LIVESTOCK HIGHLIGHTS: Top Stories of the Day

Features Dow Jones Newswires

TOP STORIES

Continue Reading Below

Chipotle's Bad Day is Costing Bill Ackman $140 Million

Chipotle Mexican Grill 's disappointing third-quarter earnings report is costing William Ackman $140 million.

The burrito chain's shares tumbled 15% in recent trading Wednesday, on track for their worst day since 2012, after the company's financial results fell short of Wall Street expectations.

STORIES OF INTEREST

Bob Evans Board Member Says Sale Doesn't Maximize Value -- Market Talk

Continue Reading Below

10:25 ET - Bob Evans shareholders are voting on whether to approve a sale of the packaged foods company to Post Holdings--a deal which values Bob Evans at $1.5B and marks a 6% premium of Bob Evans' closing stock price the day before news of the deal came out last month. But one Bob Evans board member, Charles Elson, voted against approval of the merger, according to a new regulatory filing, saying he "was not convinced the merger consideration was greater than the value that could be realized through the continued execution of Bob Evans' current strategic plan and/or through a sales process initiated after the passage of more time." Investors will have to weigh his dissenting opinion against the rest of the board members' supporting the deal. (annie.gasparro@wsj.com)

European Union Puts Off Weedkiller Decision -- Market Talk

1541 ET - The European Union again delays a vote on whether to reauthorize glyphosate, the world's most widely used herbicide, as a December deadline looms for any reapproval. EU member nations have been wrestling with the decision after the International Agency for Research on Cancer, an agency of the World Health Organization, in 2015 classified glyphosate as likely having cancer-causing potential for humans. The European Food Safety Authority and the European Chemicals Agency separately came to the opposite conclusion since then, but some EU member nations have balked at reapproving glyphosate for another 15-year period. Last year the bloc committed to deciding the matter by the end of 2017; Monsanto, which uses glyphosate as the key ingredient in its widely used Roundup herbicide, said there is "no scientific or health basis for approving authorization for less than the maximum allowable limit." (jacob.bunge@wsj.com; @jacobbunge)

FUTURES MARKETS

Cattle Futures Stumble After Quiet Auction

Cattle futures closed lower after hitting an 11-week high earlier in Wednesday's session.

Futures rose earlier this week in anticipation of higher cash prices for slaughter-ready cattle. Sales didn't materialize Wednesday morning, however, as meatpackers and feedyards haggled over bids.

Live cattle futures for October delivery fell 0.5% to $1.13025 a pound at the Chicago Mercantile Exchange, after touching $1.143 -- the highest point since Aug. 7 -- earlier in the session. Feeder cattle futures were mixed.

Hog futures were higher. CME December lean hog contracts rose 0.7% to 64.475 cents a pound.

CASH MARKETS

Zumbrota, Minn Hog Steady At $42.00 - Oct 25

Barrow and gilt prices at the Zumbrota, Minn., livestock market today are steady at $42.00 per hundredweight.

Sow prices are $1.00 lower to steady. 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 $32.00-$34.00.

The day's total run is estimated at 100 head.

Prices are provided by the Central Livestock Association.

Estimated U.S. Pork Packer Margin Index - Oct 25

All figures are on a per-head basis.

Date Standard Margin Estimated margin

Operating Index at vertically -

integrated operations

*

Oct 25 +$15.57 +$ 32.29

Oct 24 +$16.13 +$ 32.44

Oct 23 +$16.56 +$ 31.77

* 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 110.6

(Percent of Year-Ago) Select 115.1

USDA Boxed Beef, Pork Reports

Wholesale choice-grade beef prices Wednesday rose 8 cents per hundred pounds, to $200.21, according to the USDA. Select-grade prices fell 30 per hundred pounds, to $192.39. The total load count was 161. Wholesale pork prices fell 7 cents, to $75.42 a hundred pounds, based on Omaha, Neb., price quotes.

(END) Dow Jones Newswires

October 25, 2017 17:29 ET (21:29 GMT)