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Food Gluts Ease US Barbecue Expenses -- Market Talk
17:05 ET - Growing supplies of meat, dairy and other agricultural commodities will translate to cheaper July 4 barbecues for US revelers, according to the American Farm Bureau Federation. The overall cost to feed 10 people an assortment of burgers, ribs, hot dogs and potato salad with various fixings is set to decline 1% from last year's total, the Farm Bureau's annual survey shows, driven lower by cheaper pork, beef and cheese--though ketchup and corn chips went up in price versus last year. The total cost to throw a BBQ under the parameters laid forth by the Farm Bureau comes to $55.70 this year, versus $56.06 last year. (firstname.lastname@example.org; @jacobbunge)
STORIES OF INTEREST
Nestle Unmoved by Third Point Demands
Newly minted Nestle SA Chief Executive Mark Schneider is facing the first big challenge of his short career in packaged foods.
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Mr. Schneider indicated Monday he plans to hold steady on his own push to spur growth at the maker of Stouffer's frozen food and Nesquik chocolate milk, in the face of calls for radical change by activist investor Daniel Loeb.
Wheat Falls as Rain Improves Outlooks; Corn and Soybeans Steady
Wheat prices fell Monday as wet weather returned to U.S. growing regions, alleviating fears for now about the state of U.S. crops.
CBOT Wheat for July fell 1.2% to $4.50 a bushel, the fourth straight session of losses.
Cattle Futures End Higher on Strong Packer Demand; Hogs End Higher
Live cattle futures reversed course to end higher Monday, with traders pointing to higher-than-expected demand from packers trying to take advantage of strong margins.
CME live cattle for June was up 1.9% to end at $1.21475 a pound and August futures were up 2.6% to end at $1.18275 a pound.
Zumbrota, Minn Hog Steady At $55.00 - Jun 26
Barrow and gilt prices at the Zumbrota, Minn., livestock market today are steady at $55.00 per hundredweight. Sow prices are $6.00-$8.00 higher. Sows weighing under 450 pounds are $49.00-$50.00, 400-450 pounds are at $49.00-$50.00, 450-500 pounds are $49.00-$50.00 and those over 500 pounds are $52.00-$54.00.
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 26
This report reflects U.S. pork packer processing margins. The margin indices
are calculated using current cash hog or carcass values and wholesale pork
cutout values and may not reflect actual margins at the plants. These
estimates reflect the general health of the industry and are not meant to
be indicative of any particular company or plant.
Source: USDA, based on Wall Street Journal calculations
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
Jun 26 +$23.91 +$ 85.41
Jun 23 +$25.00 +$ 86.08
Jun 22 +$21.22 +$ 82.92
* 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 110.7
(Percent of Year-Ago) Select 109.7
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Tuesday fell $1.18 per hundred pounds, to $238.57, according to the USDA. Select-grade prices rose 94 cents per hundred pounds, to $217.66. The total load count was 114. Wholesale pork prices fell 31 cents, to $100.13 a hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
June 26, 2017 18:30 ET (22:30 GMT)