Missouri Prime Beef Packers to Close Processing Plant in April

In a Worker Adjustment and Retraining Notification (WARN) notice to the state Monday, Missouri Prime Beef Packers announced it will close its processing plant in Pleasant Hope, Missouri due to unforeseeable business circumstances.

The plant will close on April 26, 2024, resulting in the termination of 335 full-time employees. The bulk of layoffs will impact fabrication staff. The closure may be permanent or temporary, added yesterday's letter

Operations at the Missouri Prime plant officially started in March 2021. The 100,000-square-foot facility was...

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ANALYSIS: Shifting Market Dynamics Alter Trend Between Cattle and Corn Prices

Cash corn and cattle prices followed a comparable track over the past ten years. However, that tandem trend began to change starting in 2022 due to significant shifts in market dynamics for both commodities.

Omaha, US No 2 Yellow Corn prices peaked at $8.43 per bushel in June 2022, closely challenging the record hit in 2012. The rise in corn prices that year was driven in part by supply disruptions created by the Russia-Ukraine war, as Ukraine is a major supplier of grains to the world markets...

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Feb 28 8:00 AM, Urner Barry



The Wendy's Company Names Matt Spessard Chief Information Officer

The Wendy's Company (Nasdaq: WEN) announced the appointment of Matt Spessard as Chief Information Officer. He will report to President and Chief Executive Officer Kirk Tanner and serve on the Wendy's Senior Leadership Team. Spessard will succeed Kevin Vasconi who has served as Chief Information Officer since October 2020.

Spessard has served as Senior Vice President, Global Chief Technology Officer for The Wendy's Company since August 2022. In this role, he was accountable for establishing the Wendy's System global technology vision and leading technological innovation...

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Feb 27 1:47 PM, Urner Barry


Hormel Foods Announces Katie Clark as Senior Vice President and Chief Communications Officer

Hormel Foods Corporation (NYSE: HRL), a Fortune 500 global branded food company, announced Katie Clark has been appointed to the role of senior vice president and chief communications officer.

In this role, Clark will oversee the company's global communications, including external media relations, internal communications, global impact communications and corporate reputation. Clark will report directly to Jim Snee, chairman of the board, president and chief executive officer at Hormel Foods.

"I am delighted Katie is joining us at Hormel Foods. She is an impressive leader with...

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Feb 27 1:35 PM, Urner Barry


Wen’s Food Group Reports Approx. $9 Bln Loss in Pig Business for FY 2023

Wen's Food Group, a major Chinese food conglomerate specializing in pig breeding, processing, and distribution of pork products, provided a detailed breakdown of its FY 2023 losses during a recent conference call with investors.

Previously, in January, Wen’s Food Group announced it expected a year-on-year loss between CNY 61-67 billion (approximately $9-10 billion) for FY 2023. The company attributed this loss largely to a decrease in the Chinese market hog and broiler prices...

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Feb 27 12:48 PM, FeedInfo


Nathan’s Famous Continues International Expansion in 2024

Nathan’s Famous, Inc., the American tradition serving New York favorites for more than 100 years, announces their continued international expansion in 2024. The brand, which recently opened virtual kitchens in Belgium and France, multiple full-service franchised restaurants in Mexico City, and two franchised restaurants and a food truck in Egypt in 2023, currently operates in 19 countries globally. Through master franchise relationships in Brazil, United Kingdom, Egypt, and Ukraine, the brand plans to open brick and mortar franchised locations and sub-franchised locations in Brazil by the end of 2024...

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Feb 27 12:32 PM, Urner Barry


JSI Store Fixtures Launches New Line of Environmentally Friendly Refrigerated Displays

JSI Store Fixtures, an LSI Industries Inc. company (Nasdaq: LYTS), shipped its first order of refrigerated retail displays featuring environmentally friendly R290 refrigerant this month. JSI’s standalone refrigeration systems are a mainstay in the U.S. grocery market. The new R290 is a propane-based system that provides customers with an alternative product that is a non-toxic, zero ozone-depleting refrigerant with a Global Warming Potential (GWP) of 3, compared to common HFC Refrigerant having a GWP rating greater than 1,400.

“Interest in this product is very high...

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Feb 27 12:21 PM, Urner Barry


Roy Rogers Restaurants Introduces Refranchising Program

Roy Rogers Restaurants® is introducing a refranchising program as part of its franchise growth strategy in Maryland and Virginia. The new program empowers potential franchisees to join the long-time brand by acquiring existing corporate stores before establishing independent locations.

As a proof of concept, Multi-Unit Franchisee Mohammad Haque touts the success of a recently acquired existing store, expanding Haque’s regional footprint in the Alexandria, VA. marketplace. This unit is his sixth with Roy Rogers.

“I was looking to grow my portfolio in an existing market, to tap into a..

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Feb 27 10:12 AM, Urner Barry


Kroger Responds After FTC Decision to Block Albertsons Merger 

On Monday news broke that the Federal trade Commission (FTC) would be challenging Kroger’s acquisition of Albertsons. The FTC said that the potential merger would “eliminate competition and raise grocery prices for millions of Americans, while harming tens of thousands of workers.” Now, Kroger has responded.

“Kroger’s business model is to take costs out of the business and invest in lowering prices for customers,” the company stated. “Kroger has reduced prices every year since 2003, resulting in $5 billion invested to lower prices and a 5% reduction in gross...

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Feb 27 10:02 AM, SeafoodNews


UK's M&S to Raise Store Workers' Pay By 10.1%

British clothing and food retailer Marks & Spencer said on Tuesday it would give around 40,000 store workers a 10.1% pay increase from April 1, a move that reflects the rise in the government-mandated minimum wage.

M&S said customer assistants will see their pay rise from 10.90 pounds ($13.83) an hour to 12 pounds an hour - ahead of the government's national living wage, which will increase by 9.8% to 11.44 pounds an hour, taking effect from April.

The pay rise will be noted by the Bank of England...

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Feb 27 8:13 AM, Urner Barry


Missouri Prime Beef Packers to Close Processing Plant in April

In a Worker Adjustment and Retraining Notification (WARN) notice to the state Monday, Missouri Prime Beef Packers announced it will close its processing plant in Pleasant Hope, Missouri due to unforeseeable business circumstances.

The plant will close on April 26, 2024, resulting in the termination of 335 full-time employees. The bulk of layoffs will impact fabrication staff. The closure may be permanent or temporary, added yesterday's letter

Operations at the Missouri Prime plant officially started in March 2021. The 100,000-square-foot facility was...

Full Story »
Feb 27 6:55 AM, UB Newswires


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







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