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LIVESTOCK HIGHLIGHTS : Top Stories of the Day

07/23/2021 | 04:05pm EDT

TOP STORIES

Premier Foods Shares Seen as Undervalued -- Market Talk

0747 GMT - Premier Foods' equity valuation remains anomalously low, given the company's strong financial position and sustained sales, according to Shore Capital. The food producer can leverage solid balance sheet and free cash flow, while sales remain positive in the multichannel system of the group, Shore says. "Online sales remain at elevated levels, and we are encouraged by the start-up sales rates of new lines from Premier such as Cape Herb and Spice," the investment group says. Shore has a buy rating on the stock. Shares are up 3.1% at 108.2 pence. (matteo.castia@dowjones.com)

STORIES OF INTEREST

Dow Hits 35000 as Stocks Rise to Records -- Update

U.S. stocks rallied Friday, pushing the Dow Jones Industrial Average across the 35000 closing milestone for the first time, in a striking rebound from major indexes' pullback earlier this week.

All three major U.S. stock indexes finished Friday at all-time highs after each posted weekly gains of more than 1%.

Corn Prices Fall on Prospect of Rainfall -- Market Talk

1407 ET - Corn falls 3% amid signs of possible rainfall that could alleviate production losses from dry weather. But it could change fast, depending on how the forecasts evolve. "The fundamentals haven't changed much, the hot and dry midwest weather has continued to be front and center," RJO says. "Historically, we usually see corn pull back around this time of year but so far that hasn't been the case," the broker says, reminding that Monday's Crop Condition Report could set the tone "as the market looks for a fundamental catalyst." (paulo.trevisani@wsj.com; @ptrevisani)

Grimmway Farms Recalls Certain Carrots Due to Risk of Salmonella

Grimmway Farms recalled certain carrots due to a potential risk of salmonella, following a routine internal test.

The company said no illnesses have been linked to the recall.

FUTURES MARKETS

Livestock Prices Edge Higher Amid Lower Supply -- Market Talk

1602 ET - Live cattle closes up 0.4% and hogs rise 0.7%, amid indications of relatively low supply. The USDA reports after markets that cattle on feed for slaughter totaled 11.3M head on July 1, 1% less than a year ago. Placements in feedlots last month totaled 1.7M head, down 7% from 2020. That comes a day after the agency reported lower meat inventories as of June 30, for both beef and pork. (paulo.trevisani@wsj.com; @ptrevisani)

(END) Dow Jones Newswires

07-23-21 1805ET

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