February Restaurant Business Conditions Report
|
|
- Mitchell Walters
- 6 years ago
- Views:
Transcription
1 Larry Miller Robert Sanders February 2014 Restaurant Business Conditions Report Is The Other Shoe Finally Dropping? QSR same store sales have held up quite well over the past three years, while casual dining has been in free-fall. QSR outperformed casual dining again this month. But QSR sales are slowing as evidenced by the weakest 2-year sales trend (+2.2%) since Jul-11. Wintry weather clearly played a part in the sales weakness in QSR and the restaurant industry in general in January; and can be seen in the depressed sales in the Northeast and Midwest (pg. 3). But what makes us think the other shoe may be dropping is industry same store sales in January even after adjusting for weather which we estimate hurt sales by 1.5% based on operator commentary were still among the weakest in nearly three years on a 2-year basis (Exhibit 1). That and the fact that weather is neutralizing the easiest comparisons of the year doesn t bode well for sales for One bright spot is consumer spending plans remained stable both month over month and year over year according to the Feb-14 survey (2150 consumers) by our partner ChangeWave Research. Operators See Industry Sales Growing 6.5% In 2014 Our operator group plans to open new stores at an average rate of 3.1% in Combine this unit development with their same store sales growth forecast of 3.4%, and the operators project 6.5% top-line growth for the industry in Top-line growth is expected to be higher in fast casual at 14.1% and more modest in fast food (+5.7%) and casual dining (+5.0%). This forecast might be on the high-side as industry sales have grown a compound rate of 4.2% over the last five years. Nonetheless, if the operator forecast is accurate, industry sales would approximate $511 billion in 2014 up from $480 billion, comprised of $261 billion in QSR and $250 billion in FSR. Exhibit 1. Jan-14 2-Year Same Store Sales Worst In Nearly 3 Years, Even Weather-Adjusted February 10, 2014 All values in U.S. dollars unless otherwise
2 Monthly Snapshot Industry Fast Food Fast Casual Casual Dining Current Month Same Store Sales Prior Month Same Store Sales 2-Year Sales Current Month 2-Year Sales Prior Month (0.0%) 1.6% (0.9%) (0.9%) (0.2%) 1.1% 0.0% (1.7%) 0.3% 2.8% 2.0% (2.8%) 2.2% 3.8% 2.0% (0.5%) Guest Traffic (2.2%) (0.5%) (2.8%) (3.4%) Average Check 2.2% 2.1% 2.0% 2.5% Strongest Region West West West West Weakest Region N East N East N East N East Same Store Sales Outlook (6 Mo) Better Better Better Better Food Costs 30.0% 31.1% 31.2% 27.9% Labor Costs 30.9% 29.0% 31.0% 34.0% Operating Costs 25.2% 25.5% 28.0% 22.5% Restaurant Operating Margin Restaurant Margin Outlook (6 Mo) Food Inflation Outlook (6 Mo) Pricing Outlook (6 Mo) Best Commodity (6 Mo) Worst Commodity (6 Mo) 13.8% 14.4% 9.8% 15.6% Better Better Better Better 1.9% 1.6% 2.0% 2.6% 2.1% 2.2% 1.9% 2.1% Chicken Chicken Chicken Seafood Ground Beef Ground Beef Steak Pork February Page 2
3 Exhibit 1: January 2014 Same Store Sales And Operator Profile WEST: 3.7% Fast Food: 4.0% Fast Casual: 0.0% Casual Dining: 5.2% NATIONAL: (0.0%) Fast Food: 1.6% Fast Casual: (0.9%) Casual Dining: (0.9%) MIDWEST: (5.4%) Fast Food: (3.5%) Fast Casual: (9.0%) Casual Dining: (4.5%) NORTHEAST: (7.1%) Fast Food: (6.4%) Fast Casual: (9.0%) Casual Dining: (5.8%) OPERATORS N = 51 Total Units: 26,284 Casual Dining 34% Fine Dining 2% Fast Food 38% Fast Casual 26% CA: 4.3% Fast Food: 8.0% Casual Dining: 2.5% SOUTH: (0.1%) Fast Food: 0.4% Fast Casual: (2.3%) Casual Dining: 3.0% REGIONS Northeast 24% Midwest 24% TX: 1.6% Fast Food: 2.6% Fast Casual: 0.7% FL: 1.6% Fast Food: 4.8% West 24% South 29% February Page 3
4 Same store sales slow in January even after adjusting for weather Industry same store sales were flat in January on an unweighted basis and fell 50 bps to -2.1% on a sales-weighted basis. Unweighted sales slipped 190 bps to 0.3% on a 2-year basis and 300 bps to -1.9% on a weighted basis. Even after adjusting for weather (~1.5%) the 2-year trend moderated in January. The +2.7% spread between unweighted and weighted sales shows smaller chains posted better results than larger ones in January. Exhibit 2: Same Store Sales Weakened In January But Weather Played A Role Select Operator Comments On January Performance And General Tone Positive Off to a strong start. Rolling over some weakness in January 2013 from weather and payroll tax changes. If weather slows down, we re in good shape. Weather has been great in CA. Negative Weather. (x10) Weather hurt basis points. Weather hurt system by ~1.2%. Bad New Year s Holiday shift. CA minimum wage increase. Very poor start to February due to weather. If we do not catch a break, results are going to mirror January. February Page 4
