LIVESTOCK HIGHLIGHTS: Top Stories of the Day
Beef Boosts Cargill Profits -- Market Talk
09:13 ET - Cheaper cattle and improving consumer demand helps to keep agribusiness giant Cargill's U.S. beef plants humming in the company's fiscal 1Q, and helped drive net earnings 14% higher to $973M for the three-month period ended Aug. 31. Cargill's been expanding its meat business, buying a Colombian chicken company over the summer, though slower sales in Central America in Cargill's poultry business offset stronger sales from its Southeast Asian chicken complexes. Cargill says quarterly revenue crept higher to $27.3B for the quarter. (firstname.lastname@example.org; @jacobbunge)
Tyson Pleads Guilty to Water Violations -- Market Talk
12:35 ET - Tyson Foods pleads guilty to criminal charges of violating the U.S. Clean Water Act related to a 2014 episode at the company's Monett, Mo. poultry plant. Justice Department officials say a Tyson contractor unloaded a liquid food supplement into a plant treatment system that wasn't designed to handle it, and after the substance found its way into the local water treatment plant, it resulted in the death of more than 100,000 fish. Tyson's guilty plea includes paying a $2M criminal fine and serving two years of probation, along with paying $500,000 to restore area waters and hiring a third-party auditor to review its U.S. facilities, while improving training. (email@example.com; @jacobbunge)
STORIES OF INTEREST
Grocery Store Meltdown Triggers Creditor Lawsuit Against Comvest
Creditors of a West Coast grocer that fell fast and hard after buying a string of stores shed by Albertsons Cos. say private-equity owner Comvest Partners set the stores up to fail.