McDonald's Global Sales Fall More than Expected on Muted Demand
McDonald's on Tuesday posted a steeper-than-expected drop in quarterly global comparable sales, hurt by weaker traffic across its key markets even as it intensified promotions to woo back customers after several years of price hikes.
Net income fell to $2.26 bln, down 3% from the year-ago period. The Chicago-based company earned $3.23 per share on an adjusted basis in the quarter, compared with last year's $3.19. It was not immediately clear if that was directly comparable to the $3.20...
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HPAI H5N1 Virus in Dairy Cattle – What We Know
In March 2024, Highly Pathogenic Avian Influenza (HPAI) A (H5N1), commonly referred to as bird flu, was confirmed in domestic U.S. livestock for the first time in a dairy operation in Texas. Since then, the virus has spread to 388 dairy operations across 14 states, raising widespread uncertainty throughout the dairy and livestock markets. Industry participants have raised concerns about the outbreak's potential impact on consumer perception and demand for dairy and meat products, though government agencies reiterate that the national food supply remains safe. Expana is closely monitoring the...
MeatWorks Launches Free 2-Day Nationwide Shipping of USDA Prime Steaks
MeatWorks, a premier provider of USDA Prime steaks and high-quality meats, is thrilled to announce the launch of nationwide shipping. Starting immediately, customers across the 48 contiguous United States can now enjoy premium MeatWorks products delivered straight to their doorstep—with free shipping on every order.
"At MeatWorks, we've always believed in making premium-quality meats more accessible to everyone," said Brock Furlong, CEO at MeatWorks. "With our new expansion to nationwide shipping, we're excited to offer our USDA Prime steaks at wholesale prices...
Mountaire Farms President and CEO Phillip Plylar to Retire at End of 2024
COO Amanda Irwin Named President in 2025
Mountaire announced the retirement of Phillip Plylar, President and CEO, effective December 31st, 2024.
“We are grateful for Phil’s many contributions over the last 28 years, which have led to the company’s continued growth and prosperity,” said Dabbs Cavin, CEO of Mountaire Corporation. “Phil has done such a tremendous job leading Mountaire Farms that we are now the fourth-largest company in our industry.”
Succeeding Phil, Mountaire announced Amanda Irwin, Chief...
ANALYSIS: US Boneless Beef Imports from Australia Soar, Domestic and Import 90s Gap Grows
The week of October 7th experienced 6,045 MT of boneless beef that cleared for entry into the United States, marking a significant 52-week high. This represents an impressive year-over-year increase of 53.5%. Australia plays a key role in the boneless beef market, exporting lean boneless beef to various countries, with the U.S. accounting for 32.6% of their exports, equating to 37,218 MT in September alone.
Even with more meat available on the market, the price of Aus/NZ...
ANALYSIS: U.S. Egg Prices Surge to Record October Highs on Retail Strength, Bird Flu Cases
U.S. shell egg prices have surged to a record October high of $4.32 per dozen—a staggering 95% increase since the start of a rapid rally that began on October 10. This rise in prices comes as strong retail demand coincides with a fresh wave of highly pathogenic avian influenza (HPAI), which has impacted layer populations and intensified the tight supply situation.
Retail demand has been exceptionally robust in recent weeks, spurred by scattered promotional activity and widespread price cuts...
FSIS Issues Public Health Alert for Ineligible Meat and Poultry Products Illegally Imported
The U.S. Department of Agriculture’s Food Safety and Inspection Service (FSIS) is issuing a public health alert for various meat and poultry products that were illegally imported from the Republic of the Union of Myanmar. FSIS is continuing to investigate how these products entered the country.
The following products are subject to the public health alert, regardless of the product date. View labels in Burmese.
Fire At JBS Poultry Plant in Passo Fundo, Brazil
A fire broke out on Sunday October 27 at JBS’s poultry processing facility in Passo Fundo, Brazil.Local media outlets reported that the blaze affected an area designated for packaging. It was reported that JBS had confirmed local firefighters contained the blaze without injuries.
ANALYSIS: Pork 42% Trim Outpaces Beef 50% Trim
When analyzing UB Pork 42% Trimmings and UB Beef 50% Fresh Chemical Lean Trimmings, both commonly used in hot dog and sausage processing, the weekly average price for pork 42s is trending about 26.2% higher than the weekly average price of beef 50s. This is due to limited supplies of pork 42 trimmings on the spot market, while beef 50s have been experiencing fully adequate to ample availability, with softer demand also noted.
Frozen pork trim supplies in cold storage have trended below year-ago levels throughout the...
ANALYSIS: Korea's 2024 Safeguard on Australian Beef Kicks In, 43 Days Earlier Y-o-Y
As of 24th October, Australian beef imports into Korea has exhausted its 2024 Special Agricultural Safeguard (SSG) volumes, according to the Korea Customs Service website.
Imports exceeding this volume now incur a tariff rate of 24.0% for the remainder of the year, up from the current rate of 10.6%. This activation occurred significantly earlier than last year’s 8th December 2023 trigger date, representing a difference of approximately 43 days.