5 Sales outlook for February improves, as Operators expect more normal weather Overall, restaurant operators see better sales in February as 52% of operators expect better sales and 13% worse. Exhibit 3: January Weekly Results Impacted Heavily By Weather Exhibit 4: Guest Traffic Was Less Negative In January Restaurant industry guest traffic remained negative in January, but both QSR and casual dining saw a slight uptick Restaurant industry traffic was -2.2% in January versus -2.6% in December. Traffic was flat on a 2-year basis. In January, no segment had positive traffic. Fast food performed the best at -0.5% followed by fast casual at -2.8% and casual dining at -3.4%. February Page 5
6 Exhibit 5: 6 Months Sales Outlook Remains Optimistic Especially For QSR February Page 6
7 January was a soft month for QSR as sales weakened on both a sales-weighted and 2- year basis Unweighted sales in January were flat with December at +0.6%. But sales dropped 100 bps to -2.6% on a sales-weighted basis and 90 bps to +2.2% on a 2-year basis. 47% of QSR operators had better sales in January and 41% worse. Traffic was -0.5% at fast food and -2.8% at fast casual. For detailed breakout of QSR trends see below (Exhibit 7). Exhibit 6: Quick-Service Restaurants (QSR) Same Store Sales Disappoint In Jan Exhibit 7: QSR Same Store Sales Trends By Segment And Region Unweighted Unweighted Weighted Weighted Strongest Weakest Restaurant Same-Store Sales Same-Store Sales Same-Store Sales Same-Store Sales Region Region Segment Jan-14 Dec-13 Jan-14 Dec-13 Jan-14 Jan-14 Fast Food (All) 1.6% 1.1% (3.4%) (2.6%) CA 8.0% N East (6.4%) Fast Casual (All) (0.9%) 0.0% 4.6% 6.4% TX 0.7% N East (9.0%) QSR Burger 1.4% 0.7% (4.3%) (3.4%) West 7.5% N East (2.5%) QSR Sandwich (1.7%) (0.5%) (2.9%) (1.3%) West 0.3% M West (8.7%) QSR Chicken 4.3% 4.7% 4.1% 3.6% TX 4.3% QSR Other* 0.4% (0.3%) (2.2%) (0.0%) *Other includes Asian, Coffee, Dessert, Mexican, Pizza, Varied Menu and other unclassified. February Page 7
8 FSR same store sales improve in January but remain weak FSR sales rose 50 bps in January. However, sales remained negative at -1.2% and slowed on a 2-year basis to -3.1% (worse by 360 bps). Weighted sales improved to +0.7%, but the 2-year fell 320 bps to -2.0%. 44% of FSR operators had better sales in January and 44% saw sales slow. For detailed breakout of FSR trends see below (Exhibit 9). Exhibit 8: Full-Service Restaurant (FSR) Same Store Sales Rebound Modestly Exhibit 9: FSR Same Store Sales Trends By Segment And Region Unweighted Unweighted Weighted Weighted Strongest Weakest Restaurant Same-Store Sales Same-Store Sales Same-Store Sales Same-Store Sales Region Region Segment Jan-14 Dec-13 Jan-14 Dec-13 Jan-14 Jan-14 Casual Dining (All) (0.9%) (1.7%) 0.8% (1.1%) West 5.2% N East (5.8%) FSR Varied Menu/Grill & Bar (0.9%) (2.1%) 1.0% (0.5%) West 3.4% N East (6.2%) FSR Other* (1.8%) (0.8%) (3.2%) (5.2%) *Other includes Asian, Mexican, Seafood, Steak and other unclassified. February Page 8
9 Exhibit 10: Average Check Indicators Rise; Traffic Metrics Decline Average Check Indicators Traffic Indicators February Page 9
10 Operators remain upbeat on the outlook for restaurant margins, despite continued sales challenges A net 26% of operators expect margins to be better over the next 6 months (Net 26% equals 47% better less 21% worse). Exhibit 11: Restaurant Margin Outlook Remains Positive The outlook is slightly more favorable among FSR operators (+30%) than QSR operators (+25%). Restaurant margin was 13.8% for the industry in January, down 130 bps compared to last month, as declines in QSR offset gains in FSR The three components are as follows: Food 30% Labor 31% Operating 25% Exhibit 12: QSR Restaurant Margins Put Downward Pressure On Industry February Page 10
11 Operators expecting more commodity inflation Operators expect inflation of +1.9% over the next 6 months vs +1.6% last month. QSR expects 1.7% inflation over the next 6 months. FSR expects 2.5% inflation over the next 6 months. Exhibit 13: Commodity Inflation Outlook Rises For Second Consecutive Month Operators see the most inflation in beef over the next 6 months Key commodities by segment: Fast food sees the most inflation in ground beef and the least in chicken. Fast casual sees the most inflation in steak and the least in chicken. Casual dining sees the most inflation in seafood and the least in pork. Exhibit 14: 6 Month Inflation Outlook Beef Is The Biggest Concern February Page 11
