LIVESTOCK HIGHLIGHTS: Top Stories of the Day

Features Dow Jones Newswires

TOP STORIES

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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

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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. (jacob.bunge@wsj.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. (doug.cameron@wsj.com; @dougcameron)

FUTURES MARKETS

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.

CASH MARKETS

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 -

integrated operations

*

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.

Beef-O-Meter

This report compares the USDA's latest beef carcass composite

values as a percentage of their respective year-ago prices.

Beef

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)