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Delivery Brings Wendy's Larger Checks -- Market Talk
11:32 ET - Wendy's Chief Executive Todd Penegor says on an earnings call that the company is "seeing some significantly higher checks" from its food-delivery business. The company has partnered with DoorDash--which Penegor says delivers in less than 30 minutes--to deliver food in parts of Texas and Ohio. By the end of 2017, 2,500 restaurants will have delivery. Wendy's executives have cited food at home as the chain's biggest competitor. Wendy's is down 3.3% to $14.25. (firstname.lastname@example.org; @AllisonPrang)
China's JD.com to Import $2 Billion in U.S. Food Over Three Years
BEIJING--Chinese e-commerce company JD.com plans to import $2 billion worth of U.S. beef and other food products, a person familiar with the matter said, in one of number of agreements tied to President Donald Trump's China summit.
Due to be signed Wednesday, the deal calls for JD to spend about $1.2 billion over three years on beef from the Montana Stockgrowers Association and pork from U.S.-based and China-owned Smithfield Foods Inc., the person said. The rest of the money, he said, will go to purchase other U.S. agricultural goods.
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STORIES OF INTEREST
Analysts Question Wendy's Market Share -- Market Talk
12:41 ET - Analysts are asking if Wendy's--which reported 3Q earnings Wednesday--is struggling with its market share. AllianceBernstein says in a research note that the company's two big competitors, Burger King and McDonald's, had better comps for the quarter, "suggesting (Wendy's) may be struggling to hold share amidst value onslaught." RBC Capital Markets says Wendy's could be seeing the impact from Carrols Restaurant Group, which owns almost 800 US Burger King restaurants. "Our guess is that Carrol's geographic footprint--being primarily in the Northeast--has hurt Wendy's, which seemed to imply a slight slowdown in the first half of 4Q." In Wendy's conference call Wednesday, CEO Todd Penegor says, "We continue to hold our own." (email@example.com; @AllisonPrang)
Kroger Strikes Google Cloud Deal -- Market Talk
14:26 ET - Kroger signs a deal with Google Cloud Platform as the nation's largest supermarket chain seeks to up its technological capacities. The Cincinnati-based company now has cloud-computning deals with Google's parent Alphabet, Microsoft and Pivotal Software. Kroger has no such deal with Amazon Web Services, the world's largest cloud-computing service. Amazon.com is increasingly seen as a threat to grocers since it purchased Whole Foods Market this summer. (firstname.lastname@example.org; @heatherhaddon)
Fat Cattle Prices Miss Expectations; Futures Lower
Cattle futures tumbled after meatpackers paid less than expected for slaughter-ready herds.
Packers bought fattened cattle for $124 per 100 pounds on a live basis in Texas and Kansas on Wednesday, slightly below last week's highs of $126.
December-dated live cattle contracts fell 1.4% to $1.22925 a pound at the Chicago Mercantile Exchange on Wednesday, the third consecutive day of losses.
Zumbrota, Minn Hog Steady At $38.00 - Nov 8
Barrow and gilt prices at the Zumbrota, Minn., livestock market today are steady at $38.00 per hundredweight.
Sow prices are steady. Sows weighing under 450 pounds are $31.00-$33.00, 400-450 pounds are at $31.00-$33.00, 450-500 pounds are $31.00-$33.00 and those over 500 pounds are $35.00-$37.00.
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 - Nov 8
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
Nov 8 +$35.54 +$41.64
Nov 7 +$37.28 +$41.98
Nov 6 +$33.41 +$40.35
* 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.
This report compares the USDA's latest beef carcass composite
values as a percentage of their respective year-ago prices.
For Today Choice 113.8
(Percent of Year-Ago) Select 115.4
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Wednesday rose 49 cents per hundred pounds, to $213.13, according to the USDA. Select-grade prices rose $1.13 per hundred pounds, to $198.89. The total load count was 139. Wholesale pork prices fell 16 cents, to $79.77 a hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
November 08, 2017 17:57 ET (22:57 GMT)