TOP STORIES

 

McDonald's Problems in India Grow With Tax Beef

MUMBAI -- Indian tax authorities have raided the offices of McDonald's biggest partner in India, another potential setback for the fast-food giant which was already locked in an ugly break up with its only other licensee in the fast-growing South Asian nation.

A spokeswoman for the income tax department said 20 locations connected to Hardcastle Restaurants Pvt. Ltd., which runs more than 270 McDonald's in the south and west of India, had been raided in the western cities of Mumbai and Pune.

 

Rodents Thrived at Farm Tied to Salmonella Outbreak -- Market Talk

13:03 ET - A report released by the FDA shows rodents and other unsanitary conditions were prevalent at a farm producing eggs linked to a multistate salmonella outbreak. The agency's report says Hyde County Egg, a North Carolina farm owned by Indiana-based Rose Acre Farms, was the site of an "ongoing rodent infestation" in its poultry houses as well as "insanitary conditions and poor employee practices" in its egg-processing facilities that supported the growth and spread of pathogens. The report comes days after Rose Acre Farms recalled nearly 207 million eggs due to fears they could be contaminated with salmonella and the CDC launched a probe into the outbreak. (jesse.newman@wsj.com; @jessenewman13)

 

Fighting Words Start Farm Bill Mark Up -- Market Talk

11:48 ET - A partisan battle over the Farm Bill in the House Agriculture Committee is starting to sound a lot like war. During a meeting to consider the five-year bill unveiled in the House last week, committee Democrats lambasted a legislative process they say has upended a long tradition of bipartisanship on the committee and text that is deeply flawed. Top Democrat Collin Peterson (D, Minn.) kicked off opposition to the bill, calling proposals to expand work requirements for food-stamp recipients an "ideological crusade," and expressing concern for the coalition of rural and urban lawmakers tasked with providing a safety net for farmers and needy Americans. "This bill ruins that coalition," Peterson said, lamenting that "we're turning friends into enemies." (jesse.newman@wsj.com; @jessenewman13)

 

STORIES OF INTEREST

 

Danone's 1Q Sales Mark Improved Pathway: Davy -- Market Talk

1015 GMT - Danone's first-quarter sales confirm that the company is on an improved pathway, say analysts at Davy Research. The Irish brokerage doesn't expect any material changes to forecasts, but says the risk-reward profile is becoming more favorable at Danone. Davy expects full-year top-line growth will be 1H-weighted due to a moderation in early-life nutrition in China during the second half. Danone shares trade up 2.2% at EUR67.52. (anthony.shevlin@dowjones.com)

 

FUTURES MARKETS

 

Cattle Futures Rise as Meatpackers Gobble Up Livestock

Cattle futures rose after the week's physical trade started higher.

Cattle markets fell sharply through March as traders bet that supplies of slaughter-ready livestock would rise in the weeks and months ahead. But prices have rebounded in April as factors including bad weather helped stave off the worst of a surplus. That has forced meatpackers to pay more to secure animals for their plants.

April-dated live cattle futures rose 0.8% to $1.18975 a pound at the Chicago Mercantile Exchange. The more-active June contract also rose.

Hog futures also rose on Wednesday as packers sought more pigs to slaughter, pushing cash prices higher. CME June lean hog contracts rose 2.3% to 78.525 cents a pound.

 

CASH MARKETS

 
Zumbrota, Minn Hog $1.00 Higher At $33.00 - Apr 18 
 

Barrow and gilt prices at the Zumbrota, Minn., livestock market are $1.00 higher at $33.00 per hundredweight.

Sow prices are steady. Sows weighing 400-450 pounds are at $33.00-$35.00, 450-500 pounds are $33.00-$35.00 and those over 500 pounds are $37.00-$39.00.

The day's total run is estimated at 1050 head.

Prices are provided by the Central Livestock Association.

 
Estimated U.S. Pork Packer Margin Index - Apr 18 
 
All figures are on a per-head basis. 
 
Date     Standard Margin       Estimated margin 
         Operating Index         at vertically - 
                             integrated operations 
                                      * 
Apr 18       +$21.95              +$15.17 
Apr 17       +$27.50              +$16.10 
Apr 16       +$28.85              +$15.43 
 
* 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   98.4 
      (Percent of Year-Ago)     Select   98.3 
 
USDA Boxed Beef, Pork Reports 
 

Wholesale choice-grade beef prices Wednesday fell 49 cents per hundred pounds to $211.64, according to the USDA. Select-grade prices fell $1.01 per hundred pounds to $198.57. The total load count was 169. Wholesale pork prices fell 43 cents to $67.46 a hundred pounds, based on Omaha, Neb., price quotes.

 

(END) Dow Jones Newswires

April 18, 2018 17:43 ET (21:43 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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