12 Exhibit 15. Commodity Price Charts MillerPulse Commodity Index Weekly Steer Pricing ($/cwt) Weekly Beef Pricing ($/lb) Our overall commodity index rose 10.0% during January (primarily due to higher beef prices), which is an acceleration over the prior 3 months and marks an all-time high. Weekly Chicken Breast Pricing ($/lb) Weekly Chicken Wing Pricing ($/lb) Weekly 40 Lb Block Cheese Pricing ($/lb), GA Dock, USDA, EIA. February Page 12
13 Exhibit 15. Commodity Price Charts (Continued) Weekly Corn Pricing ($/bu) Weekly Pork Cutout Pricing ($/lb) Monthly Class I Milk Pricing ($/cwt) Monthly Natural Gas Pricing ($/MMBtu), GA Dock, USDA, EIA. February Page 13
14 Exhibit 16: Industry Pricing Jumps To Twelve Month High Pricing plans for the next 6 months leap to 12 month high, as operators fight higher than expected commodity pressure and pending minimum wage hikes Quick Service companies expect to run 2.1% price. Full Service companies expect to take 2.2% of price. February Page 14
15 Exhibit 17: Weather Clouding US Job Growth Picture Over Last Two Months Non Farm Payrolls 62% correlated with restaurant same store sales: The US labor market continues to add jobs 89% of the jobs lost during the recession have been replaced. The US economy added 113k jobs in January, well below the average gain over the past year (187k). January numbers followed a weak December report, begging the question: is weather to blame or is hiring slowing? Job growth of 250k per month adds 1% to industry same store sales by our estimates. and BLS.gov Consumer confidence 45% correlated with same store sales: January confidence slipped modestly from December, but remains near post recession highs. The rebound bodes well for spending, but continued strength is most important. Exhibit 18: Consumer Confidence Dips Slightly In January and University of Michigan Consumer Sentiment Index February Page 15
16 Gas prices are 14% correlated with restaurant same store sales: Gas prices are 10% lower than last year and remain at the low end of their 12 month range; providing some relief to consumers. While the correlation between gas prices and restaurant sales is low, we have found some short-term sales impacts from spikes in gas prices. Exhibit 19: Gas Prices Are Below Last Year s Levels and EIA National Association of Home Builder (NAHB) index is 47% correlated with food service sales: In January, the NAHB index fell 1 point to 56, but is 19% above last year and was above the 50 threshold for the eighth consecutive month signifying more builders view conditions as good than poor. Exhibit 20: Housing Market Remains Strong, National Association of Home Builders, and census.gov February Page 16
MILLERPULSE BUSINESS CONDITIONS REPORT JUNE 2016 THE WIDENING GAP BETWEEN RESTAURANT AND GROCERY PRICING MAY BE HURTING SSS
MILLERPULSE THE WIDENING GAP BETWEEN RESTAURANT AND GROCERY PRICING MAY BE HURTING SSS SALES AND TRAFFIC GROWTH HIT MULTIYEAR LOWS IN MAY Sales and traffic softness continued into May. Restaurant industry
More informationRESTAURANT OUTLOOK SURVEY
Reference Period: Fourth Quarter 2016 RESTAURANT OUTLOOK SURVEY Prepared by Chris Elliott, Senior Economist January 23, 2017 Q2-2011 Restaurant Outlook Survey Fourth Quarter 2016 1 Highlights The share
More informationcent/lb
Pork Merchandiser s Profit Maximizer - Foodservice Edition - 2015 The National Pork Board, Des Moines, IA 515-223-2600; Prepared by Steiner and Company, Manchester, NH 800-526-4612. November 30, 2015 High
More informationDairy Market. May 2016
Dairy Market R E P O R T Volume 19 No. 5 May 2016 DMI NMPF Overview Increased production per cow and expectations for additional milk production growth is dampening the outlook for milk prices for the
More informationDairy Market. June 2016
Dairy Market Dairy Management Inc. R E P O R T Volume 19 No. 6 June 2016 DMI NMPF Overview U.S. milk production was 1.2 percent higher in April than a year earlier, interrupting the pattern of the three
More informationDairy Market. April 2016
Dairy Market Dairy Management Inc. R E P O R T Volume 19 No. 4 April 2016 DMI NMPF Overview Dairy market developments during the first part of April brought slight improvements in the outlook for milk
More informationAnnika Stensson. Director Research Communications National Restaurant Association Washington, D.C. Restaurant.org/Research.
Annika Stensson Director Research Communications National Restaurant Association Washington, D.C. @WeRRestaurants /RestaurantDotOrg /NationalRestaurantAssociation Restaurant.org/Research 1 Agenda Overview
More informationDairy Market R E P O R T
Volume 18 No. 8 Dairy Market R E P O R T August 2015 DMI NMPF Overview Milk prices in many major milk-producing countries have plummeted to levels that are producing severe financial stress for their farmers.
