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Tyson Recalls Chicken Sold to Schools -- Market Talk
10:06 ET - Tyson Foods (TSN) is recalling about 2.5M pounds of breaded chicken patties and strips sold to schools that contained milk but didn't note that on the label, according to the USDA's Food Safety and Inspection Service. The agency says so far no "adverse reactions" have been reported due to the undeclared milk, which is an allergen, since the problem was discovered by an ingredient supplier to Tyson. It's a big figure in terms of recalls, though represents only a sliver of the meat from the roughly 35 million chickens Tyson slaughters on an average week. TSN is up 1%. (firstname.lastname@example.org; @jacobbunge)
Grain, Soybean Futures Fall on Cooler, Wetter Forecasts
CHICAGO--Wheat futures led losses Monday as improving weather forecasts prompted a selloff in the grain and soybean market.
Rainfall over the weekend in the parched northern Plains eased concerns about the stressed wheat crop there. That, and a higher U.S. Department of Agriculture wheat production forecast for this year, had traders betting on another large American grain harvest, reversing course from last week.
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"Unless a strong export program develops unexpectedly," said Dave Marshall, a farm-marketing adviser at brokerage First Choice Commodities in Nashville, Ill., "we're going to have plentiful supply going forward."
STORIES OF INTEREST
McDonald's Turns to Snapchat for Summer Recruits -- Market Talk
11:31 ET - McDonald's (MCD) is hoping to hire 250,000 employees in the US this summer, up from 229,000 between June and August of last year. Because the company expects more than half of the new summer employees to be between the ages of 16 and 24, it plans to recruit them through Snapchat (SNAP). MCD is trying to become a "modern and progressive" burger company in all facets of its business by offering delivery and digital ordering and upgrading its food as it tries to become more relevant with younger consumers. Now it's extending that push to hiring. The chain plans to run 10-second videos on Snapchat of MCD employees talking about working at the company after which viewers can swipe up to MCD's career website where they can apply. (email@example.com)
Hot, Dry Weather Singes Spring Wheat Crop -- Market Talk
16:24 ET - This year's spring wheat crop quality declined markedly from a week earlier, the USDA says, on drought-like conditions in parts of the northern Plains. The proportion of the crop in good or excellent condition fell to 45% as of Sunday, compared with 55% last week and 79% this time last year. Analysts surveyed by WSJ were expecting a rating of 52%. Rainfall over the weekend should help ease stress on the spring wheat crop, according to weather forecasters. The condition of the corn crop was steadier, however, with a good-or-excellent rating of 67% compared with 68% last week. (firstname.lastname@example.org; @b_parkyn)
Livestock Futures Fall on Demand Concerns
CHICAGO--Cattle futures fell sharply on Monday as traders bet that light demand from meat-packers could signal the beginning of a seasonal downturn.
Light demand kept the cattle trade slow last week, the U.S. Department of Agriculture said on Monday morning. Average cattle weights inched higher, expanding supply. That, combined with a failure to break through last week's recent highs, helped prompt a selloff in the futures market.
Large herds on-feed mean any slowdown in the cash trade could lead to a quick run-up in the number of available cattle, said Ted Seifried, chief market strategist at Chicago-based risk management firm Zaner Group. "If weights do start to come up by a halfway decent amount, then we're really increasing the supply," he said.
Zumbrota, Minn Hog Steady At $48.00 - Jun 12
Barrow and gilt prices at the Zumbrota, Minn., livestock market today are
steady at $48.00 per hundredweight.
Sow prices are steady. 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 100 head.
Prices are provided by the Central Livestock Association.
Estimated U.S. Pork Packer Margin Index - Jun 12
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
Jun 12 +$24.04 +$ 68.81
Jun 9 +$25.33 +$ 67.65
Jun 8 +$24.73 +$ 67.16
Jun 7 +$21.80 +$ 63.48
* 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 111.3
(Percent of Year-Ago) Select 109.3
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Monday rose $1.31 per hundred pounds, to $252.52, according to the USDA. Select-grade prices rose $1.48 per hundred pounds, to $221.77. The total load count was 122. Wholesale pork prices rose 54 cents, to $92.41 a hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
June 12, 2017 17:33 ET (21:33 GMT)