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Texas Roadhouse Beats on Revenue, Comparable Sales -- Market Talk
16:23 ET - Texas Roadhouse (TXRH) rises 5.7% to $50.06 in extended trading after the steakhouse chain beats Wall Street revenue and comparable-sales targets. And TXRH expects the trend to continue in 3Q, noting that for the first 4 weeks of 3Q, SSS rose about 4.6%; analysts expect 3Q SSS to increase by 3.7%. Restaurant margin, however, continues to take a hit from wage-rate inflation. (email@example.com; @mjarmental)
Australia Beef Prices Hit by Supply, US Drop -- Market Talk
0515 GMT - Australian beef prices continue to fall on increased number of cattle heading to sale and weakness in US prices. NAB's Phin Ziebell notes Aussie prices are now heading toward levels last seen in 2014 as farmers sell down due to dry weather conditions. Meanwhile, concerns about the ban which China placed on meat exports from 6 slaughterhouse last week sent a few jitters through the market, he adds. The Eastern Young Cattle Indicator, the benchmark for Australian beef prices, is essentially flat at A$5.835/kilogram. (firstname.lastname@example.org; @lucy_craymer)
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Supermarkets Face a Growing Problem: Too Much Space
Never before in America has so much retail square footage been devoted to selling food -- and it is too much.
A massive build-out by retailers has left the country piled up with grocery shelves as consumers are shifting from big weekly shopping trips to more snacking and to-go meals. The mismatch has flattened retail sales and leaves the industry vulnerable to a wave of closures that some executives, bankers and industry experts think is coming soon.
Food Retailers Slowing Down Expansion -- Market Talk
9:32 ET - Some grocers are starting to retrench in new store construction give the amount of retailers selling food and competition from e-commerce. Kroger (KR) is reducing its new-store openings this year to 55 from 100, a nearly billion-dollar drop in capital expenditures. Smart & Final Stores (SFS) plans to build 19 stores this year after opening 37 in 2016. Wal-Mart Stores (WMT) plans to build 55 supercenters and smaller-format stores in its 2018 fiscal year, down from the 132 it opened in the 12-month period ending in January. That has helped the nation's largest food seller spend billions of dollars renovating its stores and offer more online-order pickup. (email@example.com; @heatherhaddon)
Grain, Soybean Futures Start Week Lower
Grain and soybean futures fell after a wet and cooler turn in weather forecasts eased concerns about growing pains for U.S. crops.
Prices in the futures market have recently tracked a fast-changing weather outlook. Forecasters over the weekend said that cooler temperatures this week would limit stress to corn and soybean crops while showers would ease a moisture deficit in some regions.
Livestock Futures Drift Lower
Livestock futures mostly started the week lower as traders waited for a direction in the cash trade.
Prices for cattle and hogs fell in last week's cash market, as growing herd sizes and seasonal pressures like waning beef consumption gave meatpackers more bargaining power.
Zumbrota, Minn Hog $2.00 lower At $52.00 - Jul 31
Barrow and gilt prices at the Zumbrota, Minn., livestock market today
are $2.00 lower at $52.00 per hundredweight.
Sow prices are $2.00-$3.00 higher. Sows weighing under 450 pounds are
$62.00-$65.00, 400-450 pounds are at $62.000-$65.00, 450-500 pounds
are $62.00-$65.00 and those over 500 pounds are $67.00-$69.00.
The day's total run is estimated at 250 head.
Prices are provided by the Central Livestock Association.
Estimated U.S. Pork Packer Margin Index - Jul 31
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
Jul 31 +$35.84 +$ 83.18
Jul 28 +$30.79 +$ 80.94
Jul 27 +$29.67 +$ 83.48
* 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 103.5
(Percent of Year-Ago) Select 104.3
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Monday fell 47 cents per hundred pounds, to $205.75, according to the USDA. Select-grade prices rose $1.02 per hundred pounds, to $197.84. The total load count was 113. Wholesale pork prices rose $1.04, to $99.09 a hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
July 31, 2017 17:33 ET (21:33 GMT)