More informationWEEKLY MAIZE REPORT 13 JUNE 2018
17/08/01 17/08/15 17/08/29 17/09/12 17/09/26 17/10/10 17/10/24 17/11/07 17/11/21 17/12/05 17/12/19 18/01/02 18/01/16 18/01/30 18/02/13 18/02/27 18/03/13 18/03/27 18/04/10 18/04/24 18/05/08 18/05/22 18/06/05
More informationFROZEN PORK, COLD STORAGE STOCKS. 530,000 5-Year Average
Pork Merchandiser s Profit Maximizer - Retail Edition - 2016 The National Pork Board, Des Moines, IA 515-223-2600; Prepared by Steiner and Company, Manchester, NH 800-526-4612. September 6, 2016 1. Meat
More informationMango Retail Performance Report 2017
Mango Retail Performance Report 2017 1 Table of Contents Pages 3-9 Pages 10-15 Pages 16-34 Pages 35-44 Pages 45-51 Pages 52-54 Executive Summary Fruit and Tropical Fruit Performance Whole Mango Performance
More informationmuch better than in As may be seen in Table 1, the futures market prices for the next 12 months
Dairy Outlook December 2009 By Jim Dunn Professor of Agricultural Economics, Penn State University Market Psychology prices are higher than last month, especially Class IV. The outlook for dairy prices
More informationFresh Deciduous Fruit (Apples, Grapes, & Pears): World Markets and Trade
Million MT United States Department of Agriculture Foreign Agricultural Service December 21 Fresh Deciduous Fruit (Apples, Grapes, & Pears): World Markets and Trade 21/11 Forecast: World Apple Trade Declines;
More informationDairy Market. May 2017
Dairy Market Dairy Management Inc. R E P O R T Volume 20 No. 4 May 2017 DMI NMPF Overview The rate of milk production growth began to moderate during the first quarter, but additional milk production continues
More informationDairy Market. Overview. Commercial Use of Dairy Products. U.S. Dairy Trade
Dairy Market Dairy Management Inc. R E P O R T Volume 21 No. 7 July 2018 DMI NMPF Overview Fallout from the developing tariff conflict between the United States and some of its major trading partners has
More informationCommitment of. Traders. Managed Money. Fund Positions
October 5, 2018 Market Summary The USDA will issue its October Supply and Demand report this next Thursday and will incorporate updated ending stocks data from last weeks report. Additionally, they will
More informationDairy Outlook. December By Jim Dunn Professor of Agricultural Economics, Penn State University. Market Psychology
Dairy Outlook December 2015 By Jim Dunn Professor of Agricultural Economics, Penn State University Market Psychology The Class III market has taken a beating lately as cheese prices have drifted down and
More informationDairy Market. Overview. Commercial Use of Dairy Products. U.S. Dairy Trade
Dairy Market Dairy Management Inc. R E P O R T Volume 21 No. 5 May 2018 DMI NMPF Overview Many of the key dairy market statistics reported for March and April indicated that milk prices for U.S. dairy
More informationCommodity Prices Rise By A Tenth Over The First Half Of The Year
Press Rlease Press Release 30/07/09 The Halifax Commodities Monitor tracks the price performance of 20 major commodities across the four key commodity types (Energy, Precious Metals, Base Metals and Agriculture)
More informationDairy Market. Overview. Commercial Use of Dairy Products
Dairy Market Dairy Management Inc. R E P O R T Volume 19 No. 2 February 2016 DMI NMPF Overview U.S. milk production continues to grow at an annual rate of less than 1 percent, and domestic commercial use
More informationNew York Beef Culinary Tour: Industry Trends
New York Beef Culinary Tour: Industry Trends A l i s o n K r e b s, D i r e c t o r M a r k e t I n t e l l i g e n c e N a t i o n a l C a t t l e m e n s B e e f A s s o c i a t i o n A C o n t r a c
More informationDairy Market. Overview. Commercial Use of Dairy Products. U.S. Dairy Trade
Dairy Market Dairy Management Inc. R E P O R T Volume 19 No. 11 November 2016 DMI NMPF Overview Four straight months of rising milk prices and three straight months of falling feed costs have brought some
More informationFruit and Tree Nuts Outlook
FTS-346 March 30, 2011 Fruit and Tree Nuts Outlook Agnes Perez Kristy Plattner acperez@ers.usda.gov kplattner@ers.usda.gov Katherine Baldwin Erik Dohlman kbaldwin@ers.usda.gov edohlman@ers.usda.gov U.S.
More informationDairy Market. November 2017
Dairy Market Dairy Management Inc. R E P O R T Volume 20 No. 10 November 2017 DMI NMPF Overview U.S. Cheddar cheese prices hit a 10-month high in October, while butter prices softened but remained well
More informationMONTHLY COFFEE MARKET REPORT
E MONTHLY COFFEE MARKET REPORT May 2014 After five consecutive months of rising prices, the coffee market reversed lower in May. From a high of 179 cents/lb in April, the daily price of the ICO composite
More informationCompany name (YUM) Analyst: Roman Sandoval, Niklas Podhraski, Akash Patel Spring Recommendation: Don t Buy Target Price until (12/27/2016): $95
Recommendation: Don t Buy Target Price until (12/27/2016): $95 1. Reasons for the Recommendation One of the most important reasons why we don t want to buy Yum is the growth prospects of the company in
