Consumers are Tired of Inflation. But Some Retailers Fear Falling Prices

Just ahead of the holiday season, Walmart had encouraging news for inflation-weary shoppers: Prices on food and other staples were falling instead of rising. The retail giant said if the trend continued, it would soon contend with deflation in some of those key household categories, which would be a welcome sight for consumers emerging from the worst price increases in decades.

But the retail giant backpedaled this week, saying higher prices on many grocery items and household staples like paper goods have stuck.

“There is deflation in certain categories — the possibility overall still remains — but prices are more stable than where they were three months ago,” CFO John David Rainey told...

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Mon. Feb 26, 2024

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COMTELL: Hog Situation













ANALYSIS: Inside Rounds Witness Post-Valentine's Bump to Highest February Price in Decades

Inside rounds have become one of the highlights within the boxed beef market during what is typically a seasonally dull period. The strength comes after what was a tremendous fall in pricing to end 2023. In October of last year, inside rounds reached a peak of $3.63/lb., before dipping all the way to $2.63/lb. at the onset of 2024. As of February 22, inside rounds sit at $3.18/lb., the highest level seen in the month February since...

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Feb 26 9:33 AM, Urner Barry



Pilgrim’s Pride Reports Profitable Year-End Results in 2023

During 2023, commodities were exceptionally volatile as markets began at near record lows given supply and demand imbalance and availability of other proteins combined with unsettling consumer sentiment. Throughout the year values gradually returned to more seasonal levels, while cost inflation remained elevated compared to historical standards.

“While our business faced a unique set of challenging conditions in 2023, we persevered as our team members maintained a leadership mindset and elevated their focus and execution of our strategy. As a result, we demonstrated an ability to drive profitable growth even under the most difficult circumstances as our sales and adjusted EBITDA strengthened throughout the year and showed increased momentum as we entered 2024,” said Fabio Sandri, Pilgrim’s CEO.

In the 4th quarter, the U.S. portfolio continued to...

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Feb 26 9:09 AM, General News


Cargill ElevateTM Grain Marketing Solutions Empower Farmers to Make Informed Decisions 

Cargill is raising the bar in grain marketing, helping farmers unlock enhanced profitability with Cargill ElevateTM – a mix of market insights, pricing solutions, world-class expertise and access to robust farm management platforms that give farmers the flexibility and control they need to make informed decisions to stay competitive in the marketplace.

“Our grain representatives actively listen to farmers and understand that no two farmers have the exact same needs. Cargill’s industry-leading portfolio of pricing solutions empowers farmers to take charge and execute their individual grain marketing plans...

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Feb 23 10:56 AM, Urner Barry


The Cheesecake Factory Reports Results for Fourth Quarter of Fiscal 2023

The Cheesecake Factory Incorporated (NASDAQ: CAKE) today reported financial results for the fourth quarter of fiscal 2023, which ended on January 2, 2024.

Total revenues were $877.0 million in the fourth quarter of fiscal 2023 compared to $892.8 million in the fourth quarter of fiscal 2022. The fourth quarter of fiscal 2023 included 13 weeks compared to 14 weeks in the fourth quarter of fiscal 2022. Excluding the impact of the additional week in fiscal 2022, which contributed approximately $78.4...

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Feb 23 10:10 AM, Urner Barry


Mars and Unreasonable Group Announce Unreasonable Food™ To Transform Sustainability

Through its snacking division, Mars and Unreasonable Group today announced the beginning of a three-year partnership: Unreasonable Food™. Unreasonable Food seeks to become the world's premier global initiative focused on supporting rapid growth companies positioned to re-define our food systems - ensuring a more regenerative, inclusive, and equitable future of food for all.

This partnership will support the Mars Net Zero Roadmap and Mars Snacking's sustainability journey, while also delivering a more agile and forward-looking snacking business for Mars, dedicated to serving a just and sustainable...

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Feb 22 3:57 PM, Urner Barry


USDA Under Secretary Alexis Taylor to Lead Historic Native Nations Agribusiness Trade Mission 

U.S. Department of Agriculture Under Secretary for Trade and Foreign Agricultural Affairs Alexis M. Taylor will lead an historic agribusiness trade mission to Vancouver, British Columbia, Canada, from June 17-20, 2024. This USDA mission will be the first of its kind, specifically highlighting products made and produced by tribal agribusinesses.

USDA is excited the trade mission will highlight the reinvigoration of historic agricultural trade networks amongst Native Nations across the United States and Canada. Participants will be tribal producers with the Made/Produced by American Indians...

