Fed Cuts Rates by Half Percentage Point
Officials are hoping to prevent a gradual cooling in the labor market from turning into a deeper freeze
The Federal Reserve voted to lower interest rates by a half-percentage point, opting for a bolder start in making its first reduction since 2020. The long-anticipated pivot followed an all-out fight against inflation that the central bank launched two years ago.
Eleven of 12 Fed voters backed the cut, which brings the benchmark federal-funds rate to a range between 4.75% and 5%. Quarterly projections released Wednesday showed...
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Cracker Barrel Reports Fourth Quarter Fiscal 2024 Results
Cracker Barrel Old Country Store, Inc. today reported its financial results for the fourth quarter of fiscal 2024 ended August 2, 2024. In 2024, the fourth quarter and fiscal year included an additional operating week ("53rd week") compared to fiscal 2023.
Fourth Quarter Fiscal 2024 Highlights
PODCAST: Agri-Food for Thought Ep 13 - Q4 Feed Additive Outlook, Deforestation Law, Storm Boris
Listen now as Simon examines seasonal shifts underway in the food and ag space, with special guest Lydia Ma, Market Reporter Feed Additives - Asia, Expana, giving a Q4 2024 outlook for her markets.
Target Names Jim Lee Chief Financial Officer
Target Corporation today announced that Jim Lee has been named chief financial officer and a member of its leadership team effective Sept. 22. In his new role, Lee will be responsible for financial planning and analysis, finance capabilities, internal audit, accounting, investor relations, treasury, tax, risk, financial products and services and corporate development. He succeeds Michael Fiddelke, Target's chief operating officer.
"As a successful leader in finance and strategy, Jim will oversee the central role our finance team plays in fueling our long-term profitable growth," said Brian Cornell, chair and CEO, Target...
ANALYSIS: Pork Exports Surged to 10-Year Highs in July
The USDA's latest pork import/export report reveals a robust trend in U.S. pork exports, reaching a decade-high volume of 566,659 thousand pounds in July 2024. This marks an 8.1% increase from the previous month and a significant 12.3% year-over-year growth.
Mexico, a key trade partner, saw a substantial increase in U.S. pork imports, with a 25.6% month-over-month and 25.9% year-over-year surge, potentially driven by HPAI restrictions impacting US poultry exports, which has since begun to ease...
Consumer Emphasis on Value and Need-Based Spending Continues in August,Reports Circana
Final wave of back-to-school spending is delayed, but there are opportunities to disrupt evolving consumer behavior and future shopping seasons
Traditional retail milestones, like the back-to-school shopping season, are being reshaped by changing consumer behavior, according to Circana™, a leading advisor on the complexity of consumer behavior. During the four weeks ending August 31, 2024, total U.S. retail sales revenue across the combined view of discretionary general merchandise and consumer packaged goods (CPG) declined 1% when compared...
ANALYSIS: China Set to Trigger Safeguard Mechanism on Australian Beef Imports for the 5th Time
Australian beef imports into China may soon face a 12.0% Most-Favoured Nation (MFN) tariff rate, as the Special Agricultural Safeguard (SSG) mechanism is set to trigger for the fifth time.
Following previous activations in 2018, 2019, 2020, and 2023, this tariff applies for the remainer of the year if imports from Australia exceed 178,418 mt in 2024.
Based on the data from the General Administration of Customs of the People's Republic of China, imports from Australia at the end of July...
The Retail Rundown: Going All-Out for Autumn
Fall is just around the corner, with the official start of autumn this Sunday, September 22. As cooler weather sets in and travel plans wind down, grocers are ramping up their offerings of seasonal favorites to align with the change in consumer preferences.
According to the Expana Retail Activity Index, seafood continues to lead for the fourth week in a row, making up 30% of total protein ads. Beef and pork are close behind, each at around 25%, while chicken accounts for 14%. Eggs represent 2.8% of retail opportunities, and turkey has 2.3%...
ANALYSIS: The State of 81% Coarse Grinds Amid Summer's End
With summer coming to a close, let’s take a look at one of our summer favorites, coarse 81% grinds. This past year 81% coarse grinds have seen very stout levels of demand as consumers largely opted for cost-conscious beef options. This has given the item an uplift of nearly 36% year-to-date to $3.18/lb. This is approximately 16% higher than last year and 29% above the 3-year average during the same period. In 2023, we saw typical post Labor Day...
JBS USA and GreenGasUSA Partner to Transform Renewable Natural Gas Production
JBS USA, a leading global food producer, and GreenGasUSA today announced a new partnership to produce renewable natural gas (RNG) at multiple JBS beef and poultry processing facilities across the U.S.
Climate change and food security are two seemingly competing challenges — feeding a future world of 10 billion people with safe, nutritious, affordable food while also urgently helping the food system address environmental impacts and reduce greenhouse gas (GHG) emissions.