More informationACSI Restaurant Report 2014
June 17, 2014 ACSI Restaurant Report 2014 Industry Results for: Full-Service Restaurants Limited-Service Restaurants Customer Satisfaction Rises for Full-Service Restaurants, Strong and Steady for Limited-Service
More informationCitrus: World Markets and Trade
United States Department of Agriculture Foreign Agricultural Service Citrus: World Markets and Trade Oranges Global orange production for 2012/13 is forecast to drop over 4 percent from the previous year
More informationDairy Market. June 2017
Dairy Market Dairy Management Inc. R E P O R T Volume 20 No. 5 June 2017 DMI NMPF Overview U.S. dairy exports were up substantially over a year earlier during February April, from 13 percent of U.S. milk
More informationU.S. Bottled Water Market
IBWA 2016 U.S. Bottled Water Market Market Trends November 9, 2016 Beverage Marketing Capabilities Beverage Marketing Corporation utilizes an integrated model for providing information, analysis and advice
More informationDairy Market R E P O R T
Volume 17 No. 5 Dairy Market R E P O R T May 2014 DMI NMPF Overview Many key milk and dairy product prices continued to set records in April. And while the dairy futures markets indicate that prices will
More informationFor personal use only
SEPTEMBER 216 GLOBAL DAIRY UPDATE European milk production has decreased for the first time since early 215, with volumes in June down 2 compared to last year. Last week we announced our annual results,
More informationGLOBAL DAIRY UPDATE KEY DATES MARCH 2017
MARCH 2017 GLOBAL DAIRY UPDATE European milk production decreased for the seventh consecutive month, while the US remains strong. The rate of decline in New Zealand production is easing. US exports continue
More informationMonthly Economic Letter
Monthly Economic Letter Cotton Market Fundamentals & Price Outlook RECENT PRICE MOVEMENT After some upward movement in April, most benchmark prices turned lower in early May. After climbing to the upper
More informationDairy Market R E P O R T
Volume 18 No. 12 Dairy Market R E P O R T D e c e m b e r 2 0 1 5 DMI NMPF Overview The U.S. average all-milk price, which spent seven months of 2015 hovering around $16.70 per hundredweight, has moved
More informationAn Examination of operating costs within a state s restaurant industry
University of Nevada, Las Vegas Digital Scholarship@UNLV Caesars Hospitality Research Summit Emerging Issues and Trends in Hospitality and Tourism Research 2010 Jun 8th, 12:00 AM - Jun 10th, 12:00 AM An
More informationSlade Gorton Monthly Market Report January 2018
Slade Gorton Monthly Market Report Did you know January is National Soup Month? Pictured above is an Icelandic Cod Soup with White Wine, Apple and Dill Oil. Source: Pinterest Why 2018 is the Year of the
More informationWEEKLY OILSEED REPORT 31 OCTOBER 2018
WEEKLY OILSEED REPORT 31 OCTOBER 218 Unigrain (Pty) Ltd Tel. No. : +27 11 692 44 Fax. No. : +27 11 412 1183 INTERNATIONAL MARKET Table 1: CME Soybean prices and weekly change (cents/bushel) Currently 24/1/218
More informationDairy Market. July The U.S. average all-milk price rose by $0.20 per hundredweight in May from a
Dairy Market Dairy Management Inc. R E P O R T Volume 20 No. 6 July 2017 DMI NMPF Overview The U.S. average all-milk price rose by $0.20 per hundredweight in May from a month earlier, and the June federal
More informationDairy Market. October 2016
Dairy Market Dairy Management Inc. R E P O R T Volume 19 No. 10 October 2016 DMI NMPF Overview Milk prices continued a generally solid recovery from their late-spring low through August, when the U.S.
More informationMonthly Economic Letter
Monthly Economic Letter Cotton Market Fundamentals & Price Outlook RECENT PRICE MOVEMENT NY futures experienced volatility recently, with the net effect being a slight increase in prices. The A Index also
More informationBeef, Veal and Lamb Report
Beef, Veal and Lamb Report March 17, 2016 Beef, Veal & Lamb - Beef production last week rose.4% and was 2.7% larger than the same week last year. 2016 beef output to date is tracking.8% above last year.
More informationTHIS REPORT CONTAINS ASSESSMENTS OF COMMODITY AND TRADE ISSUES MADE BY USDA STAFF AND NOT NECESSARILY STATEMENTS OF OFFICIAL U.S.
THIS REPORT CONTAINS ASSESSMENTS OF COMMODITY AND TRADE ISSUES MADE BY USDA STAFF AND NOT NECESSARILY STATEMENTS OF OFFICIAL U.S. GOVERNMENT POLICY Required Report - public distribution Date: GAIN Report
More informationFish and Chips in Commercial Foodservice 2016 JULIA BROOKS, JANUARY 2017
Fish and Chips in Commercial Foodservice 2016 JULIA BROOKS, JANUARY 2017 INTRODUCTION Since the mid nineteenth century fish and chips have built their position as being a symbol of the UK s culinary culture
More informationCoffee market ends 2016/17 coffee year in deficit for the third consecutive year
Coffee market ends 2016/17 coffee year in deficit for the third consecutive year The ICO composite indicator continued its downward trend that started at the end of August, averaging 124.46 US cents/lb.
