Continue Reading Below
Restaurants Improve Some, but Tough 2Q Still Expected -- Market Talk
10:49 ET - Restaurants are expected to post sluggish sales again in 2Q, but there's been some improvement. June results were the best in terms of both sales and traffic since January, and 2Q had the best results since Q2 of 2016, says analytics company TDn2K. Still, overall same-store sales and traffic growth were negative in June and for 2Q as a whole, marking the sixth consecutive quarter of declining same-store sales. Credit Suisse says fast-food chains are expected to post the most improvement in 2Q while casual dining restaurants will post the worst. The narrowing gap between grocery and restaurant prices should help restaurants later in the year as commodities deflation eases. (firstname.lastname@example.org)
Record Food Price Deflation Persists -- Market Talk
11:04 ET - A record slump in food prices at grocery stories enters its 19th month, the longest stretch since the 1950s, federal data shows. Year-over-year deflation in core food prices in June was in the red at -.1%. The price slump has pummeled the grocery sector, eroding profits for major companies like Kroger (KR). (email@example.com; @heatherhaddon)
STORIES OF INTEREST
Continue Reading Below
Corn, Soybean Futures Climb After Week of Losses
Corn and soybean futures bounced ahead of the weekend after falling sharply in recent days.
Some improved weather this week prompted traders to race out of bets that hot and dry conditions would limit corn and soybean yields this season. But forecasts showed difficult growing conditions lingering in some places through the weekend.
Food Retailers File Injunction to Stop New York Menu Rules -- Update
Trade groups representing restaurants, grocery and convenience stores filed an injunction to halt new menu standards in New York City, stepping up a battle over how food makers disclose nutrition information to consumers.
"New York City is overstepping its legal authority," said Angelo Amador, executive director of the legal arm of the National Restaurant Association, which filed the injunction in U.S. District Court for the Southern District of New York on Friday.
Hogs Tumble on Seasonal Pressure
Hog futures fell sharply as traders bet a recent run-up had come to an end.
Hog contracts trended upward through much of this year, hitting multiyear highs in early July on the back of strong demand for pork meats like bacon. But a drop in pork prices on Thursday had futures traders rolling out of optimistic positions on Friday.
Estimated U.S. Pork Packer Margin Index - Jul 14
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
Jul 14 +$31.56 +$ 93.67
Jul 13 +$28.34 +$ 92.19
Jul 12 +$32.77 +$ 95.69
Jul 11 +$31.41 +$ 95.52
* 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 102.0
(Percent of Year-Ago) Select 100.0
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Friday fell 50 cents per hundred pounds, to $209.35, according to the USDA. Select-grade prices fell $1.84 per hundred pounds, to $195.42. The total load count was 159. Wholesale pork prices rose 69 cents, to $103.97 a hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
July 14, 2017 17:08 ET (21:08 GMT)