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Holding Company of Brazil's JBS in Talks to Settle Corruption Case
SÃO PAULO -- J&F Participações, the holding company of meatpacker JBS that is involved in Brazil's vast corruption scandal, is willing to shell out at least $1.3 billion as part of a leniency deal with prosecutors, said a person close to the discussions.
JBS became the latest focus of Brazil's Car Wash corruption investigation last week when the Supreme Court released plea bargain testimony from its executives, who said they bribed 1,829 politicians, including President Michel Temer. He has denied wrongdoing and has rejected calls to resign.
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Campbell's Takes Largest Position in Meal Delivery Company -- Market Talk
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11:40 ET - Campbell Soup (CPB) invests $10M in the Chef'd meal kit delivery company as the packaged-food manufacturer seeks assistance on the changing behavior of shoppers. The California-based meal kit company will provide data on shoppers and help with product development as part of the three year agreement. CPB has been looking for ways to improve slowing sales in packaged foods. CPB gains 0.4% to $58.37. (email@example.com; @heatherhaddon)
Proposal To Give McDonald's Franchisees Board Pick Fails -- Market Talk
11:56 ET - A shareholder proposal to give McDonald's (MCD) franchisees a voice on the fast-food giant's board failed. The proposal, which sought to give franchisees a new class of stock that would allow them to elect one member of the board, received the support of just 1.3% of the shares voted, according to preliminary voting results at the company's annual shareholders meeting. The measure, which was opposed by the company, wasn't actually brought by franchisees, but rather by a New York investment advisory firm that said it felt the MCD board needed franchisee representation. MCD is selling more of its restaurants around the globe to franchisees, a tactic restaurant chains are increasingly adopting as a way to reduce risk and stabilize revenues. (firstname.lastname@example.org)
Cattle Futures Slide as Seasonal Boost Slows
CHICAGO--Cattle futures fell on Wednesday as traders bet that beef prices would trend lower after a Memorial Day bump.
The cattle market has rallied on the back of everything from seasonal grilling demand to a government agreement to reopen China to U.S. beef imports. Now, analysts say, futures traders have run low on optimism to buy on.
Live cattle futures for June delivery fell 0.8% to $1.22125 a pound on Wednesday at the Chicago Mercantile Exchange, while August feeder cattle futures dropped 1.9% to $1.48675 a pound.
Zumbrota, Minn Hog $1.00 Lower At $46.00 - May 24
Barrow and gilt prices at the Zumbrota, Minn., livestock market today are $1.00 lower at $46.00 per hundredweight.
Sow prices are steady. Sows weighing under 450 pounds are $40.00-$42.00, 400-450 pounds are at $40.00-$42.00, 450-500 pounds are $40.00-$42.00 and those over 500 pounds are $44.00-$46.00.
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 24
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
May 24 +$32.51 +$61.27
May 23 +$33.58 +$62.62
May 22 +$31.86 +$59.51
* 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 109.7
(Percent of Year-Ago) Select 106.0
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Wednesday rose 34 cents per hundred pounds, to $246.08, according to the USDA. Select-grade prices fell $1.57 per hundred pounds, to $219.60. The total load count was 144. Wholesale pork prices fell 63 cents, to $88.90 a hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
May 24, 2017 17:37 ET (21:37 GMT)