More informationPTNPA Other Nut Report. Bobby Tankersley JOHN B. SANFILIPPO & SON
PTNPA Other Nut Report Bobby Tankersley JOHN B. SANFILIPPO & SON Trends The World is Flat Rising commodity prices Currency impact Increasing export demand - CHINA Food safety risk Rising cost of production
More informationCoffee market settles lower amidst strong global exports
Coffee market settles lower amidst strong global exports The ICO composite indicator price declined by 1.2% in February 2018 to an average of 114.19 US cents/lb. Indicator prices for all three Arabica
More informationGlobal Considerations
What Does Being a Global Player Mean to the U.S. Dairy Sector? Global Considerations 2 1 A Decade of Change $8, 4,5 $7, 4, (Million $) $6, $5, $4, $3, $2, $1, 3,5 3, 2,5 2, 1,5 1, 5 (Million Lbs.) $ 23
More informationDownward correction as funds respond to increasingly positive supply outlook
Downward correction as funds respond to increasingly positive supply outlook Coffee prices fell sharply at the end of April as institutional investors sold off their positions. The coffee market continues
More informationRamacafe September 2008 Judith Ganes-Chase
Implications of Rising Costs Ramacafe September 2008 Judith Ganes-Chase Factors Influencing Coffee Production Trends Weather (especially Brazil) Producers continued drive to add value to production Consumers
More informationMarket Report provided by American Restaurant Associationwww.AmericanRestaurantAssociation.com-
Beef, Veal and Lamb Report Beef, Veal & Lamb- Beef output last week fell.5% but was.7% larger than a year ago. The USDA is projecting spring output to be down 2.6% from '12. Most beef markets are trending
More informationDairy Market. Overview. Commercial Use of Dairy Products
Dairy Market Dairy Management Inc. R E P O R T Volume 21 No. 6 June 2018 DMI NMPF Overview U.S. dairy markets received a one-two punch during the first weeks of June in the form of collateral damage from
More informationPecan Shellers Association Presentation. Presented by:
Pecan Shellers Association Presentation Presented by: Session Objectives Industry Update Consumer Trends Menu Trends Price Trends Opportunities For Nuts Conclusion 2 Industry Update 3 Disposable Personal
More informationMarket Report provided by American Restaurant Associationwww.AmericanRestaurantAssociation.com-
Beef, Veal and Lamb Report Beef, Veal & Lamb - Beef output last week was 8.7% less than the same week a year ago. Cattle supplies are limited and are expected to remain so which generally should be supportive
More information2016 STATUS SUMMARY VINEYARDS AND WINERIES OF MINNESOTA
IN PARTNERSHIP WITH THE NORTHERN GRAPES PROJECT, AN USDA SPECIALITY CROPS RESEARCH INITIATIVE PROGRAM, NIFA 2016 STATUS SUMMARY VINEYARDS AND WINERIES OF MINNESOTA Brigid Tuck and William Gartner INTRODUCTION
More informationThe Changing Landscape of Dairy: A Regional Outlook. Mark Stephenson Director of Dairy Policy Analysis
The Changing Landscape of Dairy: A Regional Outlook Mark Stephenson Director of Dairy Policy Analysis Millions of Pounds Let s remember when 32,000 30,000 28,000 Wisconsin Annual Milk Production It s the
More informationWEEKLY MAIZE REPORT 30 OCTOBER 2018
WEEKLY MAIZE REPORT 30 OCTOBER 2018 Unigrain (Pty) Ltd Tel. No. : +27 11 692 4400 Fax. No. : +27 11 412 1183 INTERNATIONAL MARKET Table 1: CME Maize prices and weekly changes (cents/bushel) Currently 23/10/2018
More informationRecord exports in coffee year 2017/18
Record exports in coffee year 2017/18 Total coffee exports increased each year since 2010/11 with a new record reached in 2017/18 at 121.86 million bags, 2% higher than 2016/17. In the twelve months ending
More informationGlobal Dissolving Pulp Market Outlook China
Global Dissolving Pulp Market Outlook China RISI Asian Conference May 2017 Rod Young Chief Economic Advisor China Is The Driving Force Behind Dissolving Pulp Demand Viscose fibers lead the development
More informationIndia. Oilseeds and Products Update. August 2012
THIS REPORT CONTAINS ASSESSMENTS OF COMMODITY AND TRADE ISSUES MADE BY STAFF AND NOT NECESSARILY STATEMENTS OF OFFICIAL U.S. GOVERNMENT POLICY Required Report - public distribution Oilseeds and Products
More informationOutline. o Global Dairy Overview o U.S Milk Production o Dairy Product Production, Stocks, Trade o Outlook 12/7/2016
Outline o Global Dairy Overview o U.S Milk Production o Dairy Product Production, Stocks, Trade o Outlook 2 1 A View From Abroad Germany 1983 2 Germany 1983 Japan 1984 3 Japan 1984 Kobe Cow Calf Show 4
More informationWEEKLY OILSEED REPORT 27 JUNE 2018
