TOP STORIES
McDonald's and Nestle Use Suppliers With No Climate Targets, FAIRR Says -- Market Talk
1704 GMT - The suppliers of many food giants are undermining their climate ambitions by not disclosing their greenhouse gas emissions or not setting targets, says FAIRR, an investor network. It says 86% of major meat and dairy suppliers haven't declared or set reduction targets for all greenhouse gas emissions. Experts say supply chains contribute significantly to a firm's footprint. According to CDP, a non-profit that focuses on ESG, supply-chain greenhouse gas emissions are 5.5 times greater than a firm's direct operations. FAIRR notes McDonald's and Nestle, that have ambitious targets to reduce the emissions of their overall business, use suppliers like Chinese chicken processor Fujian Sunner, U.S. agribusiness conglomerate Seaboard Corp. and Moscow-based food company Cherkizovo Group that haven't publicly announced targets. (maitane.sardon@wsj.com)
Chipotle to Open First Location Dedicated to Digital Orders
Chipotle Mexican Grill Inc. plans to open a take-out only restaurant on Saturday, the first Chipotle location that will only serve customers who have ordered in advance online.
The location, in Highland Falls, N.Y., adjacent to the U.S. Military Academy, will include a kitchen and a lobby but no dining room or front service line, Chipotle said. Customers will have to place orders online before arriving and can either pick up their food or have it delivered.
STORIES OF INTEREST
Union to Lobby Biden Administration on Meatpacking Plants -- Market Talk
0911 ET - The incoming Biden administration represents a chance to reverse Trump administration policies that have allowed meatpacking plants to run faster processing lines, the United Food and Commercial Workers International Union says. The group is pushing back against proposed regulations that would let chicken plants slaughter 175 birds per minute, up from 140 currently, thought the Trump administration has approved some plants to run at the faster speed. The UFCW says that endangers workers and contributes to Covid-19's spread. (jacob.bunge@wsj.com; @jacobbunge)
New York Sets 10 P.M. Curfew For Bars, Restaurants Serving Liquor and Gyms -- Update
New York will set a 10 p.m. curfew for most bars and restaurants and will limit gatherings at private residences to 10 people, Gov. Andrew Cuomo said Wednesday, as the number of novel coronavirus cases and hospitalizations continued to rise around the state.
The Democratic governor also said gyms must close by 10 p.m. The new restrictions take effect on Friday, and come two weeks before Thanksgiving, possibly throwing a wrench in some families' holiday plans. Mr. Cuomo said private gatherings, bars, restaurants and gyms have been a source of increase for the virus, which killed 21 New Yorkers on Tuesday.
FUTURES MARKETS
Livestock Futures Finish Mixed -- Market Talk
15:09 ET - Livestock futures trading on the CME finished mixed -- with live cattle futures ending up 0.5% to $1.124 per pound, while lean hog futures closed trading down 0.5% to 64.8 cents per pound. Based on data released by the USDA yesterday, meat prices may move higher in the coming months, especially if grain futures continue to move higher. "Grain futures have been flying high in recent weeks and the latest numbers from USDA did little to tone down the bullishness in the complex," says Steiner Consulting Group. "High feed costs eventually bolster meat price inflation and combined with projections for better demand next year the implication is clear -- buyers need to prepare for higher meat prices." (kirk.maltais@wsj.com; @kirkmaltais)
CASH MARKETS
Estimated U.S. Pork Packer Margin Index - Nov 11 All figures are on a per-head basis. Date Standard Margin Estimated margin Operating Index at vertically - integrated operations Nov 11 +$ 42.94 +$ 49.79 Nov 10 +$ 41.54 +$ 48.96 Nov 9 +$ 45.43 +$ 55.36 * 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. Beef-O-Meter This report compares the USDA's latest beef carcass composite values as a percentage of their respective year-ago prices. Beef For Today Choice 92.7 (Percent of Year-Ago) Select 96.4 USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Wednesday rose 59 cents per hundred pounds, to $222.84, according to the USDA. Select-grade prices fell 9 cents per hundred pounds, to $208.46. The total load count was 147. Wholesale pork prices rose 39 cents, to $82.23 a hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
11-11-20 1733ET