Just earlier on 14th October 2024, Meat and Livestock Australia (MLA) has reported that Australia had...
Lar Agroindustrial Plans New Investments in Protein and Grains for 2025
Lar Agroindustrial Cooperative has announced plans to allocate resources towards new protein production units and to modernise its processing plants for poultry, pork, and soy, according to local media outlet Agfeed.
In 2024, Lar invested BRL 1 billion, with the majority directed to its soybean crushing operations, including the BRL 280 million acquisition of a soybean crushing plant from Copagril. Additional investments were made in poultry slaughtering, animal feed production, piglet and chick facilities, and logistics.
For 2025, Lar plans to invest a further BRL...
ANALYSIS: Hang-gliding Chicken Thigh Meat
Thigh meat quotations started being recorded in November of 1997. Since then, in over two-thirds of the years, the quotation has decreased from Q3 to Q4. The last year in which quotations were higher on average in Q4 compared to Q3 was 2018 when they were higher by an average of 1%. In the past five years, there's been an average decline in value of approximately -26%, with annual average changes ranging from -6% in 2019 to -52% in 2022. As we enter Q4 of this year, market participants...
QDOBA Announces Appointment of Former Applebee's COO, Kevin Carroll, as Chief Operating Officer
America's rapidly growing #2 restaurant brand in the Mexican fast-casual category, today announced Kevin Carroll has joined the company as Chief Operating Officer. Carroll brings extensive restaurant leadership experience and is responsible for all aspects of QDOBA's operations strategy and execution across approximately 800 restaurants in the U.S., Puerto Rico and Canada. This appointment comes on the heels of the brand posting a 7.7% increase in comp sales for its fiscal year ending September 2024, on top of last year's 6.3% comp sales growth...
Forever Cheese Expands Value-Added Service Capabilities with Acquisition of Virginia Packing
Forever Cheese, a leading importer of cheese, cured meats, and other specialty foods, announced today that it has acquired substantially the assets of Virginia Packing, LLC (“Virginia Packing”), headquartered in Toano, Virginia. Virginia Packing specializes in cured meat slicing, packing and logistics services for premium domestic and international brands. This strategic partnership accelerates Forever Cheese’s ability to offer value-added services to its customers with plans to expand within the current facility.
Virginia Packing and Forever Cheese share a commitment to product quality, and both...
Bob Baker Named CFO of Red Lobster Amid Company’s Turnaround Efforts
Red Lobster has appointed Bob Baker as the company’s new Chief Financial Officer (CFO), a veteran C-suite executive in the foodservice industry. Baker will report to CEO Damola Adamolekun as part of the company's executive leadership team.
"Bob brings not only deep financial expertise but also a passion for restaurant operations," said Adamolekun. "His wealth of experience gained across the restaurant industry, combined with his hands-on approach, will be invaluable as we continue to position Red Lobster for long-term growth...
Red Lobster Adds to Exec Team with New Chief Marketing Officer
Red Lobster announced the appointment of Nichole Robillard as Chief Marketing Officer (CMO).
Robillard will oversee the company’s marketing, communications, and culinary teams, reporting directly to CEO Damola Adamolekun. She will play a key role in shaping the future of the brand across Red Lobster's 545 restaurants in the United States and Canada.
The move comes alongside Bob Baker's appointment as Chief Financial Officer as the brand turns the page post-bankruptcy, as SeafoodNews covered earlier this week.
"Nichole's ability to blend creative vision...
New Butterball Togetherness Report Provides Insight on Thanksgiving Plans
Butterball, the best known and most loved* brand of turkey in the U.S., today announced the findings of the Butterball Togetherness Report: 2024 Thanksgiving Outlook, which reveals the Thanksgiving plans of hosts and attendees alike.
The holiday report reveals that 86% of consumers plan to celebrate Thanksgiving with others and an anticipated average celebration size of nine people. And turkey reigns supreme, as 87% of hosts plan to serve turkey this year. It's also consumers' favorite part of the Thanksgiving meal (51%), followed by stuffing (44%), pie (32%) and potatoes (27%)...
ANALYSIS: New Zealand's Sept 2024 Beef Exports Tumble to 11-Month Low amid Seasonal Slowdown
New Zealand’s September 2024 beef exports plummeted to an 11-month low, recording at 29,110 metric tonnes (mt), according to the latest data from Stats NZ. This marks the fourth consecutive month of decline, with exports falling by 8.3% (-2,631 mt) compared to August 2024.
The lower tonnage saw reduced exports to key clients such as the United States (US), Japan and Korea, while increased allocations to Canada, Indonesia and Saudi Arabia helped offset further falls...
ANALYSIS: A Turkey Balancing Act
The turkey industry as a whole continues to find itself at a crossroads, with cold storage numbers dwindling and slaughter and hatchery data similarly declining. While some of the slowdown in production is intentional, aiming to counter sluggish consumer demand, disease-related complications—both past and ongoing—remain a significant concern. Uncertainty surrounding future production has left many market participants on edge as the year-end approaches and 2025 looms.