WEEKLY OILSEED REPORT 27 JUNE 218 Unigrain (Pty) Ltd Tel. No. : +27 11 692 44 Fax. No. : +27 11 412 1183 INTERNATIONAL MARKET Table 1: CME Soybean prices and weekly change (cents/bushel) Currently 2/6/218
More informationUPPER MIDWEST DAIRY NEWS
Federal Milk Market Administrator U.S. Department of Agriculture UPPER MIDWEST DAIRY NEWS H. Paul Kyburz, Market Administrator Volume 15, Issue 1 Upper Midwest Marketing Area, Federal Order No. 30 January
More informationChipotle Mexican Grill (CMG)
Chipotle Mexican Grill What data tells us about the Fast Casual king s yesterday, today, and tomorrow Troy Li Vice President, 646.802.6273 troy.li@mscience.com Will Jones Research Associate, Consumer 503.433.1551
More informationPanera Bread (NYSE: PNRA) Jay Aurora Tim Krauter Shane Riemer Michael Xu
Panera Bread (NYSE: PNRA) Jay Aurora Tim Krauter Shane Riemer Michael Xu Street Perception Street Perception Facing maturation in the fast casual industry Maturity in FC Starbucks 1971 Panera 1981 Chipotle
More informationEconomic Contributions of the Florida Citrus Industry in and for Reduced Production
Economic Contributions of the Florida Citrus Industry in 2014-15 and for Reduced Production Report to the Florida Department of Citrus Alan W. Hodges, Ph.D., Extension Scientist, and Thomas H. Spreen,
More informationDaily Soft Markets Commentary Thursday February 22, 2018
Daily Soft Markets Commentary Thursday February 22, 2018 DAILY COCOA COMMENTARY Steady uptrend on firm demand and some supply uncertainties Cocoa has been able to extend its current upmove to the highest
More informationProfit Maximizer. Pork Merchandiser s. - Retail Edition - September 5, Cash Hog Prices and the Meat Spread Implica ons for Hog/Pork Values in Q4
Pork Merchandiser s Profit Maximizer - Retail Edition - 2017 The National Pork Board, Des Moines, IA 515-223-2600; Prepared by Steiner and Company, Manchester, NH 800-526-4612. September 5, 2017 1. Sharp
More informationWEEKLY MAIZE REPORT 06 FEBRUARY 2019
WEEKLY MAIZE REPORT 06 FEBRUARY 2019 Unigrain (Pty) Ltd Tel. No. : +27 11 692 4400 Fax. No. : +27 11 412 1183 INTERNATIONAL MARKET Table 1: CME Maize prices and weekly changes (cents/bushel) Currently
More informationUPPER MIDWEST MARKETING AREA THE BUTTER MARKET AND BEYOND
UPPER MIDWEST MARKETING AREA THE BUTTER MARKET 1987-2000 AND BEYOND STAFF PAPER 00-01 Prepared by: Henry H. Schaefer July 2000 Federal Milk Market Administrator s Office 4570 West 77th Street Suite 210
More informationProfit Maximizer. Pork Merchandiser s. - Foodservice Edition - December 11, 2017
Pork Merchandiser s Profit Maximizer - Foodservice Edition - 2017 The National Pork Board, Des Moines, IA 515-223-2600; Prepared by Steiner and Company, Manchester, NH 800-526-4612. December 11, 2017 October
More informationWEEKLY MAIZE REPORT 11 JULY 2018
28 29 21 211 212 213 214 215 216 217 218 WEEKLY MAIZE REPORT 11 JULY 218 Unigrain (Pty) Ltd Tel. No. : +27 11 692 44 Fax. No. : +27 11 412 1183 INTERNATIONAL MARKET Table 1: CME Maize prices and weekly
More informationTrade Report. Maersk Group. Brazil Faces Slightly Better Christmas for First Time Since 2010 BRAZIL Q3 2016
Maersk Group Trade Report 2016 BRAZIL Brazil Faces Slightly Better Christmas for First Time Since 2010 Imports decline less and likely to go positive in 2017 Exports growth slowing on back of stronger
More informationQUARTERLY REVIEW OF THE PERFORMANCE OF THE DAIRY INDUSTRY 1
QUARTERLY REVIEW OF THE PERFORMANCE OF THE DAIRY INDUSTRY 1 The information in this document is from sources deemed to be correct. Milk SA, the MPO and SAMPRO are not responsible for the results of any
More informationMonthly Economic Letter
Monthly Economic Letter Cotton Market Fundamentals & Price Outlook RECENT PRICE MOVEMENT After falling in the days surrounding the release of last month s USDA report, NY futures and the A Index were mostly
More informationPeaches & Nectarines and Cherry Annual Reports
THIS REPORT CONTAINS ASSESSMENTS OF COMMODITY AND TRADE ISSUES MADE BY USDA STAFF AND NOT NECESSARILY STATEMENTS OF OFFICIAL U.S. GOVERNMENT POLICY Required Report - public distribution Date: GAIN Report
More informationWine Australia Wine.com Data Report. July 21, 2017
Wine Australia Wine.com Data Report July 21, 2017 INTRODUCTION Wine Opinions is a wine market research company focusing on the attitudes, behaviors, and taste preferences of U.S. wine drinkers. Wine Opinions
More informationTHIS REPORT CONTAINS ASSESSMENTS OF COMMODITY AND TRADE ISSUES MADE BY USDA STAFF AND NOT NECESSARILY STATEMENTS OF OFFICIAL U.S.
