Tyson CEO Departs As Industry Grapples With Glut
CHICAGO (Dow Jones)--Tyson Foods Inc. (TSN) announced the departure of President and Chief Executive Dick Bond Monday, the second high-profile casualty of the difficulties facing the U.S. meat industry. Bond, one of the sector's most outspoken executives, will be replaced immediately on an interim basis by Leland Tollett, a Tyson veteran returning for his second stint as CEO.
STORIES OF INTEREST:
Bird Flu Resurfaces In China And Vietnam; One Dead
BEIJING (AFP)--Bird flu resurfaced as a threat in Asia on Tuesday after China reported the disease killed a woman in Beijing and neighboring Vietnam said a girl had contracted the virus. The cases are the first involving humans in the two countries in nearly a year, and mark a reappearance of the H5N1 strain of avian influenza as Asia moves into the cold winter months that typically favor the spread of the virus.
Indian Officials Confirm Outbreak Of Bird Flu Among Chickens
KOLKATA (AFP)--Health authorities in India on Saturday confirmed a fresh outbreak of deadly bird flu after thousands of chickens died, officials said. The latest infection is the fourth outbreak of the H5N1 virus in the eastern West Bengal state in the past year, they said, adding that thousands of poultry perished in the hilly Darjeeling district.
THE MARKETS:
CME Livestock Outlook: Live Cattle Firm, Most Hogs Higher
CHICAGO (Dow Jones)--Chicago Mercantile Exchange live cattle could open up 10 to 40 points on this week's cash cattle price expectations amid recent wholesale beef demand strength, said analysts and brokers. Feeder cattle may open mainly firm on follow-through buying, possible spillover live cattle support and higher feeder cattle cash values. Lean hog futures are called generally higher on Monday's $0.80 per hundredweight pork cutout rebound and steady-to-firm cash hog price calls that may spark short covering. Pork bellies are expected mixed on possible spillover selling versus potential short covering driven by steady fresh belly quotes on Monday at $74 per hundredweight.
US Cash Cattle Pre-Open: Traders Watch Futures For Direction
KANSAS CITY (Dow Jones)--Cash cattle traders Tuesday will be watching futures markets for signs of price direction in the Plains. Market analysts and other traders there referenced the futures market repeatedly in Tuesday morning conversations, saying overnight gains gave daytime trading a bullish bias going into the open-pit trading. Many analysts and traders called for the open-outcry trading to follow the direction of the overnights, at least initially, but some said the overnight trading appeared to be running into resistance.
US Cash Hogs Pre-Open: Mostly Steady, Some Firm Undertones
KANSAS CITY (Dow Jones)--Cash hog prices across the Midwest Tuesday are called mostly steady but there are some firm undertones seen as well on improved buying interest after the December holidays. Livestock dealers and buying station managers said several plants are looking for additional loads for delivery later in the week. Packers may have purchased enough hogs on Monday to put them closer to being full and keep buyers from bidding much higher prices. If the market changes, however, it should be to the upside, they said.
By Curt Thacker, Dow Jones Newswires; 913-322-5178; curt.thacker@dowjones.com