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Holding Company of Brazil's JBS Switches Law Firms in Leniency-Deal Talks
SAO PAULO -- The law firm hired by the holding company that controls meatpacker JBS SA said Tuesday it is stepping away from talks with Brazilian prosecutors about a possible leniency agreement regarding the company's admitted bribery of public officials.
Law firm Trench, Rossi and Watanabe said it will no longer represent J&F Investimentos in the talks after Brazilian authorities rejected several offers from J&F.
Former JBS Chairman Used Company Plane to Flee Brazil -- Market Talk
10:20 ET - Embattled Brazilian meatpacker JBS SA confirmed former chairman Joesley Batista used an airplane belonging to the firm to travel to the US after signing a plea bargain agreement with prosecutors in which he admitted having paid millions of dollars in bribes to local politicians over several years. In a regulatory statement, the company said its CEO, Wesley Batista, Joesley's older brother, gave him permission to use JBS's Gulfstream jet to leave Brazil, with the required approval from local prosecutors, in order to guarantee the younger Batista's safety. (Luciana.Magalhaes@wsj.com)
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Corn Crop Condition Trails Last Year -- Market Talk
16:23 ET - This year's US corn crop hasn't gotten off to as good a start as in 2016, according to the USDA's weekly crop progress report, as rain hampers planting. The agency said that 65% of the crop was in good or excellent condition, just below analyst estimates and down from 72% last year. Not in 20 years has a corn crop initially rated below 70% gone on to produce above-average yields, says Karl Setzer of MaxYield Cooperative. The USDA said 91% of the corn crop has been planted, along with 67% of soybeans. Both lag recent averages. (email@example.com; @b_parkyn)
Restaurants Suffer from a Decline in Lunch Traffic -- Market Talk
11:33 ET - Americans made 433 million fewer trips to restaurants at lunchtime last year, resulting in roughly $3.2B in lost business for restaurants, NPD says. It was the lowest level of lunch traffic in at least four decades. People have been forgoing lunches out to save time and money, opting instead to eat at their desks or order in during working lunches. Casual sit-down restaurants such as Applebee's (DIN) and Ruby Tuesday (RT) have been hit hardest, suffering their steepest-ever decline in lunch traffic last year. (firstname.lastname@example.org)
Cattle Futures Rise Despite Upside Supply Surprise
CHICAGO--Cattle futures rose on Tuesday even as the supply of cattle grows.
The U.S. Department of Agriculture said on Friday that total cattle-on-feed as of May 1 rose 2% from the same time last year, a larger-than-expected increase. Cattle placement and marketing for the month of April also rose above expectations.
Zumbrota, Minn Hog Steady At $46.00 - May 30
Barrow and gilt prices at the Zumbrota, Minn., livestock market today are
steady at $46.00 per hundredweight.
Sow prices $1.00-$2.00 lower. 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 $43.00-$44.00.
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 30
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
May 30 +$30.90 +$ 62.62
May 26 +$34.46 +$ 63.03
May 25 +$30.85 +$ 62.17
* 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 110.2
(Percent of Year-Ago) Select 108.0
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Tuesday fell 21 cents per hundred pounds, to $245.39, according to the USDA. Select-grade prices rose $1.14 per hundred pounds, to $219.59. The total load count was 130. Wholesale pork prices fell 19 cents, to $89.53 a hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
May 30, 2017 17:34 ET (21:34 GMT)