November 21, 2017

Today's News Summary:

Headlining the news today is Hormel Foods announcing full year and fourth quarter results, while providing guidance for fiscal 2018.The company continues to make progress towards its key strategic initiatives for the upcoming year.

Wal-Mart's cheaper turkey dinner shows price war is still raging. The grocery price war -- and the tricky situation it’s created for food retailers -- is on full display this Thanksgiving season. The price of a basket of Thanksgiving items, including a 12-pound turkey, is down 6.7 percent at Wal-Mart Stores Inc. this year, according to a report from Bloomberg Intelligence.

Elsewhere, a battle over beef between the European Union and Argentina and Brazil could push trade talks beyond a year-end deadline and lead to further years of delay. But it is not clear the end-2017 deadline for a deal to set out how each market will open to the other - from EU cars and machinery to South American farm products - will be met.

Back in the states, Tyson Foods accepts invitation to expand chicken production in western Tennessee. New operation to meet strong demand for chicken and expected to create more than 1,500 jobs. Tyson Foods, Inc. (NYSE: TSN) has accepted the invitation of city, county and state leaders to build a new chicken production complex in the City of Humboldt, which is part of Gibson County in western Tennessee The announcement was made this morning at a news conference hosted by Tennessee, Humboldt and Gibson County officials.

Hormel Foods Corporation (NYSE: HRL) today announced that its specialty foods segment has been merged into its grocery products segment and will continue to be led by Luis Marconi, group vice president, Grocery Products. The primary focus of the segment is on delivering a strong branded portfolio of leading products to the evolving retail environment of food, drug, mass, club and E-commerce.

Taco John's signs multi-unit development deal in Kentucky. Taco John’s and its iconic Potato Olés® is coming to central Kentucky. The rapidly growing Mexican quick-service brand is bringing its fresh ingredients and bold flavors to at least 12 new locations.

One in ten adults are planning to eat their Thanksgiving meal at a restaurant this year, according to a new survey from the National Restaurant Association. Many consumers are also planning to use restaurant-prepared food to supplement their Thanksgiving meal at home. Of the respondents who said they plan to eat a Thanksgiving meal at either their home or someone else’s home, more than one in 10 said they plan to pick up parts of the meal (9 percent) or all of the meal (4 percent) from a restaurant.

Finally today, FSIS issues public health alert for poultry products produced without benefit of import inspection. The U.S. Department of Agriculture’s Food Safety and Inspection Service (FSIS) is issuing a public health alert to inform consumers that approximately 6,907 pounds of chicken products produced by Productos Dany, Inc., a Hatillo P.R. establishment, may contain products that have been recalled because they contain previously recalled ingredients.

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By Linda Lindner

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