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Donald Trump Says U.S. Will Exit Paris Climate Deal--5th Update
President Donald Trump said Thursday he has decided to withdraw the U.S. from the "draconian" Paris climate accord, but he said he would begin negotiations to either re-enter the agreement or craft a new deal that he judges fair to the U.S. and its workers.
"I was elected to represent Pittsburgh, not Paris," Mr. Trump said, calling the decision a "reassertion of our sovereignty."
Corporate leaders from sectors ranging from oil and gas to retail, agriculture, finance and technology lobbied the president not to scrap the agreement. Inside the administration, Secretary of State Rex Tillerson pressed the president to keep the U.S. in the Paris accord, as did Defense Secretary Jim Mattis and leaders at the Pentagon, who have long viewed combating climate change as a matter of national security.
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Restaurants Try to Tweak Delivery Math -- Market Talk
12:57 ET - Restaurants from McDonald's (MCD) and Wendy's (WEN) to fine-dining establishments are trying to figure out how to make delivery work and still make money. Third-party services like DoorDash and GrubHub (GRUB) charge restaurants anywhere from 17%-30% of order sales to deliver, and customers also pay a hefty delivery fee. Taco Bell (YUM) CEO Brian Niccol last week told investors the fast-food chain is still trying to figure out how to make delivery fast and affordable for customers. (firstname.lastname@example.org)
Supervalu Benefiting from Grocery Bankruptcies -- Market Talk
13:05 ET - Supervalu (SVU) jumps 5.3% to $4.06 on the food distributor's discussion of how former rival Central Grocer's bankruptcy has helped its business. It expects to gain more market share as retailer Marsh also goes through Chapter 11 and other local chains look to gain wholesaler savings to survive. "I think other similarly situated regional chains have seen that lesson, and now they're in conversation with us," CEO Mark Gross tells investors during an industry conference. (email@example.com; @heatherhaddon)
Cattle Futures Hit Upper Limit on Higher Cash Prices
CHICAGO -- Cattle futures soared to their upper limit on Thursday as traders looked to close the discount to cash-market prices.
The U.S. Department of Agriculture said that beef packers bought live cattle in southern states for as much as $1.37 a pound, as well as $1.36 live and $2.16 dressed in Nebraska and Iowa.
Zumbrota, Minn Hog Steady At $46.00 - Jun 1
Barrow and gilt prices at the Zumbrota, Minn., livestock market today are steady 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 $43.00-$44.00.
The day's total run is estimated at 150 head.
Prices are provided by the Central Livestock Association.
Estimated U.S. Pork Packer Margin Index - Jun 1
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
Jun 1 +$29.67 +$64.67
May 31 +$28.12 +$63.25
May 30 +$30.90 +$62.62
* 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 111.0
(Percent of Year-Ago) Select 107.9
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Thursday rose 4 cents per hundred pounds, to $245.58, according to the USDA. Select-grade prices fell 96 cents per hundred pounds, to $217.22. The total load count was 188. Wholesale pork prices rose 66 cents, to $90.48 a hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
June 01, 2017 17:40 ET (21:40 GMT)