PODCAST:Executive Conference 2021: The Return To In-Person Events, Networking, And Market Analytics

This week on Market Digest our host Laura Zinger discusses the return to live events with our very own Nidha Jasrai and CEO Joe Muldowney. Topics include the "back to school" type feeling of going to an in-person event, the chance to golf with all-star athlete Bo Jackson after his keynote speaking session, and the overall superiority of networking in person.

Follow this link to register for the Executive Conference!
https://www.urnerbarry.com/executive/

ANALYSIS: Weekly Chicken Production Stats Exhibit Uncommon YoY Decline

Reflecting back over the past year, chicken production has been anything but uniform...

Tyson Foods Categorically Rejects Conclusions Drawn by White House

Tyson Foods categorically rejects the conclusions drawn by the Secretary of Agriculture and the Director of the National Economic Council in a White House press briefing.

The U.S. Department of Agriculture recently published a report detailing the drivers of consumer inflation in the food sector, none of which are related to industry consolidation or scale. The report can be found here.

Increase in Beef Prices due to Unprecedented Market Conditions

As we have explained in great detail to the U.S. Senate Committee on the Judiciary, in testimony provided in August 2021, which can...

PODACST: UK Beef Chats Episode 31

This week market expert Mike Nesbitt discusses the UK cattle market edging higher and how it’s absorbing inflation, labor shortages due to COVID isolations and the furlough scheme.

ANALYSIS: Renewed Retail Demand Brings Stability to the Shell-Egg Market

It appeared at the start of the week that the US shell-egg market was poised for a potential turn to the downside as spot market offers began to...

ANALYSIS: The Ebb and Flow of YoY Chicken Production

So far, 2021 has been a long and drawn-out year for those in the chicken industry...

ANALYSIS: The Impact of Labor Issues on Hams

Ever since the first COVID-19 shutdowns, labor-related conversion issues have plagued the US ham market. As more and more bone-in hams couldn’t be...

PODCAST: UK Beef Chats Episode 29

This week on UK Beef Chats, market expert Mike Nesbitt discusses production issues hindering the beef supply chain, processing capacity still hit by uncertainty, updates on transportation issues and more.

ANALYSIS: July Pork in Cold Storage Breakdown

July’s USDA Cold Storage report, released on August 23^rd, showed that while progress was made in restocking the freezers for a couple of categories of cuts, there are still...

ANALYSIS: Chicken Exports: It’s A Matter of Perspective

With June’s export figures hot off the press, players are turning to the charts as they reflect on the conclusion of Q2...

ANALYSIS: Jumbo Chicken Wings: A Countdown to the Coin Toss

With the first kickoff of college football season practically at our doorstep, the topic of chicken wings has begun to weave its way into market related conversations.

PODCAST: UK Beef Chats Episode 27

This week on UK Beef Chats we cover highs across the UK Beef Complex, tight supplies, labor issues and driver shortages. 

ANALYSIS: Turkey Raw Materials Continuing to Ride Updraft

Following last year’s lack of seasonal underpinnings, marketers on the raw material side of the business are breathing a collective sigh of relief thanks in large part to what has, so far, amounted to be stout performance for whole muscle white meats and the related trim lines...

Study: U.S. Pork Needs More Access To Foreign-Born Workforce

Despite competitive wages and an expanding workforce, the U.S. pork industry continues to struggle with a labor shortage that will require access to more foreign-born workers to remain sustainable, according to a study by Iowa State University economists that was recently updated to reflect the current state of the labor market. The study underscores the urgent need for agriculture labor reform, a top priority for the National Pork Producers Council (NPPC).

The economists describe the current state of the agriculture labor market as follows:

“Conditions in the agricultural labor market have been challenging for decades. The agricultural industry in the U.S. has progressed from a fairly large labor-intensive sector where family members supplied...

ANALYSIS: Chicken Cold Storage: Break out the Broom

Chicken marketers are breaking out the figurative brooms as they search for any additional supplies left in the freezers...

Pilgrim’s Pride Reports Second Quarter 2021 Results with Growth in Sales

Pilgrim’s Pride Corporation reported its second quarter 2021 financial results.

Second Quarter Highlights

- Net Sales of $3.64 billion, up 29% from prior year.
- Consolidated GAAP Operating Income margin of (3.4)% with GAAP Operating Income margins of (10.0)% in U.S., 17.5% in Mexico and 2.3% in Europe. Adjusted U.S. Operating Income margin of 7.8%.
- GAAP Net Loss of $(166.7) million. Adjusted Net Income of $153.8 million or adjusted EPS of $0.63.
- Adjusted EBITDA of $371.6 million, or...

PODCAST: UK Beef Chats Episode 26

This week on UK Beef Chats, market expert Mike Nesbitt discusses labor shortages, pandemic pressure on the supply chain, and elevated prices.

Consumer Confidence Relatively Unchanged in July

The Conference Board Consumer Confidence Index was relatively unchanged in July, following gains in each of the prior five months. The Index now stands at 129.1 (1985=100), up from 128.9 in June. The Present Situation Index—based on consumers’ assessment of current business and labor market conditions—rose from 159.6 to 160.3. The Expectations Index—based on consumers’ short-term outlook for income, business, and labor market conditions—was virtually unchanged at 108.4, compared to 108.5 last month.

