LIVESTOCK HIGHLIGHTS: Top Stories of the Day

Features Dow Jones Newswires

TOP STORIES

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Tyson Foods Changes Leadership Structure -- Market Talk

17:32 ET - Tyson Foods (TSN) says two executives are leaving the company as it changes its leadership structure. TSN, which announced a restructuring plan earlier this year and is scheduled to report F3Q results Monday, says the changes align with the company's business segments--beef, pork, chicken and prepared foods. TSN says each segment president will report directly to CEO Tom Hayes and be responsible for the segment's growth strategy. TSN's North American foodservice & international leader and chief growth officer are leaving in the shakeup. TSN, up 3.2% this year, is little changed after hours. (ali.stratton@wsj.com)

Burger King Drives Profit Growth at Parent -- Market Talk

8:40 ET - Restaurant Brands International (QSR) misses top-line and modestly beats bottom-line expectations in its 3Q, with profit driven by growth in the Burger King brand. The burger chain shows strong comparable store sales growth and strong net restaurant growth, but the Tim Hortons and Popeyes Louisiana Kitchen brands see comp sales decline. System-wide sales growth is up for all three brands, primary for Burger King, which had growth of more than 10%, while the other two brands see sales growth slow in 3Q. Shares, up 24% this year, are inactive premarket. (justina.vasquez@wsj.com)

STORIES OF INTEREST

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Canadians Open to Agri Changes in Nafta Talks -- Market Talk

11:20 ET - A Canadian poll suggests a majority of its citizens say the country should consider changes to its supply-management agricultural regime if it means securing a better deal in the coming talks to revamp Nafta. Angus Reid Institute said over a quarter of respondents said Canada should offer to US and Mexico to scrap its supply-management regime, which has already earned criticism from President Trump, and 45% suggested Canadian negotiators should use the scheme as a bargaining chip in talks. Meanwhile, 29% said the system must be preserved. Under supply management, prices for dairy products, eggs and chickens are set based on the average costs of production. Production is controlled through a regulated quota system, and competition is thwarted through tariffs. (paul.vieira@wsj.com; @paulvieira)

Corn, Soybean Futures Recover From Selloff

Corn and soybean futures rose Wednesday, changing course after losses earlier this week.

Improving weather forecasts had put pressure on prices this week. But ongoing concerns that some of the problems that hampered steady crop growth in July could continue this month encouraged bargain hunting in Wednesday's session.

Bunge CEO Still Sees Need for Consolidation -- Market Talk

8:28 ET - After a tough quarter for Bunge's (BG) grain-trading division, CEO Soren Schroder reiterates that "there's no question that consolidation in parts of our industry is warranted." The most effective way to achieve that, Schroder tells analysts on its quarterly earnings call, is through "regional partnerships" -- not large-scale M&A, which has been much on investors' minds after Glencore confirmed in May that it had approached Bunge about a deal. Year-to-date Bunge shares remain 8% higher, compared to rival Archer Daniels Midland, which has declined 5.2% amid struggles in the agriculture industry. (jacob.bunge@wsj.com; @jacobbunge)

FUTURES MARKETS

Hog Futures Gain on Rally

Hog futures leapt Wednesday as traders tried to close a sharp discount to cash and pork prices.

Most-active October lean hog futures at the Chicago Mercantile Exchange rose 2.8% to 66.225 cents a pound, while the front-month August contract climbed 2.7% to 81.95 cents a pound.

CASH MARKETS

Zumbrota, Minn Hog Steady At $52.00 - Aug 2

Barrow and gilt prices at the Zumbrota, Minn., livestock market today are steady at $52.00 per hundredweight.

Sow prices are steady. 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 200 head.

Prices are provided by the Central Livestock Association.

Estimated U.S. Pork Packer Margin Index - Aug 2

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 -

integrated operations

*

Aug 2 +$29.00 +$ 77.72

Aug 1 +$32.57 +$ 80.79

Jul 31 +$35.84 +$ 83.18

* 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 103.7

(Percent of Year-Ago) Select 103.8

USDA Boxed Beef, Pork Reports

Wholesale choice-grade beef prices Wednesday fell 35 cents per hundred pounds, to $205.06, according to the USDA. Select-grade prices fell 87 cents per hundred pounds, to $197.42. The total load count was 149. Wholesale pork prices fell $1.43, to $96.55 a hundred pounds, based on Omaha, Neb., price quotes.

(END) Dow Jones Newswires

August 02, 2017 18:18 ET (22:18 GMT)