LIVESTOCK HIGHLIGHTS: Top Stories of the Day
Cal-Maine Foods Loss Narrows, But Is Wider Than Expected -- MarketWatch
Cal-Maine Foods Inc. (CALM) reported Monday a fiscal first-quarter net loss which narrowed to $16.0 million, or 33 cents a share, from $30.9 million, or 64 cents a share, in the same period a year ago. The FactSet consensus was for a per-share loss of 18 cents. Revenue for the quarter to Sept. 2 rose to $262.8 million from $239.8 million, missing the FactSet consensus of $264.1 million. Dozens of eggs sold increased to 249,464 from 242,325 and the net average selling price per dozen increased to $1.017 from $0.952, while the net average price of specialty eggs decreased to $1.878 per dozen from $1.973. "While we are disappointed to report a loss for the quarter, we are encouraged by the year-over-year improvement in our performance," said Chief Executive Dolph Baker. "Our results reflect continued solid retail demand and a modest increase in both volumes and prices compared with the first quarter of fiscal 2017." The stock, which was inactive in premarket trade, has climbed 3.8% over the past three months while the S&P 500 has gained 4.0%.
STORIES OF INTEREST
Big Food Companies Use Acquisitions to Adapt to Changing Demand -- Market Talk
0948 GMT - The past month has underscored how quickly the environment for large consumer goods companies and retailers is changing. In the past few weeks, Unilever agreed to buy Pukka Tea, Nestle said it's buying Blue Bottle coffee and plant protein maker Sweet Earth, and Danone said it's buying baby food startup Yooji. It's a trend analysts expect to continue, or even accelerate, as big companies look for ways to appeal to fickle millennials looking for authenticity, organic ingredients, and brands with stories to tell. Nestle has indicated 10% of its portfolio is ripe for shuffling. "Major food players are increasingly forced to invest in/acquire small players that better address consumers changing demands," says Liberum in Monday note. (Saabira.Chaudhuri@wsj.com , @SaabiraC)
US Harvest Progress Falls Short -- Market Talk
16:18 ET - American farmers harvested less grain and oilseed than expected last week, according to the USDA. The US corn harvest was 17% complete as of Sunday, below average analyst estimates and last year's pace. The agency says farmers collected 22% of soybeans, also lagging recent years. Rain this week is expected to delay fieldwork across the Corn Belt further. The quality of the corn crop increased to 63% good or excellent, meanwhile, up from 61% last year. Analysts didn't expect to see improvement. (email@example.com; @b_parkyn)
Hog Futures Start Week With Bounce
Hog futures rallied, supported by bets that prices for physical hogs were reaching a low point.