Delving into the numbers, the latest USDA cold storage report showed total turkey inventories edging...
ANALYSIS: Mexican Beef Import and Export Dynamics YTD
From January to September 2024, beef imports in Mexico reached a total of 190,097 tons, reflecting a significant increase compared to the previous year. The United States remains the main supplier, with 112,974 tons accounting for 68.9% of total imports, an 8.1% increase compared to the same period last year. This growth highlights the ongoing importance of the U.S. market as a key source of supply for Mexico, especially during times of economic fluctuations that have affected trade decisions.
In addition to imports from the United States, South America has...
ANALYSIS: UB Choice Beef Cutout Outperforming Year Ago Levels
The Urner Barry Choice Cutout has been relatively tame this year when compared to last year’s moves. The peaks and troughs have been fairly muted as prices remain sticky and at elevated levels from a historical perspective. This has largely been driven by the lower middle meat prices as buyers opted for more cost-conscious beef items. For example, when looking at export ribs or tenderloins through the summer months – they predominantly tracked below year-ago levels and by quite a good margin...
PODCAST: Agri-Food for Thought Ep 15 - Election Nears Amid Escalating Tensions in the Middle East
Starbucks Announces Increase in Quarterly Cash Dividend
Starbucks Corporation (NASDAQ: SBUX) today announced that its Board of Directors approved an increase in the company’s quarterly cash dividend from $0.57 to $0.61 per share of outstanding Common Stock. This increase will be effective with the dividend payable on November 29, 2024, to shareholders of record on November 15, 2024, and raises the company’s annual dividend rate to $2.44 per share.
Starbucks initiated its dividend in 2010 at $0.05 per share of outstanding Common Stock, and increased its dividend consecutively each year over the past 14 years...
ANALYSIS: Korea's Beef Imports Rise 4.8% Y-o-Y in September, Australia Surpasses US as Top Supplier
Korea’s beef imports rose to 38,580 metric tonnes (mt) in September 2024, reversing last month’s losses, according to the latest figures from the Korea Customs Service.
Volumes rose by 1.2% (+452 mt) from the previous month, bolstered by increased imports from Australia, New Zealand, and Canada. However, declines in quantities from the United States, driven by a reduction in herd size, limited overall growth.
Annually, total imports increased by 4.8% (+1,768 mt), representing the strongest growth since the beginning...
The Retail Rundown: Tuning in to Turkey
Retail promotions for seafood continue to dominate the protein category this week, capturing nearly a third of ad circular space (32 percent). Beef and pork follow, taking up 23 percent and 21.3 percent, respectively. Chicken is up slightly from the previous week at 16 percent. Egg ads held steady at about 3 percent.
Several items were featured at lower prices compared to 2023 last week, with chicken leg quarters averaging $1.55 per pound, 5 cents cheaper than last year. Fresh pork loin prices were down by 2 percent...
E. coli Linked to McDonald's Quarter Pounders Kills 1 in Multi-State Outbreak
An investigation is underway following an outbreak of E. coli linked to McDonald's Quarter Pounder hamburgers that killed one individual in Colorado and sickened dozens of others across multiple states.
The U.S. Food & Drug Administration identified the strain as O157:H7, a dangerous bacteria that can cause severe illness or death. The primary sources of outbreaks are raw or undercooked ground meat, raw milk and cheeses, and contaminated vegetables...
2024 U.S. Presidential Election: Understanding the Impact on Global Commodity Markets
The upcoming 2024 U.S. presidential election is a pivotal event that will influence the future of many sectors, including the agrifood and industrial sectors. This whitepaper explores the possible outcomes of the election and the implications of potential shifts in policy, trade relations, and political appointments for stakeholders in the food and commodity sectors...
ANALYSIS: China’s Beef Imports Sink 5.7% M-o-M in September; Tonnage Lowest Since 2020
China’s September 2024 beef imports slumped 5.7% month-on-month (m-o-m) to 218,199 metric tonnes (mt), according to the General Administration of Customs People's Republic of China.
Although August 2024 saw a mild recovery, volumes in September 2024 dropped by 13,136 mt, with declines recorded across all major suppliers except Australia and Bolivia. September 2024’s in-month tonnage was also the lowest since 2020, underscoring the ongoing challenges faced by the world’s largest beef importer.
Annual figures painted...
Campbell’s and Harris Blitzer Sports & Entertainment Announce Partnership
Harris Blitzer Sports & Entertainment (HBSE) and Campbell Soup Company (NASDAQ:CPB) (Campbell’s) today announced a unique marketing partnership spanning four storied sports franchises across several of the world’s biggest leagues.
Campbell’s will serve as an official partner to the Philadelphia 76ers (NBA), the Washington Commanders (NFL), New Jersey Devils (NHL), Prudential Center in Newark, N.J., and Joe Gibbs Racing (NASCAR). The multi-year partnership will enable fans to connect and engage with Campbell’s leading portfolio of brands through unique activations and authentic offerings in prominent sports and entertainment markets...
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