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Feb 22 10:20 AM, Urner Barry


USDA and University of Georgia Break Ground on New Agriculture Research Facility in Tifton, Georgia

The U.S. Department of Agriculture’s Agricultural Research Service (ARS) and the University of Georgia (UGA) College of Agricultural and Environmental Sciences (CAES) hosted a groundbreaking ceremony today for the new state-of-the-art research facility housing the Southeast Watershed Research Laboratory and the Crop Genetics and Breeding Research Unit.

This new research facility will include a new 31,000 square foot building on the UGA Tifton campus. ARS and university employees’ research will advance climate-smart agricultural research ranging from water resources...

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Feb 22 8:00 AM, Urner Barry


Campbell Names Anthony Kyles Chief Customer Officer of Meals & Beverages

Campbell Soup Company today announced the appointment of Anthony Kyles as Chief Customer Officer, Meals & Beverages, effective March 4, 2024.
Kyles will lead the U.S. retail sales team for Campbell’s soups, meals, sauces and beverages, driving growth across the Meals & Beverages division with the company’s retail customers. He will be responsible for profitably growing an iconic portfolio of brands, including Campbell’s, Chunky, Pacific Foods, V8, Prego, Pace, Swanson and SpaghettiOs. He will join the Campbell Leadership Team and will report to Mick Beekhuizen, Campbell’s Executive Vice President and President, Meals &...

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Feb 22 8:00 AM, Urner Barry


ANALYSIS: Lighter Cattle Weights and Reduced Output Pull YTD Beef Production Lower

The impact of last month’s winter storms across the U.S. is illustrated in average cattle weights, which have dropped precipitously since the start of the year.

The latest USDA data indicated dressed steer weights at 909 pounds, up 1 pound from last year but 3 pounds below the week prior. Steer weights started the year at 937 pounds, a seasonal all-time high. Average dressed heifer weights were reported at 827 pounds, up 2 pounds from the week prior but 6 pounds under 2023 and down 24...

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Feb 22 8:00 AM, Urner Barry


US Foods CHEF’STORE Continues Steady Growth With Five New Store Openings Planned in 2024

US Foods Holding Corp. (NYSE: USFD) – one of America’s leading foodservice distributors – announced today its plan to open five new CHEF’STORE® locations in 2024. The new stores will be in Beaverton, Ore.; Hampton, Va.; Hickory, N.C.; Sandy Springs, Ga.; and Virginia Beach, Va. The new locations are expected to open in the second half of 2024. CHEF’STORE offers a one-stop-shop for restaurant operators, food industry professionals, community groups and at-home chefs to quickly stock up or replenish ingredients and...

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Feb 22 8:00 AM, Urner Barry


New Industry Resource Captures Culinary Evolution of the Caribbean

Developed in collaboration with local food scholars and regional chefs, the textbook is a go-to resource for educators and foodservice professionals

Honoring island traditions and promoting regional variations of local dishes are at the heart of a new USMEF marketing program to incorporate U.S. beef and pork into culinary communities throughout the Caribbean islands.

“The culinary histories of the islands are fascinating and ever-evolving,” says USMEF Caribbean Representative Elizabeth Wunderlich. “But there are no resources available that capture the multi-cultural influences...

 

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Feb 21 12:05 PM, Urner Barry


CMC, COMECARNE & Meat Institute Sign Joint Statement of Coordination

To deepen meat industry coordination and government collaboration in Canada, Mexico and the United States, the Canadian Meat Council (CMC), Consejo Mexicano de la Carne (COMECARNE), and the Meat Institute signed a Memorandum of Understanding (MOU) that formalizes the three associations’ ongoing work to improve trade, reduce regulatory barriers and enhance information exchange within North America. The organizations also finalized a Joint Statement of Coordination that emphasizes their collective commitment to addressing foreign animal diseases, sustainability and non-tariff trade barriers.

The MOU and Joint Statement were shared during COMECARNE’s...

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Feb 21 9:44 AM, Urner Barry


Beyond Meat® Unveils Its Beyond IV Platform With Significant Advancements Across Taste and Health 

Beyond Meat, Inc. (NASDAQ: BYND), a leader in plant-based meat, today announced the fourth generation of its core beef platform, Beyond IV, resulting in the unveiling of the company’s new Beyond Burger® and Beyond Beef® exclusively at retail. The new platform raises the bar for plant-based meat products and center-of-the-plate protein generally, and further cements Beyond Meat’s commitment to creating plant-based meat products that not only taste delicious but deliver important nutritional benefits...

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Feb 21 9:04 AM, Urner Barry


Kraig Westerbeek Named President, Smithfield Hog Production

Smithfield Foods has named Kraig Westerbeek as president of its hog production operations effective Feb. 29, reporting to President and Chief Executive Officer Shane Smith.

