LIVESTOCK HIGHLIGHTS: Top Stories of the Day

Features Dow Jones Newswires

TOP STORIES

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Chipotle's Shares Fall as Sales Come Up Short

Chipotle Mexican Grill Inc.'s earnings and sales came up short in the most recent quarter as the fast-casual chain coped with a tepid response to new menu offerings and another food-safety scare.

Shares slid 8.5% to $297 in after-hours trading as the restaurant also said it would open fewer locations than previously forecast for the year.

McDonald's Profit Rises, Refranchising Drive Dents Revenue--2nd Update

McDonald's Corp.'s heightened focus on low prices is helping the burger giant win back customers from rival fast-food chains.

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Sales in McDonald's restaurants opened at least 13 months rose 6% globally in the latest quarter, marking the company's ninth consecutive period of same-store sales growth. That was largely fueled by more customer visits in the U.S., driven by its low-price drinks and new value-menu options, McDonald's said Tuesday.

STORIES OF INTEREST

Grain Futures Rise; Soybeans Slide

Grain futures recovered from early losses on Tuesday to close higher, while soybean contracts fell.

Traders were playing corn and soybean prices off each other, said Arlan Suderman of INTL FCStone Inc. The Commodity Futures Trading Commission said last week that hedge funds had built a large net short position in the corn market while holding a net long position in the soybean market.

Growing Farms Pose Bigger Challenge to Grain Giants -- Market Talk

10:58 ET - Frahm Farmland, a sprawling, 30,600-acre grain farm in western Kansas, this fall wraps up construction of two new steel grain bins that will allow the operation to store a whopping 2.8M bushels of grain. That type of project is pressuring local grain companies, which have built their business on buying area farmers' crops, storing them and shipping them to buyers. But it's also a growing challenge for commodity-trading giants like Archer Daniels Midland, Bunge and Cargill, which have to contend with farmers like Frahm who have greater flexibility to store their crops and wait for commodity prices to improve before selling them into the food supply chain. (jacob.bunge@wsj.com; @jacobbunge)

Satellites, Drones and Planes Compete Over U.S. Farms -- Market Talk

11:18 ET - Satellites and drones have been jockeying for position on US farms, as crop producers test the technologies' ability to monitor their crops for pest damage, blight and general health. But one of the country's largest grain farms, Frahm Farmland in western Kansas, still relies on a somewhat antiquated technology to eyeball fields--planes--which Frahm hires to fly the farm's 30,600 acres about once a week during the growing season. Farmer Lon Frahm says his operation's too big to adequately cover with drones and clouds still obscure satellite views, though he's been testing both. Frahm also flies his fields himself, in a Cessna Skylane. (jacob.bunge@wsj.com; @jacobbunge)

FUTURES MARKETS

Livestock Traders Shrug Off Supply Concerns

Cattle futures bounced on Tuesday despite growing government supply forecasts.

Contracts for feeder cattle, which still have to be fattened before slaughter, rose to the highest close in over four months. October-dated futures at the Chicago Mercantile Exchange rose 1% to $1.55125 a pound, the highest close since June 6. October live cattle futures rose 1.9% to $1.13625 a pound.

CASH MARKETS

Zumbrota, Minn., Hog $3.00 Higher At $42.00 - Oct 24

Barrow and gilt prices at the Zumbrota, Minn., livestock market today are $3.00 higher at $42.00 per hundredweight. Sow prices are $1.00 higher. Sows weighing under 450 pounds are $30.00-$31.00, 400-450 pounds are at $30.00-$31.00, 450-500 pounds are $30.00-$31.00 and those over 500 pounds are $33.00-$34.00.

The day's total run is estimated at 150 head.

Prices are provided by the Central Livestock Association.

Estimated U.S. Pork Packer Margin Index - Oct 24

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

*

Oct 24 +$16.13 +$ 32.44

Oct 23 +$16.56 +$ 31.77

Oct 20 +$16.28 +$ 31.49

* 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 111.3

(Percent of Year-Ago) Select 115.6

USDA Boxed Beef, Pork Reports

Wholesale choice-grade beef prices Tuesday rose 88 cents per hundred pounds, to $200.13, according to the USDA. Select-grade prices rose $1.64 per hundred pounds, to $192.69. The total load count was 133. Wholesale pork prices rose 31 cents, to $75.49 a hundred pounds, based on Omaha, Neb., price quotes.

(END) Dow Jones Newswires

October 24, 2017 17:42 ET (21:42 GMT)