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Seaboard Foods: 2019 Marked by "Uncertainty and Volatility" in Pork Division
In a letter to stockholders in Seaboard Corporation's annual report (see below), President and CEO Steven Bresky highlighted that 2019 was a year marked by uncertainty and volatility for the pork division, oversupply coupled with flat domestic consumption and modest export growth generally kept commodity prices at bay in the turkey segment, and the grain milling segment achieved its highest revenue year ever. See the full annual report here.
Dear Fellow Stockholders,
Despite a solid year of net earnings, 2019 was a mixed bag with disappointing operating income but excellent investment income. We began the year with a $34 million first-quarter operating loss, our worst quarterly operating loss ever. In fact, over the last twenty-five years, there have only been...
United States and South Korea Reach Agreement on Guaranteed Market Access for American Rice
United States Trade Representative Robert Lighthizer and U.S. Secretary of Agriculture Sonny Perdue are pleased to announce that the Trump Administration has reached an agreement with the government of South Korea on market access for U.S. rice.
Under the agreement, Korea will provide access for 132,304 tons of U.S. rice annually, with an annual value of approximately $110 million. Korea also agreed to important disciplines to ensure transparency and predictability around the tendering and auctioning for U.S. rice.
“Thanks to President Trump’s leadership, this agreement gives our farmers the largest volume of guaranteed market access for rice in Korea that...
Rabobank: Outside Influences on the Grains & Oilseeds Industry
African Swine Fever Update: Impact on Feed
Chinese pork production in 2019 is expected to decline 25%, with a further 10% drop in 2020. The forecast is for the hog herd to be down by 50% by the end of 2019, before stabilizing somewhat in 2020. Other meat and seafood production and consumption will rise. Pork imports into China are already on the rise, with Spain, Germany, and Canada the key suppliers so far this year. However, we see the potential of non-EU countries gaining higher shares in 2020, as EU production doesn’t seem to be responding strongly enough to meet expected Chinese demand.
Impact on G&O: We are maintaining our projections for China’s feed use and soybean imports from last month. In 2019, the year-on-year drop of China’s hog feed is projected at 35%, with a 5% rebound in 2020. Poultry feed will rise significantly in 2019 and 2020, while aquafeed will only rise by about 5%, with other feed also only growing marginally. Still, total feed in 2019 is seen down...
Update: Current List of Plant Closures Due to COVID-19
Pork Exports Trend Lower in June but Remain on Record Pace; Another Tough Month for Beef Exports
Aramark Prepared to Welcome College Students Back to Campuses Across the Country
Beyond Meat Reports Second Quarter 2020 Financial Results
Under HEALS Act, Over Half of Restaurants Ineligible for PPP Loans
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