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Hormel to Talk Turkey, and Hogs, in 4Q Report -- Market Talk
15:59 ET - Some investors will have turkey on the brain when Hormel Foods reports its 4Q results before the bell Tuesday, and not just because Thanksgiving's this week. Hormel ranks as the second-largest US turkey processor, and has been struggling against an oversupply of gobblers that arose as farmers rushed to rebuild flocks following 2015's widespread avian influenza outbreak. The Spam maker also contends with rising competition for hogs as new pork plants come online, which could prompt processors to pay more for hogs. Analysts surveyed by Thomson Reuters expect Hormel's quarterly profits to decline 13%. HRL down 4% so far this year. (email@example.com ; @jacobbunge)
Tyson Picks Tennessee for Chicken Plant -- Market Talk
11:32 ET - After a planned chicken plant ran into stiff opposition from residents of Leavenworth County, Kan., late last summer, Tyson Foods says it will turn to Gibson County, Tenn., to host a major poultry facility. Tyson says it has "accepted the invitation of city, county and state leaders" to build the $300M complex, which the company says will create about 1,500 jobs and process 1.25M chickens weekly for sale in grocery stores. Marvin Sikes, mayor of Humboldt, Tenn., says the plant "will have a positive impact on our community that will last for many years." Some Kansas residents feared a Tyson plant would risk pollution and strain on local infrastructure. (firstname.lastname@example.org; @jacobbunge)
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Kansas Aims to Stay on Tyson's Radar -- Market Talk
12:06 ET - Kansas' Department of Agriculture acknowledges Tyson Foods' move to build a chicken processing plant in Tennessee after the meat company shelved plans to construct such a plant in Kansas' Leavenworth County, and officials congratulate both Tyson and Tennessee "for the agricultural growth you're welcoming in your state." Kansas agriculture officials found some of their own citizens less welcoming after Tyson's initial proposal in late summer to build in Tonganoxie, Kan., spurred protest campaigns among residents of the 5,000-person town, but in a statement the Kansas Department of Agriculture says it hopes to keep working with Tyson on any future expansions that could include Kansas. (email@example.com; @jacobbunge)
Grain, Soybean Futures Mixed on Outside Markets
Falling crude oil prices and a higher U.S. dollar pressured soybean futures, taking money out of the commodity sector and making American exports more expensive.
Oilseed contracts traded lower for much of Monday's session before closing little changed. January soybean futures fell 0.1% to $9.90 a bushel at the Chicago Board of Trade.
Growing Supply, Thanksgiving Shopping Pressure Cattle Futures
Cattle futures fell on Monday after a government report showed a larger-than-expected uptick in supplies.
The U.S. Department of Agriculture said that feedyards placed 2.39 million cattle in their lots for fattening in October, a 10% increase from a year earlier and more than the 8% increase forecast by analysts.
Zumbrota, Minn Hog $1.00 Lower At $35.00 - Nov 20
Barrow and gilt prices at the Zumbrota, Minn., livestock market today
are $1.00 lower at $35.00 per hundredweight.
Sow prices are steady. Sows weighing under 450 pounds are $36.00-$38.00,
400-450 pounds are at $36.00-$38.00, 450-500 pounds are $36.00-$38.00 and
those over 500 pounds are $41.00-$43.00.
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 - Nov 20
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
Nov 20 +$49.26 +$ 45.96
Nov 17 +$44.14 +$ 42.20
Nov 16 +$42.83 +$ 41.62
* 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 113.1
(Percent of Year-Ago) Select 112.5
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Monday fell $1.06 per hundred pounds, to $206.18, according to the USDA. Select-grade prices rose 20 cents per hundred pounds, to $188.05. The total load count was 110. Wholesale pork prices rose $1.75, to $81.78 a hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
November 20, 2017 17:24 ET (22:24 GMT)