“Kraig has been an extremely valuable asset to Smithfield Foods throughout his career,” said Shane Smith, chief executive officer for Smithfield. “His extensive experience in our hog production division has helped keep Smithfield on the forefront of our industry, and I look forward to his continued leadership.”

Westerbeek brings more than 30 years of industry experience to his new role...

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Feb 21 8:57 AM, Urner Barry


ANALYSIS: A Seasonal Snapshot of Christmas and Easter's Boost to Lamb Leg Sales

As Easter approaches, the demand for lamb legs in retail stores noticeably rises, spurred by holiday traditions. Consumers, particularly those of the Catholic faith, often buy lamb legs for Easter as a symbol of renewal. Similarly, lamb is a popular choice during Christmas for some households. This trend leads to a significant uptick in both discounted and non-discounted sales at the retail level, highlighting the cultural impact of these occasions on the protein markets. To meet this surge in demand, suppliers and retailers diligently ensure an...

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Feb 21 8:21 AM, Urner Barry


ANALYSIS: A Closer Look at Formula vs. Negotiated Sales in the Boneless Beef Segment

In the domestic boneless beef sector, it is widely acknowledged that a significant volume of trade is conducted through formula pricing agreements. This analysis delves into this phenomenon, utilizing the volume reported by the USDA of fresh 50% lean trim as an example.

The chart above illustrates that, for the week ending 2/16/2024, 86.57% of the fresh 50% lean trim traded was priced through formulated agreements. To break this down, out of the total trade volume of 19.28M lbs.,16.69M lbs...

 

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Feb 21 8:16 AM, Urner Barry


ANALYSIS: UK Beef Fillet and Sirloin Prices Firm as Cattle Tightens

The fillets and sirloin markets continue to experience upwards pricing pressure since the beginning of the year. The largest contributing factor is thin inventories due to a tight cattle supply.

While foodservice suffered a lacklustre start of year as the ongoing cost of living pressures discourage consumers from dining out, demand from the retail sector remains strong.

Markets for PGI & UTM sirloins have been moving higher over the last four weeks. UTM whole striploins are seeing some trades at values as...

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Feb 21 8:10 AM, Urner Barry


The Retail Rundown: Finalizing February’s Features

Retailers are finalizing their February features while actively preparing for spring demand, which is bolstered by seasonal factors like warmer weather along with holidays including St. Patrick’s Day and Easter.

Retail features are shifting from red meat and poultry towards seafood as Lenten observers begin the 40 days of fasting and reduced meat consumption. 

The seafood complex continues to hold the top spot within total protein features, accounting for 37% this week. Beef follows with 21% of retail buying opportunities, while pork closes in at 19%. Chicken claims almost 16% of ad space, nearly...

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Feb 21 7:55 AM, UB Newswires


Fogo de Chão Celebrates the Return of the Porterhouse to the Churrasco Experience for a Limited Time

Fogo de Chão, the internationally-renowned restaurant from Brazil, invites guests to indulge in the premium Porterhouse cut as it returns to the Full Churrasco Experience for a limited time starting today at all U.S. locations, including Puerto Rico. The Porterhouse is an indulgent cut that includes both a New York Strip and Filet that is cooked bone-in, and served sliced tableside, delivering a juicy and rich flavor with every bite. Fire-roasted and seasoned with rock salt, the Porterhouse adds...

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Feb 20 10:44 AM, Urner Barry


Ahold Delhaize USA Names Marc Stolzman Chief Sustainability Officer

Ahold Delhaize USA today announced that Marc Stolzman has been named the Chief Sustainability Officer for Ahold Delhaize USA, reporting to JJ Fleeman, CEO of Ahold Delhaize USA. In this role, Marc will oversee all aspects of health and sustainability for the U.S. businesses, including strategy and goal setting, in alignment with Ahold Delhaize global sustainability ambitions and commitments, as well as all U.S. regulatory, compliance and financial reporting.

“As one of the largest food retailers on the East Coast, we are committed to being a sustainable retailer...

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Feb 20 10:39 AM, Urner Barry


Kinzie Capital Partners Announces the Acquisition of Arctic Industries

Kinzie Capital Partners LP (“Kinzie”), a Chicago-based private equity firm, announces the acquisition of Arctic Industries (“Arctic” or the “Company”), a national manufacturer and distributor of temperature control and cold storage solutions. The transaction, completed in partnership with Arctic’s management, marks an exciting new chapter for the Company as it sets the stage for further market expansion throughout the country.

Founded in 1981, Arctic operates through two business groups, Arctic’s walk-in group serving the foodservice and industrial markets with custom designed walk-in coolers and freezers and Store...

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Feb 20 10:12 AM, Urner Barry







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