July 26, 2017  



Today's News Summary:

Today's news opens reporting that amid its latest stock struggles, Blue Apron announced on Tuesday that it is revamping its leadership team. The home delivery meal-kit company said in a statement that co-founder Matthew Wadiak would be stepping down as chief operating officer to become a senior adviser to Blue Apron.Tim Smith, the company's vice president of supply chain, has been named senior vice president and general manager of consumer products, a newly created role overseeing efforts to personalize and expand offerings for customers. He will report to Salzberg.

In other news, on July 25, 2017, the USDA’s Agricultural Marketing Service (AMS) published a new Weekly Fed Cattle Comprehensive Report and revised the National Weekly Direct Slaughter Cattle - Prior Week Slaughter and Contract Purchases Report through the Livestock Mandatory Reporting program. The cattle industry has seen a significant shift from traditional negotiated transactions to alternative marketing arrangements such as formula pricing. The new Weekly Fed Cattle Comprehensive Report reflects this trend by providing stakeholders a more complete picture of the cattle market in one convenient report.

Elsewhere, China has temporarily banned beef exports from six Australian meatworks, the Federal Government has confirmed. Australia was made aware of the ban on Tuesday, and Trade Minister Steven Ciobo told the ABC he intended to work closely and constructively with industry and China to resolve the issue as quickly as possible. Mr Ciobo said the ban related to Chinese concern about labelling non-compliance. There is no suggestion that health or food safety issues are involved.

Global commodities trader Cargill Inc is considering bidding for Pilgrim's Pride Corp, a U.S.-based chicken processor controlled by scandal-ridden Brazilian group JBS SA, newspaper O Estado de S. Paulo reported on Wednesday. The report did not cite how it obtained the information. A JBS representative said the company will make a formal announcement "if and when there is something material to share."

Meanwhile, meatpacker JBS SA said on Tuesday it had reached a deal with banks to stabilize the terms of some 20.5 billion reais ($6.5 billion) of debt owed by its JBS Brasil unit, representing about 93 percent of the loans' principal.

Finally today, from New York City to New Zealand and Canada to the Netherlands, McDonald’s has expanded McDelivery with UberEATS to 13 countries, including 3,500 restaurants in the U.S. in the past three months. McDelivery is now available across the globe from over 7,800 restaurants in 47 countries and six continents. In celebration of this new way for customers to enjoy their favorite menu items delivered right to their home, work or beyond, McDonald’s is marking the milestone with Global McDelivery Day, by surprising customers who order McDelivery on July 26th with special deliveries and fun McDonald’s moments.


 


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