JBS believes it has a responsibility to help lead sustainable transformation by example and, as a result...
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 208 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...
The Wendy's Company Announces Executive Leadership Appointments
The Wendy's Company announced today the appointment of John Min as the Company's Chief Legal Officer and Secretary and Mary Greenlee as Senior Vice President, U.S. Operations, effective today. These appointments represent the continued evolution of the Company's leadership structure to drive accountability and accelerate growth. Min will report to President and Chief Executive Officer, Kirk Tanner, and Greenlee will report to President, U.S., Abigail Pringle. Min succeeds E.J. Wunsch, who was appointed as Wendy's President, International in June 2024.
"I'm pleased to welcome John and Mary to the Wendy's team...
Red Lobster Emerges from Bankruptcy, Officially Names New CEO
Red Lobster has closed the book on its bankruptcy and enters a new era with a new captain at the helm.
The seafood restaurant chain announced its exit from Chapter 11 bankruptcy and the completion of its acquisition by RL Investor Holdings LLC. The firm also officially announced Damola Adamolekun as its new CEO.
Earlier this month, a federal court approved Red Lobster’s bankruptcy plan, paving the way for RL Investor Holdings to snatch up the company and keep its over 500 locations in operation, along with the...
Insights on Crisis Management, Industry Shifts, and the Future of Agri-Food from Former Domino’s Pizza Executive
As Expana’s Agri-Food Americas event in Chicago draws near, we're thrilled to present an exclusive interview with a distinguished leader in the food industry, who will be speaking at the conference.
Tim McIntyre spent over 30 years at Domino's Pizza Inc., the world’s largest pizza chain, rising through the ranks to the role of Executive Vice President in 2022. Tim is an expert in crisis management and this interview offers valuable insights into how the food industry has transformed over the years...
After Unfulfilling FSIS Public Meetings and Mounting Unanswered Questions, NCC Requests more Time
As a result of recent unfulfilling public meetings and a growing series of unanswered questions, the National Chicken Council (NCC) today requested an additional 90-day extension to the comment period for FSIS’ proposed Salmonella Framework in order to properly analyze the proposal and provide meaningful comments.
NCC was very pleased when the Agency announced in its Constituent Update two webinars “to share information about the science behind its Salmonella Framework for Raw Poultry Products proposed rule and determination to reduce Salmonella illnesses linked to raw poultry...
Dearborn Sausage Company, Inc. Recalls Wiener Products Due to Misbranding and Undeclared Allergens
Dearborn Sausage Company, Inc., a Dearborn, Mich. establishment, is recalling approximately 1,944 pounds of ready-to-eat (RTE) wiener products due to misbranding and undeclared allergens, the U.S. Department of Agriculture’s Food Safety and Inspection Service (FSIS) announced today. The labels of the two products implicated in the recall were inadvertently swapped resulting in soy, a known allergen, and pork not being declared on the product labels.
The RTE wiener items were produced August 7, 2024. The following...
ANALYSIS: A Deep Dive into Chicken Export Volume for July
July chicken export volumes were down -2.0% from June, which is a period in which the 5-year average change is an increase of 1.1%. Despite this, the amount of chicken moved to Mexico, the Philippines,and Taiwan, the first, second, and fourth top importers of U.S. chicken respectively, were up by 15.6%, 47.3%, and 28.4%. Conversely, the volumes sold to the third and fifth top importers of U.S. chicken, Cuba and Canada, were down by -7.5% and -16.0%, respectively.
The 5-year average month-over-month (MoM)...
ANALYSIS: US Pork Bone-in Hams See Second-Highest Daily Trade Volume Recorded
When analyzing USDA Pork Ham 23/27 volume traded on the negotiated market for September 10, 2024, a total of 4,902,759 pounds of bone-in hams were traded. This marks the second-largest daily volume ever recorded for bone-in hams, with data tracing back to 2013. The largest volume remains 223,534 pounds higher, recorded on January 16, 2023.
This year, UB 23-27 Bone-in Ham prices tested 2022 levels in mid-August but have since trended lower, remaining below the...
ANALYSIS: China’s Aug 2024 Meat Imports Rise 4.7% Ahead of Winter; YTD Figures Up 2.7%
China's meat imports, including variety meats, increased for the second consecutive month in August 2024 to reach 565,102 metric tonnes (mt), according to the latest preliminary data from the General Administration of Customs of the People's Republic of China.
This 4.7% monthly growth (+25,189 mt) followed July 2024’s recovery from three consecutive months of declines during the second quarter of 2024.
As China emerges from a scorching summer, importers have been actively replenishing stocks in preparation for the winter season. Meat consumption typically...
