LIVESTOCK HIGHLIGHTS: Top Stories of the Day

04/07/2021 | 05:46pm

TOP STORIES

Beyond Meat Plans Production Facility in China

Beyond Meat Inc. will open its own production facility in China, the plant-based meat company said Wednesday.

The facility, to be located in the Jiaxing Economic and Technological Development Zone near Shanghai, will be Beyond Meat's first end-to-end manufacturing site outside the U.S. and will help the company grow its scale in China, Beyond Meat said.

STORIES OF INTEREST

Corn Futures Rise on Forecasted Drop in Midwest Temperatures

Corn for May delivery rose 1.1% to $5.60 1/2 a bushel on the Chicago Board of Trade on Wednesday, amid expectations that Midwestern weather may soon turn less hospitable for farmers planting their crops.

Wheat for May delivery rose 0.1% to $6.16 1/4 a bushel.

Soybeans for May delivery fell 0.7% to $14.08 3/4 a bushel.

Some Agriculture Companies Could Reap $200B from Climate Change -- Market Talk

13:54 ET - By 2050, weather, pest migration and diseases from climate change could mean a roughly $200B opportunity for makers of better seeds, crop chemicals and agricultural equipment, analysts at Jefferies say, naming AGCO, Corteva and Deere as top picks. "We believe there will be distinct opportunities for investors to capitalize on changing trends in global climate conditions over the next several decades," they say. (dieter.holger@wsj.com; @dieterholger)

Papa John's to Open More Than a Dozen Cambodia Locations

Papa John's International Inc. said it is going to open more than a dozen locations in Cambodia in the coming few years.

The Kentucky-based pizza chain said that over the next three years, it is going to open 15 new locations in the country. The company said its Phnom Penh flagship location opened last month.

FUTURES MARKETS

Pork Cutouts Extend Their Climb -- Market Talk

1607 ET - US prices for pork cutouts extended their climb today, providing lean hog futures on the CME the juice they needed to continue rising. Lean hog futures finish up 2.2% to $1.079 per pound, driven in part by higher prices for pork belly, ham, and ribs. Overall carcass prices rose over $3 per hundredweight midday Wednesday, bringing the carcass price to $112.41 per cwt, according to the USDA. Higher demand for pork cutouts by food service providers has been a driver for higher livestock futures. Meanwhile, live cattle futures finished trading up 0.5% to $1.25275 per pound. (kirk.maltais@wsj.com; @kirkmaltais)

CASH MARKETS

 
Estimated U.S. Pork Packer Margin Index - Apr 7 
 
This report reflects U.S. pork packer processing margins. The margin indices 
are calculated using current cash hog or carcass values and wholesale pork 
cutout values and may not reflect actual margins at the plants. These 
estimates reflect the general health of the industry and are not meant to 
be indicative of any particular company or plant. 
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 
 
Apr  7       +$ 13.63            +$ 93.75 
Apr  6       +$ 12.28            +$ 89.94 
Apr  5       +$ 12.38            +$ 90.89 
 
* 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  115.8 
      (Percent of Year-Ago)      Select  118.7 
 
USDA Boxed Beef, Pork Reports 

Wholesale choice-grade beef prices Wednesday rose $3.54 per hundred pounds, to $266.31, according to the USDA. Select-grade prices rose $3.89 per hundred pounds, to $255.19. The total load count was 117. Wholesale pork prices rose $1.77, to $109.34 a hundred pounds, based on Omaha, Neb., price quotes.

(END) Dow Jones Newswires

04-07-21 1745ET

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