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Kroger-Ocado Deal Breaks Ground in Cincinnati -- Market Talk

14:01 ET - Kroger says it is building its first automated online grocery warehouse in its home Cincinnati market. The first of 20 planned sites with UK online grocer Ocado Group PLC will be 335,000-square-feet and located in a suburb north of Kroger's headquarters. The $55M warehouse is expected to employ 410. Kroger received Ohio tax credits as part of the deal. Kroger is seeking to take on Amazon and Walmart as competition in online grocery grows. (heather.haddon@wsj.com; @heatherhaddon

STORIES OF INTEREST

U.K. Supermarkets Confident Brexit Won't Mean Food Rationing -- Market Talk

1048 GMT - U.K. supermarkets are confident the British government will step in to avoid food shortages in the case of a no-deal Brexit. Analysts at Berenberg note the U.K. would run out of fresh food in seven days if its border was completely closed to European imports, potentially leading to food rationing. However, they say this is a key reason for optimism in the industry, as food and medicine supplies are likely to be prioritized in the case of a no-deal Brexit. "There is a high likelihood of last minute backstop mechanisms to circumvent near-term disruptions in supply. Overall, this is a tail risk to which we would assign low probability," Berenberg says. (adam.clark@dowjones.com)

Pence Comments On China Weigh On Soybean Prices

Soybean prices fell as optimism for a U.S.-China trade agreement faltered, after U.S. Vice President Mike Pence criticized China during his trip to the Indo-Pacific region that ended this weekend.

"At this point I would paint Vice President Pence as the 'bad cop,' while Trump seems to be trying to play the 'good cop,'" said Charlie Sernatinger of ED&F Man Capital Markets.

FUTURES MARKETS

Livestock Futures End Higher -- Market Talk

16:03 ET - CME hog futures rise 1.6% to 61.025 cents a pound, while live cattle futures rise 0.7%. African swine fever continues to spread in China, as analysts say the disease spread to two new provinces over the weekend. Meanwhile, this week's hog slaughter will be interrupted by Thanksgiving on Thursday. "Typically we should see a very large Saturday kill effort to make up for Thursday's closure," says Dennis Smith of Archer Financial Services. (francesca.fontana@wsj.com; @francescamarief)

CASH MARKETS

 
Zumbrota, Minn Hog Steady at $33.00 - Nov 19 
 
  Barrow and gilt prices at the Zumbrota, Minn., livestock market are 
steady at $33.00 per hundredweight. 
 
 Sow prices are steady to $1.00 lower.  Sows weighing 400-450 pounds are at 
$35.00-$36.00, 450-500 pounds are $35.00-$36.00 and those over 500 pounds are 
at $37.00-$39.00. 
 
The day's total run is estimated at 100 head. 
 
Prices are provided by the Central Livestock Association. 
 
Estimated U.S. Pork Packer Margin Index - Nov 19 
 
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 
                                      * 
Nov 19       +$ 26.92            +$ 11.81 
Nov 16       +$ 28.34            +$ 10.99 
Nov 15       +$ 30.14            +$ 12.09 
 
* 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  103.5 
      (Percent of Year-Ago)     Select  105.6 
 
USDA Boxed Beef, Pork Reports 

Wholesale choice-grade beef prices Monday rose 48 cents per hundred pounds, to $213.39, according to the USDA. Select-grade prices rose $1.00 per hundred pounds, to $198.57. The total load count was 120. Wholesale pork prices rose 38 cents, to $67.23 a hundred pounds, based on Omaha, Neb., price quotes.

(END) Dow Jones Newswires

November 19, 2018 17:25 ET (22:25 GMT)

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