LIVESTOCK HIGHLIGHTS: Top Stories of the Day

Features Dow Jones Newswires

TOP STORIES

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McDonald's To Review Its $2 Billion Global Media Buying Account

Fast-food giant McDonald's Corp. is conducting a review of its massive ad buying account, as the company seeks to find more efficient ways to spend its advertising dollars around the globe.

The burger chain, which hasn't done a formal media review in about 14 years, spends roughly $2 billion on media around the world annually, according to a person familiar with the matter.

Buffalo Wild Wings Flies After Going Boneless

Buffalo Wild Wings Inc. can thank boneless wings for Thursday's big stock bounce.

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The company's shares surged 20% in recent trading to $121.33, its biggest daily move since 2009, after the company released its third-quarter results on Wednesday.

STORIES OF INTEREST

Supervalu Latest Food Company with Activist Fight -- Market Talk

10:13 ET - Supervalu is facing a push from an activist investor as the food wholesaler and retailer struggles to reverse a years-long stock slide. Blackwells Capital LLC, an alternative-investment fund that is one of the company's 10 biggest shareholders, wants the grocery company to sell dozens of its stores and bring in new leadership, among other demands. "We have grown increasingly frustrated with the company's share-price performance and the lack of clear steps Supervalu's leadership has demonstrated," wrote Jason Aintabi, Blackwells's managing partner. Activists have targeted food retailers and manufacturers as the sectors have struggled with increased competition and changing consumer tastes. (heather.haddon@wsj.com; @heatherhaddon)

Fears Over Greencore's U.S. Business Are Overdone, Says Investec -- Market Talk

0835 GMT - Concerns over competition and a lack of new contracts for Greencore's U.S. business are exaggerated, according to Investec, which says a 22% decline in the stock in 2017 to date creates a buying opportunity. The brokerage notes the acquisition of rival food manufacturer AdvancePierre by Greencore's largest U.S. customer, Tyson Foods, but says it doesn't believe the purchase provides sufficient scale efficiencies for Tyson to consider ending its contract with Greencore. Investec says the end of Greencore's frozen sandwich contract with Starbucks shouldn't overshadow its long-term opportunities in the U.S. following its acquisition of Peacock Foods in 2016. Investec keeps a buy rating and 300 pence target price on the stock. Shares are up 0.60 pence, or 0.3%, at 190.60 pence. (adam.clark@dowjones.com)

FUTURES MARKETS

U.S. Cattle Futures Bound Higher on Fund Bets; Hogs Rise

CHICAGO--Cattle futures prices bounded higher on bets that rising beef prices won't soften consumer and export demand. Hog futures also climbed.

Live cattle futures at the Chicago Mercantile Exchange closed Thursday at their highest level since Aug. 4, resuming a rally that has pushed contracts 9% higher since markets opened at the beginning of the week. December-dated live cattle futures settled 1.4% higher at $1.207 a pound.

Hog futures settled higher Thursday, despite signs of cooling prices in the cash market, where prices were seen steady to slightly lower. December-dated contracts closed nearly 1% higher at 65.05 cents a pound, the highest level since mid-August.

CASH MARKETS

Zumbrota, Minn Hog Steady At $42.00 - Oct 26

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

Sow prices are 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 26

All figures are on a per-head basis.

Date Standard Margin Estimated margin

Operating Index at vertically -

integrated operations

*

Oct 26 +$19.67 +$35.30

Oct 25 +$15.57 +$32.29

Oct 24 +$16.13 +$32.44

* 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 111.1

(Percent of Year-Ago) Select 113.6

USDA Boxed Beef, Pork Reports

Wholesale choice-grade beef prices Thursday rose $2.16 per hundred pounds, to $202.37, according to the USDA. Select-grade prices fell 48 per hundred pounds, to $191.91. The total load count was 135. Wholesale pork prices rose $1.40, to $76.82 a hundred pounds, based on Omaha, Neb., price quotes.

(END) Dow Jones Newswires

October 26, 2017 17:58 ET (21:58 GMT)