Consumer confidence was flat in July but remains at its highest level since February 2020 (132.6),” said Lynn Franco, Senior Director of Economic Indicators at The Conference Board. “Consumers’ appraisal of present-day conditions held steady, suggesting...

ANALYSIS: Frozen Turkeys Steal The Seasonal Show

It’s no secret that the majority of turkey lines are continuing to enjoy a strong showing here in early Q3. While recent market dialogue and trade activity has unquestionably gravitated towards...

ANALYSIS: Turkey Thigh Meat and Pork Ham Quotations Reaching an Inflection Point?

With Q3 in full swing, further processors, especially those who reside south of the border, are paying particularly close attention to the price relationship between boneless pork hams and turkey thigh meat...

ANALYSIS: Jumbo and Select Breast Meat Values Shake Traditional Price Relationship

Over the years, close attention has been paid to the price differential between jumbo boneless breasts and select...

NPPC Launches Campaign for Labor Reform 

The National Pork Producers Council (NPPC) introduced a campaign, “Year-Round Pork Needs Year-Round Workers,” highlighting the vital role of foreign-born workers across the U.S. pork industry and the critical need for comprehensive labor reform to address a labor shortage.

“The U.S. pork industry is highly dependent on foreign-born workers who make tremendous contributions in their jobs and communities,” said NPPC President Jen Sorenson, communications director for Iowa Select Farms in West Des Moines, Iowa. “Unfortunately, current visa programs don’t provide access to...

ANALYSIS: Fresh and Frozen Turkey Drum Quotations at a Mid-Year Crossroads

As we round the corner to Q3, turkey marketers have a pep in their step and a glimmer in their eye thanks to the admirable trade environment that they’ve enjoyed throughout...

Consumer Confidence Improved Further in June 

The Conference Board Consumer Confidence Index® improved further in June, following gains in each of the previous four months. The Index now stands at 127.3 (1985=100), up from 120.0 (an upward revision) in May. The Present Situation Index—based on consumers’ assessment of current business and labor market conditions—rose from 148.7 to 157.7. The Expectations Index—based on consumers’ short-term outlook for income, business, and labor market conditions—improved to 107.0, up from 100.9 last month.

“Consumer confidence increased in June and is currently at its highest level since the onset of the pandemic’s first surge in March 2020,” said Lynn Franco, Senior Director of Economic Indicators at The Conference Board. “Consumers’ assessment of current conditions...

Technomic's Take: Roadblock to Recovery for Restaurants

By all accounts, the restaurant industry is roaring back to life as vaccination distribution spreads, dine-in restrictions are lifted and improved weather throughout most of the country sends consumers flocking to restaurants to dine with friends and family. Operators are reporting same-store sales approaching, and in some cases exceeding, pre-pandemic levels as pent-up demand drives the dine-in surge and off-premise orders remain strong.

For restaurant operators eager to return to full capacity, however, significant headwinds remain as the restaurant industry struggles to fill jobs to meet this booming demand. The biggest challenge facing operators in this current recovery period is finding staff willing to work. There are numerous other factors that are impacting...

PODCAST: UK Beef Chats Episode 22

This week on UK Beef Chats market expert Mike Nesbitt discusses new highs across the UK beef complex, continued labor shortages, acute availability issues, how the Euros are impacting burger and steak items, summer BBQs, and more.

PODCAST: UK Beef Chats Episode 20

This week Mike Nesbitt details labor struggles hindering market performance, how it's affecting the supply chain, where the furlough scheme comes into play, and more. Urner Barry beef market reporters Gary Morrison and Bill Smith weigh in on the US side of the market.

US Foods Summer Scoop Lineup Takes Aim at Restaurant Labor Shortage

US Foods Holding Corp. announced the launch of Summer Scoop™. Themed “Dining Out Is In Again,” Summer Scoop features 18 on-trend, versatile, profit-driving products designed to reduce back-of-house preparation and skilled-labor demands. With 62% of operators saying they are concerned about finding skilled workers during the pandemic, restaurant operators struggle to balance the resurgence of on-site diners and existing take-out and delivery operations ramped up during the pandemic. Summer Scoop helps address these challenges with innovative products that can drive higher profits and help operators save approximately 85-95% in back-of-house preparation time compared to making from scratch, helpful for restaurants operating with fewer and less experienced kitchen staff.

“Through each phase of the pandemic, our commitment to helping our restaurant operators ‘Make It’ with product innovation and expert resources has remained our number one priority,” said Stacey Kinkaid, vice president of product development and innovation for US Foods. “As restaurants quickly move closer to...

PODCAST: UK Beef Chats Episode 19

This week on UK Beef Chats Market Reporter Mike Nesbitt updates us on market performance, labor struggles as more businesses start to reopen, and a few logistical constraints for the supply chain.

ANALYSIS: April Chicken Cold Storage Holdings: A Continuation of a Familiar Trend

Several months ago, we assessed the near universal downturn in cold storage holdings exhibited by key lines within the chicken complex, and by the looks of the USDA’s most recent report...

ANALYSIS: Chicken Boneless Breasts and the Jumbo/Medium Spread

Since their inception to the Urner Barry price sheet back in late 2009, medium-sized boneless breast quotations have...