The best stories of the day


Cracker Barrel Plans to Issue $275M in Debt in Private Offering 

Cracker Barrel Old Country Store Inc. plans to issue $ 275 million in convertible senior notes due 2026 as part of a private offering, the company said on Monday. It intends to give the initial buyers of its debt an option to purchase up to an additional $ 25 million in notes as part of the private placement.

Freshpet Recalls One Lot of Dog Food Over Salmonella Concerns 

Freshpet Inc. has recalled a batch of dog food due to potential Salmonella contamination. Pet food maker from Secaucus, New Jersey, said the batch of beef and egg flavored small dog food was designated for destruction, but was inadvertently shipped last week to clients such as Target Corp. and Publix Super Markets.


Hot Research: Meme Stock or Not, Analysts See Upside for Wendy's Shares -- 

Wendy’s shares suffered a wave of equity volatility even last week. Now analysts are arguing for action – an argument that doesn’t involve commenting on Reddit. Wendy’s stock (ticker: WEN) rose 1.5% to $ 24.50 on Monday. Shares climbed to $ 28.87 last Tuesday, but fell through the end of the week. In between, speculation swirled that the company was caught in a broader market fascination with stocks itself.

Corn Falls on Weekend Rainfall 

Corn for July delivery fell 3.7% to $ 6.59 1/4 a bushel on the Chicago Board of Trade Monday in response to rainfall that hit U.S. growing areas over the weekend. “The National Weather Service shows above normal rains and average temperatures in the Midwest in the 8 to 14 day range,” said Terry Reilly of Futures International. Grains traders will likely make most of their decisions based on any changes to the forecast this week, he said.


Cattle Rallies as Beef Demand Stays Strong -- Market Talk 

1510 ET – Live cattle futures ended higher with the most active contract closing 1% higher at $ 1.21275 per pound. This is the fourth consecutive trading session that cattle futures have risen as demand for beef from restaurants and other avenues has supported futures. The amount of food consumed inside and outside the home has increased in recent months, according to data from the Bureau of Labor Statistics. “Pent-up demand for restaurants and dining experiences outside the home play into these numbers, but at increasingly higher prices, is sticker shock becoming an issue?” Says Steiner Consulting Group. Meanwhile, lean pork futures closed 1.5% lower at $ 1.18225 per pound. ([email protected]; @kirkmaltais)


Estimated U.S. Pork Packer Margin Index - Jun 14 
Source: USDA, based on Wall Street Journal calculations. 
All figures are on a per-head basis. 
Date     Standard Margin       Estimated margin 
         Operating Index         at vertically - 
                             integrated operations 
Jun 14       -$ 16.90            +$120.08 
Jun 11       -$  4.84            +$128.12 
Jun 10       +$  9.85            +$131.39 
* Based on Iowa State University's latest estimated cost of production. 
A positive number indicates a processing margin above the cost of 
production of the animals. 
This report compares the USDA's latest beef carcass composite 
values as a percentage of their respective year-ago prices. 
          For Today              Choice  142.4 
      (Percent of Year-Ago)      Select  138.0 
USDA Boxed Beef, Pork Reports 

Wholesale prices for premium beef fell $ 2.09 per hundred pounds on Monday, to $ 335.47, according to the USDA. Prices for some grades fell $ 1.80 per hundred pounds, to $ 303.41. The total number of loads was 80. Wholesale pork prices fell $ 3.74, to $ 126.92 per hundred pounds, based on price quotes from Omaha, Neb.

(END) Dow Jones Newswires

06-14-21 1732ET

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