Continue Reading Below
McDonald's, International Olympic Committee End Partnership
The International Olympic Committee said it and fast-food giant McDonald's Corp. have agreed to end their long-running partnership before their latest deal was set to expire. "We understand that McDonald's is looking to focus on different business priorities," the IOC said. "For these reasons, we have mutually agreed with McDonald's to part ways."
Wheat Futures Continue Rally on Weather Worries
CHICAGO--Wheat futures hit fresh highs on Friday, as drought in the northern U.S. continued to push prices upward. Acute dryness in parts of the northern Plains has left the spring wheat crop in dire condition, analysts say. That has prompted many traders, particularly managed funds, to get out of some widely held bets that prices would fall.
STORIES OF INTEREST
Continue Reading Below
Whole Foods Foes Face a Bigger Bugbear -- Market Talk
9:59 ET - Across parts of the US Farm Belt -- far from the urban centers where Whole Foods' (WFM) presence is felt most strongly -- the upscale organic retailer isn't much liked. Conventional corn and soybean farmers see the retail chain helping push less-efficient forms of agriculture, such as organic, and in turn disparaging conventional farming that relies on synthetic chemical pesticides and fertilizers, the bread and butter of many Midwestern farmers. But with Amazon's planned purchase of Whole Foods, the chain's values could be trumpeted by a retail behemoth whose reach stretches far beyond cities and tony suburban lifestyle centers. (email@example.com; @jacobbunge)
Food Distributors Caught in Amazon Headlights -- Market Talk
11:04 ET - United Natural Foods (UNFI) has the dubious honor of being the worst hit by the fallout from the planned Amazon (AMZN)-Whole Foods (WFM) deal, down more than 16%. The Providence, R.I.-based farm-to-store distributor counts WFM as its largest customer, and had been suffering from the slowdown in its client's same-store comps, even as it bulked up with acquisitions. Investors clearly see supply-chain specialists such as UNFI and SpartanNash (SPTN)--the latter recently down almost 9%--as ripe for squeezing. (firstname.lastname@example.org; @dougcameron)
Livestock Futures Sideways in Light Trading
CHICAGO -- Livestock futures were mixed in a quiet session on Friday, as cattle and hog contracts consolidated after some recent losses. Lean hog futures for July delivery rose 0.3% to 82.325 cents a pound, recovering from a selloff on Thursday as hot weather in key states like Iowa continues to limit hog weight-gain. But contracts for delivery in October and December fell, as traders bet growing supplies will keep prices down later this year.
Estimated U.S. Pork Packer Margin Index - Jun 16
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
Jun 16 +$15.57 +$ 74.17
Jun 15 +$15.35 +$ 72.73
Jun 14 +$18.79 +$ 73.50
* 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 110.3
(Percent of Year-Ago) Select 107.6
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Friday rose 10 cents per hundred pounds, to $249.84, according to the USDA. Select-grade prices fell 73 cents per hundred pounds to $219.80. The total load count was 102. Wholesale pork prices rose 67 cents, to $94.90 a hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
June 16, 2017 17:31 ET (21:31 GMT)