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BEST STORIES

Meat packaging industry faces overhaul push in Washington

U.S. meat packaging industry faces tighter scrutiny in Washington, as lawmakers and regulators push for $ 213 billion industry overhaul over complaints of alleged corporate influence of meat in markets and farmers.

The US Department of Agriculture is developing new rules that would change the way companies like Tyson Foods Inc. and Pilgrim’s Pride Corp. pay chicken farmers, while making it easier for farmers to pursue disputes against meat packers, the agency said this month. On Capitol Hill, Republican and Democratic lawmakers proposed legislation that would require beef processors like Cargill Inc. and JBS USA Holdings Inc. to buy more cattle from open markets and set minimum regional prices.

Chicken farmer Sanderson Farms explores sale, sources say

Poultry giant Sanderson Farms Inc. is considering a sale, people familiar with the matter say, as demand for chicken products increases.

Sanderson Farms tapped Centerview Partners for advice on the potential sale and has attracted interest from suitors, including farm investment firm Continental Grain Co., which owns a smaller chicken processor, people said. . The process may not result in a sale.

STORIES OF INTEREST

Luby’s sells Luby’s cafeteria business to Calvin Gin affiliate

Luby’s Inc. has announced the sale of its restaurant business Luby’s Cafeteria to a new subsidiary of Calvin Gin.

The purchase by the Gin subsidiary, which will be renamed Luby’s Restaurants Corp. after the transaction closes, will include 32 of Luby’s restaurant’s existing locations, all in Texas, and branded Luby’s Cafeteria.

Cuisine Solutions recalls egg “bites” due to incorrect ingredient

Cuisine Solutions Inc. is voluntarily recalling certain “bite-size” products under the plant-based brand, Just Egg, as a limited number of packages may contain an improperly sealed pouch containing whole eggs and dairy products.

The inner plastic bags are correctly labeled to distinguish the products, the company said.

FORWARD MARKETS

Hog futures fall for 4th consecutive session – market talk

3:45 PM ET – Lean hog futures on the CME fell for the fourth consecutive session, closing 1.5% lower at $ 1.0705 a pound. Weak Chinese pork prices have put pressure on US futures, said Robert Yawger of Mizuho Securities USA. “Relatively weak Chinese demand for US lean pigs has crushed the US market in recent days,” Yawger said, adding that live pork futures on the Dalian Commodity Exchange have traded lower for eight. consecutive weeks. Live cattle futures closed 0.4% lower at $ 1.21025. ([email protected], @kirkmaltais)

TREASURY MARKETS

 
Estimated U.S. Pork Packer Margin Index - Jun 21 
 
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 21       -$ 33.58            +$103.03 
Jun 18       -$ 37.39            +$103.16 
Jun 17       -$ 22.25            +$112.53 
 
* 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  150.4 
      (Percent of Year-Ago)      Select  137.9 
 
USDA Boxed Beef, Pork Reports 

Wholesale prices for premium beef fell from $ 2.08 per 100 pounds on Monday to $ 321.20, according to the USDA. The prices of some categories fell $ 2.15 per hundred pounds, to $ 281.46. The total load count was 90. Wholesale pork prices fell 6 cents, to $ 118.99 per hundred pounds, based on price quotes from Omaha, to Neb.

(END) Dow Jones Newswires

06/21/21 1740ET


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