LIVESTOCK HIGHLIGHTS: Top Stories of the Day
30 June 2020 - 07:51AM
Dow Jones News
TOP STORIES
Burger King Sales Recover -- Market Talk
0704 ET - Burger King's sales in the US are now flat compared to
last year as drive-throughs help sales during the pandemic,
parent-company Restaurant Brands International says in a letter.
Sales had been down 30% in mid-March. Most of the chain's North
American stores remain closed for dine-in, a trend across many
fast-food chains with drive-throughs to keep workers and customers
safe. Restaurant Brands says it will pay back the revolver it drew
down on when the pandemic hit based on the strength of sales.
(heather.haddon@wsj.com; @heatherhaddon)
Impossible Foods Keeps the Heat on Beyond Meat --
Barrons.com
Beyond Meat's rival Impossible Foods is launching its
faux-sausage product at Burger King -- a signal to investors that
interest in alternative protein remains high and that competition
within the burgeoning industry remains strong.
Burger King, owned by Restaurant Brands International (ticker:
QSR), sells the Impossible Whopper and will sell Impossible Sausage
too. The Impossible Sausage will be available in Starbucks (SBUX)
stores, as well as the top 30 diners in America, as rated by
Yelp.
STORIES OF INTEREST
Chipotle, Grubhub Strike Delivery Deal
Chipotle Mexican Grill Inc. said it has added Grubhub Inc. as a
delivery provider , a deal that underscores how restaurant chains
are looking to beef up delivery options after officials ordered
dining rooms closed earlier this year to try to slow the spread of
the coronavirus.
Chipotle on Monday said consumers can now order burritos and
other menu items from its stores through Grubhub's app as well as
the delivery company's website.
New York City May Delay Indoor Dining Amid Coronavirus Surges in
Many States
New York state and city officials said Monday they may delay the
planned reopening of New York City restaurants for indoor dining,
extending a shutdown that has already pushed some eateries to the
brink of ruin.
Gov. Andrew Cuomo and Mayor Bill de Blasio said they were
concerned about the novel coronavirus spreading among diners
crammed in an indoor setting. While indoor dining is permitted in
all other areas of the state, New York City isn't scheduled to
enter the required phase of reopening until Monday.
FUTURES MARKETS
Livestock Futures Finish Trading Higher -- Market Talk
15:28 ET - Livestock futures on the CME close higher, with
August live-cattle futures rising 0.5% at 96.475 cents a pound,
while August lean-hog futures gaining 0.7% at 48.45c. Even though
futures gained, traders anticipate choppy trading and further
downturns this week. "Beef prices remain in a short-term downtrend
and until prices can find a floor, the market is vulnerable to
speculative selling," RJO Futures says, noting beef cutout prices
also fell Friday. (kirk.maltais@wsj.com; @kirkmaltais)
CASH MARKETS
Estimated U.S. Pork Packer Margin Index - Jun 29
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
Jun 29 +$ 71.29 +$ 5.53
Jun 26 +$ 71.96 +$ 6.87
Jun 25 +$ 68.74 +$ 4.52
* Based on Iowa State University's latest estimated cost of producion.
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 94.9
(Percent of Year-Ago) Select 102.6
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Monday rose $1.19 per hundred
pounds, to $208.36, according to the USDA. Select-grade prices rose
$1.86 per hundred pounds, to $200.71. The total load count was 150.
Wholesale pork prices fell 62 cents, to $64.31 a hundred pounds,
based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
June 29, 2020 17:36 ET (21:36 GMT)
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