The next events that will impact grain markets on the South American harvest on the March the 31 planting intentions report. #Larson i guess you could call me the late bird full#Both corn and soybean balance table to our healthy as we head into the 2020 planting season but corn basis remains much higher than last year as a result we about little point basis past April while we have most of our soybean meal basis about for the full fiscal year. Our feed cost per pound of chicken process were higher by 1.5 duration per pound when compared to chicken cost when compared to the first fiscal quarter of 2019. On the other hand market prices for boneless breast meat chicken tenders and boneless for food service customers were lower compared to last year's first quarter and in fact quoted boneless breast meat market prices fell to all time lows in January and remained there and to February those prices have moved higher over the past week however.Ĭash market prices for corn were higher during the quarter compared to last year while soybean meal prices were lower. The results for the first quarter reflect continued challenging market conditions for products produced for food service customers at our plants processing a larger bird demand for retail grocery store customers has remained stable and that's the ability is reflected an overall average chill pack prices there were slightly higher than during last year's first quarter. These risks and uncertainties are described in our most recent Annual Report on Form 10-K and on the company's quarterly report on Form 10-Q for the quarter ended Januwhich was filed with the SEC this morning thank you Mike. The actual performance of the company could differ materially from that indicated by the forward-looking statements because of various risks and uncertainties. Examples of forward-looking statements include statements regarding supply and demand Factors future grain and chicken market prices economic conditions production levels and our future growth plans. This morning's call will contain forward-looking statements about the business financial condition and prospects of the company. Mike Cockrell - Treasurer, Chief Financial Officer, Chief Legal Officer and Board Member I will begin the call with comments about general market conditions and then turn the call over to Lampkin and Mike for a more detailed account of the quarter.īefore we make any further comments I will ask Mike to give the cautionary statement regarding forward-looking statements. This compares to a net loss of $17.8 million or $0.82 per share for our first quarter of fiscal 2019. This morning we announced a net loss of $38.6 million or $1.76 per share for our first quarter of fiscal 2020. Good morning and welcome to Sanderson Farms First Quarter Conference Call.
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