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Home>LIVESTOCK HIGHLIGHTS: Top Stories of the Day

LIVESTOCK HIGHLIGHTS: Top Stories of the Day

LIVESTOCK HIGHLIGHTS: Top Stories of the Day

09/27/2017

TOP STORIES

 

Darden: Price Competitiveness More Important Than Ever -- Market Talk

09:44 ET - At Darden, which reported weaker-than-expected fiscal 1Q sales growth at its Olive Garden chain, "Value has never been more important," CEO Gene Lee tells investors. "There's a lot of competition for the discretionary dollar." Lee says restaurants compete not only with each other but with every place that sells food and that he expects the current tight food spending environment to remain this way for the foreseeable future. The company says it plans to raise prices only between 1% and 2% this year. Darden shares off 4.5% in early trading. (julie.jargon@wsj.com)

 

Syngenta Moves to Settle Farmers' GMO Corn Cases -- Market Talk

13:15 ET - Swiss crop seed maker Syngenta says it struck a deal to settle hundreds of lawsuits filed by US farmers over the company's 2011 release of genetically engineered corn seeds. Chinese import authorities began rejecting that corn in 2013 because it wasn't yet approved there, which farmers allege closed off China's market to US corn and depressed grain prices. Syngenta, which had fought the charges, says the courts still need to approve the settlement and establish a fund for it, and the company's not yet disclosing the size of any payout to farmers. Plaintiffs' lawyers have no immediate comment. (jacob.bunge@wsj.com; @jacobbunge)

 

STORIES OF INTEREST

 

South Africa Corn Exports Surge After Record Crop -- Market Talk

1644 GMT - South Africa returns to being a net corn exporter, after good rains boosted yields, enabling Africa's top producer of the grain to recover from the devastating effects of last year's drought, says the US Department of Agriculture Bureau in Pretoria. After importing some 2.2M tons of corn last year, the first imports in 8 years, South Africa may export some 2.5M tons of corn in 2016-17. Cumulative 4-month corn exports hit 1.2M tons in the crop year which started in May and the country could have up to 4.5M tons of corn stock available for export. Total production is expected to more than double on year and hit a record 17.1M tons.(nicholas.bariyo@wsj.com; @Nicholasbariyo)

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