Panera Bread Offers Feel-Good Fall Savings on Fan Favorite Menu Items
At Panera, you don't have to choose between a great deal and feeling good about what you eat. Just in time for fall, Panera is kicking off a limited-time deal on two fan-favorite menu items so guests can enjoy a satisfyingly delicious feel-good meal at a great value. Starting today, guests can use the code FALLDEAL to enjoy a whole-sized Chicken Bacon Rancher Sandwich or Fuji Apple Chicken Salad plus a free side for $7.99.*
Since its debut on the Panera menu this...
ANALYSIS: A Deep Dive into Chicken Export Volume in July
July chicken export volumes were down -2.0% from June, which is a period in which the 5-year average change is an increase of 1.1%...
General Mills Announces Agreements to Sell Its North American Yogurt Business to Lactalis and Sodiaal
General Mills, Inc. (NYSE: GIS) today announced that it has entered into definitive agreements to sell its North American Yogurt business to Lactalis and Sodiaal, two leading French dairy companies, in cash transactions valued at an aggregate $2.1 billion USD. Following the completion of the transactions, the U.S. and Canadian businesses will operate independently, with Lactalis acquiring the U.S. business and Sodiaal acquiring the Canadian business. The proposed transactions are expected to close in calendar 2025, subject to receipt of requisite regulatory approvals and other customary closing conditions.
The divestitures encompass the U.S. and Canada operations of several yogurt brands including...
McDonald's USA Launches Another Season of Savings this Fall
Summer might be over, but the savings are here to stay at the Golden Arches.
This past June, we kicked off the Summer of Value, promising you more deals and even more ways to save. From the highly popular $5 Meal Deal to National French Fry Day, to many other promotions available in local markets and on the McDonald's App, this summer was all about helping you take your dollar further.
And as it turns out, we've got a lot more in store for fans...
South Korean Restaurant Locations in the U.S. Grow 10% Over the Past Year
Circana™, a leading advisor on the complexity of consumer behavior, today released new research highlighting South Korea’s rising influence on the U.S. foodservice industry. Korean restaurants, foods, beverages, and flavors are experiencing rapid growth, with the number of Korean restaurant locations increasing by 10% in the past year alone. The surge has been fueled by expansion across both full-service restaurant (FSR) and quick-service restaurant (QSR) segments...
Wayne-Sanderson Farms Releases 2024 Corporate Responsibility Report
Wayne-Sanderson Farms today announced the release of its 2024 Corporate Responsibility Report, offering a comprehensive look at the Company's commitment to the well-being of its team members, environmental stewardship, responsible care of animals, and delivery of safe and delicious food to millions of families worldwide.
"Our 2024 Corporate Responsibility Report reflects our first full fiscal year as a unified force following the merger of Wayne Farms and Sanderson Farms, which has been a remarkable journey thanks to the dedication of our 26,000 employees and over 2,000 farm partners," said Clint...
Toast Unveils Restaurant Trends Report; Costs for Lunch Up, QSR Breakfast Spending Shifts
Toast, a digital platform for restaurants, unveiled its Q2 2024 Restaurant Trends report. The report highlights the state of the industry via aggregated data from a group of selected restaurants in U.S. cities on its platform.
During Q2 2024, Toast found that consumers paid higher prices at quickservice restaurants (QSR). Guests shelled out an average of $11.26 for sandwiches and wraps (+4.6% YOY), $12.98 (+4.6%) for bowls, $11.45 (+4.6% YOY) for burgers, $11.42...
Smashburger Appoints Jim Sullivan as Chief Development Officer
Leading fast-casual better burger brand Smashburger® is excited to announce the recent appointment of Jim Sullivan as Chief Development Officer. In his new role, Sullivan is responsible for overseeing all facets of restaurant development, including market planning, site selection and franchise sales, with a strategic focus on elevating Smashburger's brand identity in the fast-casual space.
All 144 locations of the Company's two brands throughout the United States, including in Puerto Rico, and in Saudi Arabia, (both corporate-owned and franchised) will continue normal, uninterrupted operations. The Chapter 11 filing...
BurgerFi International Files for Protection Under Chapter 11
BurgerFi International, Inc. (NASDAQ: BFI, BFIIW) ("BurgerFi" or the "Company"), owner of the high-quality, casual dining chain Anthony's Coal Fired Pizza & Wings ("Anthony's") and one of the nation's leading fast-casual "better burger" dining concepts, BurgerFi, announced today that it has filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in order to preserve the value of its brands for all stakeholders.
All 144 locations of the Company's two brands throughout the United States, including in Puerto Rico, and in Saudi Arabia, (both corporate-owned and franchised)...
ANALYSIS: Turkey Exports Close Month On High Note
For those involved in the export sector of the turkey industry, 2024 has been anything but smooth sailing. Geopolitical tensions, fluctuating exchange rates, and variable international demand patterns have all contributed to a challenging landscape for players to navigate. Despite these difficulties, July's export figures showed some positive signs for marketers...
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