THIS REPORT CONTAINS ASSESSMENTS OF COMMODITY AND TRADE ISSUES MADE BY USDA STAFF AND NOT NECESSARILY STATEMENTS OF OFFICIAL U.S. GOVERNMENT POLICY Voluntary - Public Date: 4/24/2013 GAIN Report Number:
More informationCLG: Seafood Consumption. Richard Watson Seafish
CLG: Seafood Consumption Richard Watson Seafish Agenda Seafish Insight Service Benchmark Consumption Trends Trend Drivers Growing Seafood Consumption Market Insight Service Provide 250 reports per year
More informationAgenda. DEFINITION: Restaurant Industry Food Away from Home. FCP Webinar February 24, 2017 STATE OF THE RESTAURANT INDUSTRY
2016 Restaurant Industry Forecast Annika Stensson Director Research Communications National Restaurant Association Washington, D.C. Food & Culinary Professionals Academy of Nutrition and Dietetics State
More informationMONTHLY COFFEE MARKET REPORT
1 E MONTHLY COFFEE MARKET REPORT March 2014 Ongoing uncertainty over the Brazilian coffee crop has caused significant fluctuations in coffee prices during March, with monthly volatility of the International
More informationMarket Report provided by American Restaurant Associationwww.AmericanRestaurantAssociation.com-
Beef, Veal and Lamb Report Beef, Veal & Lamb- Beef output last week rose.3% but was 1.9% less than '11. Some herd liquidation is occurring due to poor pasture conditions. This may support beef production
More informationNorth Carolina Exports by Quarter (in constant 2Q 2013 dollars)
P. 1/6 in Billions in Billions 1 North Carolina Trade Report 1, First Half of 2013 Exports from North Carolina play an increasingly important role in the state s economic recovery and job growth. That
More informationAlberta Foodservice Forecast
C A N A D I A N R E S T A U R A N T A N D F O O D S E R V I C E S A S S O C I A T I O N Alberta Foodservice Forecast Alberta Foodservice Expo 2011 By Jill Holroyd Senior Vice President, Marketing & Communications
More informationMarket Report provided by American Restaurant Associationwww.AmericanRestaurantAssociation.com-
Beef, Veal and Lamb Report Beef, Veal & Lamb Beef output last week declined 3.1% and was 4.3% less than the same week a year ago. 2013 beef production to date is down 1.2%. Tight cattle supplies are behind
More information81/ x1
Beef, Veal and Lamb Report Beef, Veal & Lamb- Beef output last week increased.2% but was.8% less than '11. The May 1st US cattle on feed inventory was.6% smaller than a year ago. Cattle placements into
More informationWORLD SUGAR REPORT. January 4, Published by McKeany-Flavell Co., Inc. (510)
WORLD SUGAR REPORT January 4, 2017 Published by McKeany-Flavell Co., Inc. www.mckeanyflavell.com (510) 832-2866 WORLD SUGAR SUPPLY & DEMAND (World Table 1) After a fall to oversold levels, world raw sugar
More informationFederal Milk Market Administrator U.S. Department of Agriculture. H. Paul Kyburz, Market Administrator
Federal Milk Market Administrator U.S. Department of Agriculture UPPER MIDWEST DAIRY NEWS H. Paul Kyburz, Market Administrator Volume 9, Issue 7 Upper Midwest Marketing Area, Federal Order No. 30 July
More informationGLOBAL DAIRY UPDATE. Welcome to our March 2015 Global Dairy Update IN THIS EDITION Financial Calendar
GLOBAL DAIRY UPDATE Welcome to our ch 2015 Global Dairy Update IN THIS EDITION Fonterra milk collection New Zealand 7% lower in ruary 2015 and 1.5% higher for the season to date Australia 4% higher in
More informationBeef, Veal and Lamb Report
Beef, Veal and Lamb Report March 31, 2016 Beef, Veal & Lamb - Beef production last week rose.8% and was 3.3% larger than the same week last year. Solid beef output expansion is expected to persist for
More informationMONTHLY COFFEE MARKET REPORT
E MONTHLY COFFEE MARKET REPORT June 2013 Coffee prices fell sharply in June 2013, as market fundamentals, combined with an uncertain macroeconomic outlook, drove the ICO composite indicator price to its
More information9 Months Sales Roddy Child-Villiers Head of Investor Relations. 22 October 2009
9 Months Sales 2009 Roddy Child-Villiers Head of Investor Relations 22 October 2009 Disclaimer This presentation contains forward looking statements which reflect Management s current views and estimates.
More informationBottled Water Category Overview
Bottled Water Category Overview 2014-2015 Disclaimer The following information is offered in good faith and represents an unqualified interpretation of a range of industry commentary and market data. It
More informationWine On-Premise UK 2018
Wine On-Premise UK 2018 T H E M E N U Introduction... Page 5 The UK s Best On-Premise Distributors... Page 7 The UK s Most Listed Wine Brands... Page 17 The Big Picture... Page 26 The Style Mix... Page
More informationFebruary 11th, By Jack Scoville
February 11th, 2019 By Jack Scoville Wheat: Winter Wheat markets were lower for the week last week. Chicago SRW prices held firm on Friday in response to news that Egypt had bought 120,000 tons of SRW.
More informationNationwide Reaction of Chinese KFC Consumers to Shanghai Husi Food Scandal
Nationwide Reaction of Chinese KFC Consumers to Shanghai Husi Food Scandal Aug 5, 2014 Analysts: Junheng Li Background: Earlier this year, an undercover journalist snuck into Shanghai Husi Food Co. with
More informationSTANDARDIZED MILK PRICE CALCULATIONS for JUNE 2010 deliveries
STANDARDIZED MILK PRICE CALCULATIONS for JUNE deliveries Company Milcobel Alois Müller Humana Milchunion eg Nordmilch Arla Foods Hämeenlinnan Osuusmeijeri Bongrain CLE (Basse Normandie) Da (Pas de Calais)
More informationCoffee prices rose slightly in January 2019
Coffee prices rose slightly in January 2019 In January 2019, the ICO composite indicator rose by 0.9% to 101.56 US cents/lb as prices for all group indicators increased. After starting at a low of 99.16
More informationGPS Leaders Conference: Global Dairy & Milk Protein Opportunities November 2016
GPS Leaders Conference: Global Dairy & Milk Protein Opportunities November 2016 2 If this can happen..anything can happen! 3 Topics covered + Hoogwegt Organization + US Dairy Export Update + Global Trends
More information2018/19 expected to be the second year of surplus
2018/19 expected to be the second year of surplus Coffee year 2018/19 is expected to be the second consecutive season of surplus, as global output, estimated at 167.47 million bags, exceeds world consumption,
More information