Some of Wednesday's midday movers:» Read More
Tyson Foods CEO Donnie Smith says meat demand is "still really good," but expects really high prices for beef and pork.
CHICAGO, March 7- Hog futures at the Chicago Mercantile Exchange surged 6.5 percent this week on tightening U.S. supplies as a deadly pig virus sweeps the country, traders and industry sources said on Friday.
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*4th- qtr loss from cont. ops C $0.13/ shr vs profit C $0.27/ shr. Feb 27- Canadian food processor Maple Leaf Foods Inc, which has been replacing production facilities and setting up a new distribution system, reported a quarterly loss that it blamed on the "tremendous" costs of the restructuring.
Feb 3- KFC parent Yum Brands Inc on Monday reaffirmed its 2014 profit and said a resurgent bird flu in China had not hurt national sales in its top market. "We're not seeing any impact on national sales from bird flu in China," Yum spokesman Jonathan Blum told Reuters.
*Move comes week before Winter Olympics in Russia. MOSCOW/ CHICAGO, Jan 31- Russia plans to end a ban on imports of some U.S. meat starting with turkey in mid-February and pork by March, the Interfax news agency reported, citing its veterinary regulator.
Tyson Foods said it expects pork supplies to drop 2-4 percent this fiscal year, raising wholesale prices, as a pig virus spreads.
Jan 31- Tyson Foods Inc, the largest U.S. meat processor, said on Friday it expects pork supplies to drop 2 to 4 percent this fiscal year, raising wholesale prices, as a deadly pig virus spreads through the U.S. hog belt. The U.S. hog herd stood at 65.9 million head as of December 2013, U.S. Department of Agriculture data showed.
*First-quarter earnings/shr $0.72 vs est $0.63. Jan 31- Tyson Foods Inc, the largest U.S. meat processor, reported first-quarter results that beat analysts' expectations, helped by higher chicken and beef sales. Net income attributable to Tyson rose to $254 million, or 72 cents per share, from $173 million, or 49 cents per share, a year earlier.
Some of the names on the move ahead of the open.
Jan 31- Tyson Foods Inc, the largest U.S. meat processor, posted a 47 percent rise in first-quarter profit, helped by a rise in sales of chicken and beef. Net income attributable to Tyson rose to $254 million, or 72 cents per share, from $173 million, or 49 cents per share, a year earlier. Revenue rose 5 percent to $8.76 billion in the quarter ended Dec. 28.
Traders are bracing for another rough ride in markets this week, as the emerging markets continue to shakeout and the Fed is expected to announce another round of cuts to its easing program.
Margins for beef processors such as Tyson Foods and Cargill Inc will continue to widen as long as they are able to pass on their costs for record-high cattle prices to wholesale buyers, they said.
Some of Thursday's midday movers:
Tyson is exploring a bid for Michael Foods, which is seen worth between $2 billion and $2.5 billion, according to sources familiar with the matter.
A potential deal for Michael Foods, which is seen worth between $2 billion and $2.5 billion according to the people, would place Tyson, the nation's largest meat producer, into an adjacent category within poultry and protein.
The price of choice-grade U.S. beef at wholesale set a new record this week as tight supplies were squeezed by harsh weather.
The day's wholesale price, or cutout, for choice beef hit $212.05 per hundredweight, eclipsing the previous May, 2013 record of $211.37, according to the U.S. Department of Agriculture. USDA pegged prices for select wholesale beef at $209.05 per cwt, almost $2.00 higher than Wednesday's record.
CHICAGO, Jan 8- Prices for select-grade U.S. wholesale beef hit a record-high on Wednesday for the fourth straight day, as shipments of the meat slowed after a historic winter storm in the United States prompted a surge in live cattle prices, analysts said. USDA pegged the select cutout at $207.07 per cwt, up $3.51 from Tuesday.
WALLA WALLA COUNTY, WASHINGTON, Dec 30- The U.S. beef industry's dependence on the muscle-building drug Zilmax began unraveling here, on a sweltering summer day, in the dusty cattle pens outside a Tyson Foods Inc slaughterhouse in southeastern Washington state.