LIVESTOCK HIGHLIGHTS: Top Stories of the Day

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Wendy's Forecasts Commodity Inflation This Year -- Market Talk

10:36 ET - Wendy's (WEN) expects commodity cost inflation of 1.5%-2% this year, ending what had been a deflationary environment in food costs last year. In 4Q, the company had predicted flat commodity cost for this year. The cost of raw ingredients is expected to pressure margins this year, the burger chain said. That doesn't mean the gap between restaurant and supermarket prices is going to narrow significantly. Grocery stores are still expected to remain competitive with one another on price, and labor costs are continuing to put pressure on restaurant prices. WEN said it expects labor inflation of 4% this year. But higher menu prices have driven diners away from restaurants. WEN told investors that consumers who are managing debt and higher healthcare expenses are still seeking restaurant deals and that restaurants are competing hard to attract guests. WEN gains 5.7% to $15.97. (julie.jargon@wsj.com)

Wendy's Systemwide Sales Growth Slows -- Market Talk

8:24 ET - Wendy's (WEN) reports slower sales growth from restaurants in North America open for at least 15 months and systemwide during 1Q. Global systemwide sales, which includes sales from both company-operated stores and franchises, rise 3% in 1Q compared to 5.2% last year. However, CEO Todd Penegor says 1Q results are solid despite a tough prior-year comparison. WEN's same-restaurant sales growth in North America is positive for 17th consecutive quarter. WEN's 1Q profit and revenue top views and shares rise 3.7% premarket. (imani.moise@wsj.com; @moisenoise)

Whole Foods Tweaks Annual Outlook -- Market Talk

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16:53 ET - Whole Foods (WFM) guides down its annual sales outlook and now expects growth of at least "1% or greater" versus its previous 1.5% forecast. WFM also lowers its annual EPS guidance to "$1.30 or greater" from previous EPS guidance of $1.33. In 2Q WFM tops sales growth consensus, and EPS is in line with forecasts but below the 44c posted a year ago. WFM's same-store sales fall 2.8% during the period, which executives blame in part on Easter falling in 3Q this year instead of 2Q. Shares rise 2.3% after- hours. (ezequiel.minaya@wsj.com)

STORIES OF INTEREST

Whole Foods Plans to Change More Than Half of Board of Directors

Whole Foods Market, Inc. is dramatically reshaping its board of directors, an effort to show it is open to change after two big shareholders called on the organic grocery chain to explore a sale.

The Austin, Texas, company plans to remove more than half of its 12 sitting directors over the course of the year and name a new chairman, according to people familiar with the matter. The move comes as Whole Foods tries to fend off a potential board fight with activist investor Jana Partners LLC, which last month disclosed an 8.3% stake in Whole Foods and pressed the company to accelerate its turnaround.

Corn Jumps as USDA Sees Smaller-than-Expected US Crop -- Market Talk

12:42 ET - Corn prices get a bounce from federal data projecting a smaller-than-expected US harvest this year, as well as declining world stockpiles in the coming season. The USDA in a monthly report took its first stab at estimating US crop production this year, forecasting the nation's corn crop at 14.07B bushels, vs. analyst estimates for 14.2B. World stockpiles next year also came in below expectations, with the USDA projecting inventories around the globe will total 195.3M metric tons, compared with analyst estimates for 208.8M tons. July corn prices rise to 1.5% to $3.72/bu. (jesse.newman@wsj.com; @jessenewman13)

FUTURES MARKETS

Cattle Futures Fall on Lower Cash Prices

CHICAGO -- Cattle futures slid after cash prices ticked lower Wednesday in a closely watched online auction.

Packers bought cattle for delivery up to nine days out for an average of $1.39 a pound during Wednesday's Fed Cattle Exchange auction. That was down from a $1.40 a pound average last week. But demand was stronger, with over twice as many cattle sold this time.

CASH MARKETS

Zumbrota, Minn Hog $1.00 Higher At $43.00 - May 10

Barrow and gilt prices at the Zumbrota, Minn., livestock market today are $1.00 higher at $43.00 per hundredweight.

Sow prices are steady. Sows weighing under 450 pounds are $43.00-$45.00, 400-450 pounds are at $43.00-$45.00, 450-500 pounds are $43.00-$45.00 and those over 500 pounds are $47.00-$49.00.

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 - May 10

All figures are on a per-head basis.

Date Standard Margin Estimated margin

Operating Index at vertically -

integrated operations

*

May 10 +$15.95 +$42.13

May 9 +$20.55 +$42.82

May 8 +$20.36 +$38.82

* 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 117.8

(Percent of Year-Ago) Select 115.2

USDA Boxed Beef, Pork Reports

Wholesale choice-grade beef prices Wednesday rose $2.42 per hundred pounds, to $244.58, according to the USDA. Select-grade prices rose $1.59 per hundred pounds, to $224.62. The total load count was 122. Wholesale pork prices fell 32 cents, to $80.00 a hundred pounds, based on Omaha, Neb., price quotes.

(END) Dow Jones Newswires

May 10, 2017 17:54 ET (21:54 GMT)