LIVESTOCK HIGHLIGHTS: Top Stories of the Day

Features Dow Jones Newswires

TOP STORIES

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Tyson Bets US Consumers Will Keep Chicken on Shopping Lists -- Market Talk

16:23 ET - Tyson Foods (TSN) is betting US consumers will continue putting chicken in their pots as the meat company announces plans for a $320M poultry plant in eastern Kansas. The chicken complex, including a processing facility, hatchery and feed mill, is TSN's first new one in 20 years and will be big enough to turn 1.25M chickens per week into prepackaged trays of fresh chicken to be sold in grocery stores. It comes as chicken companies like TSN have benefited from several years of robust profits in poultry, and it's a bet on the US consumer's continued fondness for chicken--about 83% of all US-produced chicken is consumed domestically, up from 80% in 2012. (jacob.bunge@wsj.com; @jacobbunge)

JBS Falls Amid Corruption Investigation -- Market Talk

11:16 ET - Troubled meatpacker JBS (JBSS3.BR), whose owners got involved in Brazil's epic corruption scheme, opens lower after the country's top prosecutor said late Monday that benefits given to executives linked to the group, who earlier this year signed a plea deal with local authorities, could be totally or partially revoked. The prosecutor said new audio suggests that some men, including at least one of JBS's owners, may have omitted evidence to the authorities. JBS falls 6.9% in midmorning trading. (luciana.magalhaes@wsj.com)

STORIES OF INTEREST

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U.S., Canada, Mexico Make Minor Progress on Nafta Talks

MEXICO CITY -- U.S., Canadian and Mexican officials, buffeted by political disagreements and controversial moves by the Trump administration, notched relatively minor progress in recent days in a big push to renegotiate the North American Free Trade Agreement this year.

The second round of Nafta talks in Mexico City wasn't intended to result in major breakthroughs or serious horse-trading among negotiators, and more substantive progress is expected in the third round later this month in Ottawa, officials said. Canadian Foreign Minister Chrystia Freeland said the second round built on the preparatory work of the first round in Washington.

Kroger Seeks to Repel Amazon's Onslaught

Kroger Co. is looking for a sales bump to show investors and analysts it can withstand Amazon.com Inc.'s rapid advance in the grocery business.

Shares in the nation's largest supermarket by store count and sales have slid 35% this year, erasing more than $7 billion in value. Investors are watching whether Kroger and other grocers can hold on to customers after Amazon's takeover of Whole Foods Market Inc. The company reports second-quarter results on Friday.

FUTURES MARKETS

Hog Futures Touch Upper Limit

Hog futures leaped as a slump in meat and cash prices halted.

Lean hog futures for October delivery at the Chicago Mercantile Exchange rose 3.7% to 63.75 cents a pound, touching their upper daily limit of 64.45 cents earlier in the session. That was the highest close since August 24.

Cattle futures, meanwhile, were mixed, closing lower despite a late-morning surge. CME October live cattle contracts fell 0.7% to $1.04425 a pound, while September feeder cattle dropped 0.5% to $1.4205 a pound.

CASH MARKETS

Zumbrota, Minn Hog Steady At $40.00 - Sep 5

Barrow and gilt prices at the Zumbrota, Minn., livestock market today are steady at $40.00 per hundredweight.

Sow prices are $2.00 lower. Sows weighing under 450 pounds are $40.00-$42.00, 400-450 pounds are at $40.00-$42.00, 450-500 pounds are $40.00-$42.00 and those over 500 pounds are $44.00-$46.00.

The day's total run is estimated at 300 head.

Prices are provided by the Central Livestock Association.

Estimated U.S. Pork Packer Margin Index - Sep 5

All figures are on a per-head basis.

Date Standard Margin Estimated margin

Operating Index at vertically -

integrated operations

*

Sep 5 +$42.94 +$51.98

Sep 1 +$40.36 +$50.17

Aug 31 +$38.94 +$48.88

* 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 98.3

(Percent of Year-Ago) Select 101.1

USDA Boxed Beef, Pork Reports

Wholesale choice-grade beef prices Tuesday rose $1.10 per hundred pounds, to $192.45, according to the USDA. Select-grade prices fell 18 cents per hundred pounds, to $190.47. The total load count was 141. Wholesale pork prices rose 84 cents, to $84.58 a hundred pounds, based on Omaha, Neb., price quotes.

(END) Dow Jones Newswires

September 05, 2017 17:29 ET (21:29 GMT)