has reduced Chinese hog feeding by up to 30%," says Adam Suntken of MaxYield Cooperative. "The void in pork supply will likely be filled by imports from other countries, possibly the US." (francesca.fontana@wsj.com; @francescamarief)

 

CASH MARKETS

 
Estimated U.S. Pork Packer Margin Index - Mar 22 
 
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 - 
                             integrated operations 
Mar 22       +$ 11.24            +$ 31.78 
Mar 21       +$ 14.04            +$ 27.46 
Mar 20       +$ 18.43            +$ 23.18 
 
* 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  101.7 
      (Percent of Year-Ago)     Select  100.3 
 
USDA Boxed Beef, Pork Reports 

Wholesale choice-grade beef prices Friday fell 22 cents per hundred pounds, to $229.09, according to the USDA. Select-grade prices rose 27 cents per hundred pounds, to $218.64. The total load count was 72. Wholesale pork prices rose $2.01, to $76.52 a hundred pounds, based on Omaha, Neb., price quotes.

(END) Dow Jones Newswires

March 22, 2019 17:20 ET (21:20 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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