Continue Reading Below
Yum China Falls Despite Rising Comparable Sales Growth -- Market Talk
17:20 ET - Yum China (YUMC) falls 5.1% to $38.13 in extended trading on mixed 2Q results. YUMC beats expectations of analysts polled by Thomson Reuters by a penny at 27c while revenue misses analysts' estimates by 0.5% at $1.59B. Comp sales rise 3%, ahead of expectations of 2.9%, with KFC offsetting flat SSS at Pizza Hut. Meanwhile, system sales, which YUMC sees as a better performance indicator, rise 7%. Carved out of Yum Brands last year, YUMC is the No. 1 restaurant operator in China. It opened 90 stores during the quarter and 223 YTD. YUMC had said it intended to open 550-600 stores in 2017. (email@example.com; @mjarmental)
Wheat Futures Settle Higher After Swings
Wheat futures seesawed in a volatile session on Wednesday, closing upward after sliding as traders booked profits on a recent rally.
Drought conditions in the northern Plains have lifted futures for spring wheat, a higher-protein class of the grain that is grown in the region, above $8 a bushel for the first time in almost 4 years.
Continue Reading Below
STORIES OF INTEREST
US Soybean Crush Rises in May -- Market Talk
15:15 ET - US processors crushed 157M bushels of soybeans for oil in May, the USDA said, up from 150 million in April but below 161M the same time last year. Stocks of crude oil at the end of the month were at 1.89B pounds, up from 1.84B pounds in April but the below 2.06B on hand in May 2016. (firstname.lastname@example.org; @b_parkyn)
Spring Wheat Crop Quality Falls on Bad Weather -- Market Talk
16:24 ET - Tough growing conditions continue to harm this year's spring wheat crop, according to the USDA. The proportion of the crop rated good or excellent fell to 37% as of Sunday, the agency says, a steeper-than-expected decline. That's down from 40% last week and 72% the same time last year. Weather forecasters don't expect the northern Plains-drought conditions causing the decline to ease in the near term. Good-or-excellent soybeans fell to 64% from 66% last week, while corn inched higher to 68% from 67%. (email@example.com; @b_parkyn)
Cattle Futures Fall to 2017 Low on Weak Auction Demand
Cattle futures fell to a low for the year on Wednesday after packers dropped bids at a closely watched online auction.
Feedyards in Nebraska and Kansas sold 429 cattle out of a total 2,093 in the morning Fed Cattle Exchange online auction. Prices ranged from $1.1725 to $1.1775 a pound depending on the delivery date, down from around $1.20 the week before.
Zumbrota, Minn Hog $2.00 Higher At $57.00 - Jul 5
Barrow and gilt prices at the Zumbrota, Minn., livestock market today are $2.00 higher at $57.00 per hundredweight. Sow prices are $2.00-$4.00 higher. Sows weighing under 450 pounds are $53.00-$54.00, 400-450 pounds are at $53.00-$54.00, 450-500 pounds are $53.00-$54.00 and those over 500 pounds are $55.00-$57.00.
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 - Jul 5
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 -
Jul 5 +$28.81 +$ 92.74
Jul 3 +$28.49 +$ 92.92
Jun 30 +$28.70 +$ 90.64
* 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 106.6
(Percent of Year-Ago) Select 106.0
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Wednesday fell 31 cents per hundred pounds, to $222.58, according to the USDA. Select-grade prices fell $2.13 per hundred pounds, to $205.32. The total load count was 147. Wholesale pork prices fell 8 cents, to $103.54 a hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
July 05, 2017 17:47 ET (21:47 GMT)