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Brazil's JBS Says It Won't Sell Core Assets
SAO PAULO -- Brazilian meatpacker JBS SA said Wednesday it won't sell core assets in the U.S. or elsewhere, including its majority stake in U.S. chicken processor Pilgrim's Pride.
JBS, which has recently moved to the center of Brazil's largest corruption investigation, said Tuesday it agreed to sell its beef operations in Argentina, Paraguay and Uruguay for $300 million.
Farm Slump Hurts Food Retail -- Market Talk
10:53 ET - Casey's General Stores sees a slip in sales growth due to the struggling farm economy. The Farm Belt-focused retailer saw grocery same-store sales of 1.5% versus analyst projections of 2.5% for its fiscal 2017 fourth quarter, and prepared food sales of 3.2% versus forecasts of 6.0%. "We've seen a decline in the farm income, which is obviously a big piece of our business," CFO William Walljasper says. "It just continues to weigh on the customer." CASY up 0.3% to $107.02 after falling 8.4% after earnings posted Tuesday. (email@example.com; @heatherhaddon)
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STORIES OF INTEREST
Agribusiness Angles for Infrastructure Upgrades on U.S. Inland Waterways
President Donald Trump's focus on infrastructure this week highlights a long-festering problem in the U.S. heartland: crumbling river systems that can make it more costly to transport crops.
The U.S. river system ferries nearly three-quarters of export-bound U.S. grain to ocean ports that ship U.S. goods around the world. But most locks and dams, which allow grain-laden river barges to move between higher elevations and lower-lying waters, have outlived their intended 50-year lifespans, according to U.S. farm and industry groups.
Cattle Futures Recover From Sell-Off; Hogs Steady
CHICAGO--Live cattle futures rebounded on Wednesday from a steep reversal earlier in the week, closing higher during a volatile session.
Live cattle contracts for June delivery rose 0.8% to $1.312 a pound at the Chicago Mercantile Exchange, while August feeder cattle futures slid 0.4% to $1.548 on the back of higher feedgrain prices.
Zumbrota, Minn Hog $2.00 Higher At $48.00 - Jun 7
Barrow and gilt prices at the Zumbrota, Minn., livestock market today are $2.00 higher at $48.00 per hundredweight.
Sow prices are $2.00 lower. Sows weighing under 450 pounds are $35.00-$37.00, 400-450 pounds are at $35.00-$37.00, 450-500 pounds are $35.00-$37.00 and those over 500 pounds are $39.00-$41.00.
The day's total run is estimated at 200 head.
Prices are provided by the Central Livestock Association.
Estimated U.S. Pork Packer Margin Index - Jun 7
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
Jun 7 +$21.80 +$63.48
Jun 6 +$22.23 +$62.21
Jun 5 +$26.42 +$64.47
* 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 111.9
(Percent of Year-Ago) Select 109.9
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Wednesday rose 26 cents per hundred pounds, to $250.71, according to the USDA. Select-grade prices rose 33 cents per hundred pounds, to $219.90. The total load count was 146. Wholesale pork prices rose 59 cents, to $89.93 a hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
June 07, 2017 17:41 ET (21:41 GMT)