TOP STORIES 



  Darden Offers Window Into Restaurants' Reopening Struggles -- Market Talk 


  10:24 ET - Darden will give the first insight into the restaurant industry's adjustments to a stay-home world and a reopening economy when it reports fiscal 4Q results next week. MKM expects "progress in ability to reopen dining rooms." Darden's Olive Garden and LongHorn chains have reopened nearly half of their restaurants, MKM says. The research firm warns that it's early to tell how customers will behave and what kind of restrictions will be imposed on the industry. Consumers' buying power is also a potential problem, MKM says, while keeping a buy rating and $90 price target. Darden slips 0.6%. (paulo.trevisani@wsj.com; @ptrevisani) 


  STORIES OF INTEREST 


  Nestle Faces Negative Out-Of-Home Sales, Guidance Under Threat -- Market Talk 


  1254 GMT - Nestle's second-quarter sales are expected to be hit by a significant drop in out-of-home channels, says Jefferies. The Swiss food and beverage giant's organic sales growth in the period is expected to be at 1% from a previously forecasted 2.9%, according to analysts at the bank. In the first half, Nestle is also forecast to have flat margins on-year, which leads to a EPS downgrade of about 2% for fiscal 2020, according to Jefferies. "We are now even more strongly of the view that Nestle will have to abandon fiscal-year sales growth guidance." Shares trade 1.3% higher at CHF108.24. (giulia.petroni@wsj.com) 


  FUTURES MARKETS 


  Livestock Futures Finish Week Lower -- Market Talk 


  15:57 ET - Both live cattle futures and lean hog futures on the CME finished the day trading lower, setting both futures contracts down for the week. August live cattle prices closed trading Friday down 0.7% at 95.4 cents per pound, while lean hogs finished down 1.3% to 52.8 cents per pound. For both livestocks, higher slaughters is the main factor weighing on prices. However, supply issues still remain for cattle -- with marketings for fed cattle totaling 1.5 million head in May - down 28% from this time last year and a record low for May, the USDA said in its Cattle on Feed report released after the market's close Friday. (kirk.maltais@wsj.com; @kirkmaltais) 


  CASH MARKETS 

 
Estimated U.S. Pork Packer Margin Index - Jun 19 
 
All figures are on a per-head basis. 
 
Date     Standard Margin       Estimated margin 
         Operating Index         at vertically - 
                             integrated operations 
 
Jun 19       +$ 71.21            +$  4.22 
 
Jun 18       +$ 70.86            +$  4.85 
 
Jun 17       +$ 71.10            +$  5.92 
 
* Based on Iowa State University's latest estimated cost of production. 
A positive number indicates a processing margin above the cost of production of the animals. 
 
Beef-O-Meter 
This report compares the USDA's latest beef carcass composite 
values as a percentage of their respective year-ago prices. 
 
                                  Beef 
          For Today              Choice   96.8 
      (Percent of Year-Ago)      Select  101.2 
 
USDA Boxed Beef, Pork Reports 
 


  Wholesale choice-grade beef prices Friday rose 16 cents per hundred pounds, to $213.72, according to the USDA. Select-grade prices fell 17 cents per hundred pounds, to $203.91. The total load count was 167. Wholesale pork prices fell 29 cents, to $63.70 a hundred pounds, based on Omaha, Neb., price quotes.