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Q1 2019: Big Picture Outlook

Access key meat and livestock market intelligence for 2019.
Dr. Rob Murphy and Kevin Grier hosted Brett Stuart for our Q1 “Big Picture Market Outlook” webinar hosted on Wednesday, January 23, 2019.

This discussion will cap off the new year with a special report by esteemed hog expert Brett Stuart on the “Global State of African Swine Fever”. The session will wrap up with an overview of market factors impacting 2019 supply, demand and price forecasts for the meat and livestock markets in both the US and Canada.

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Q1 2019: Big Picture Outlook

  1. 1. Confidential. © Copyright Retail Ready Foods Inc. All Rights Reserved, 2018. Not for distribution. 1 Q1 BIG PICTURE OUTLOOK SPECIAL REPORT: THE GLOBALSTATE OFAFRICAN SWINE FEVER SPECIAL GUEST SPEAKER: Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution. HOSTED BY: Retail Ready Foods Inc. & J.S. Ferraro & Company DATE: January 23, 2019 Dr. Rob Murphy, BS, MS, PhD Agri Economics Executive Vice President, Research & Analysis J.S. Ferraro & Company Kevin Grier Market Analyst Kevin Grier Market Analysis & Consulting Brett Stuart President Global AgriTrends HOSTS:
  2. 2. 2 | Linked by a common thread, integral within a protein based supply chain. A provider of innovative risk management solutions, specializing in meat & livestock. Retail Ready is your “Go-To” protein merchandising & industry expert. Protein expertise at your fingertips. An integrated sustainable food brand committed to creating the best-tasting fresh protein experience. Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution.
  3. 3. 3 | Dr. Rob Murphy Dr. Rob Murphy, BS, MS, PhD Agri Economics Executive Vice President, Research and Analysis J.S. Ferraro & Company www.jsferraro.com An agricultural economist and business leader with over 27 years in the industry, Dr. Rob Murphy has a wealth of experience in the North American meat and livestock industries studying, analyzing and predicting market movements. His expertise spans commodity analysis, econometric modelling, forecasting, futures markets, hedging, and risk management. Rob holds a Ph.D. in Agricultural and Applied Economics from Virginia Tech and has developed his market expertise over the past three decades by serving as an economist with the Chicago Mercantile Exchange, Sparks Companies and Informa Economics. At Informa, Rob held two senior leadership roles (Senior VP of Livestock, Meat, Dairy and Poultry group and Vice President) over 13 years. He focused on the development of risk management programs and directed the division’s work in commodity analysis in the protein sector. He has spoken internationally on many topics, including agri supply chain- development and international protein demand. Currently, Rob is the Executive Vice President, Research and Analysis at J.S. Ferraro & Co. leading the team in commodity analysis, financial modelling, and the development of trading and risk management strategies. Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution.
  4. 4. Kevin Grier Kevin Grier Market Analyst Kevin Grier Market Analysis & Consulting www.kevingrier.com Kevin Grier is a noted Canadian Agriculture & Food Market Analyst providing economic and market outlook for livestock, meat and grocery industries over the last 20+ years. His critical market insight and analysis helps his clients - from government and producer groups to small to large businesses - drive profitable bottom line decisions. Kevin is a regular contributor and respected expert across media platforms throughout North America - Global News, CTV, National Post, Globe & Mail, National Hog Farmer and Grocery Business. Kevin speaks with clarity on a range of topics including market analysis, economic impacts, consumer trends and commodity analysis. He provides regular commentaries on the market and is a national and international keynote speaker known for his approachable yet pragmatic style. His breadth of knowledge was developed over 18 years at the George Morris Centre, a leader in economic research in the agriculture and food industry. Prior to that Kevin was a manager with the Ontario Farm Products Marketing Commission, the supervisory body of the provincially regulated marketing boards. Currently, Kevin is managing director of Kevin Grier Market Analysis and Consulting, a company specializing in livestock, meat, poultry and grocery industry market insight and analysis working across a breadth of organizations internationally. 4 |Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution.
  5. 5. Brett Stuart Brett Stuart President Global AgriTrends www.globalagritrends.com Brett Stuart is one of the founding partners of Global AgriTrends. He was formerly employed by the U.S. Meat Export Federation (USMEF) as their lead economist. In this capacity he conducted numerous research and analysis projects in the global meat trade area as well as advising U.S. trade officials on international meat access issues. As part of these responsibilities Brett conducted on-the-ground meat industry research around the globe. Prior to his work with the federation, Brett was the Assistant Manager of Marketing for AgReserves, Inc, and was heavily involved with a variety of livestock marketing strategies. Brett’s specific international market research includes: • Co-authored, “The vital role of science in global policy decision-making: an analysis of past, current, and forecasted trends and issues in global red meat trade and policy”. International Congress of Meat Science and Technology Journal, 2005. • Market analysis and recommended strategies for U.S. meats in the Japan, S. Korea, Taiwan, China, Malaysia, Singapore, Philippines, Australia, South Africa, Tunisia, and Morocco. • Business planning and research for exporting U.S. products to Europe. • Research and recommendations for revisions to the Japan gate price system for pork. • Joint planning and cooperation with Mexican meat producers to build meat consumption in Mexico. 5 |Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution.
  6. 6. 1. SPECIAL REPORT • Global State Of African Swine Fever (ASF) 2. NORTH AMERICAN MARKET OUTLOOK & AVAILABILITY • Hogs & Pork • Cattle & Beef • Chickens & Poultry 4. Q&A 6 | DISCUSSION OUTLINE: Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution.
  7. 7. 7 | ASF UPDATE Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution. Global State Of African Swine Fever (ASF) SPECIAL REPORT:
  8. 8. ASF in China: 2019 8 |Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution.
  9. 9. Why ASF is a BIG DEAL • Half of the world’s pigs • 20% of global protein (Chinese pork) • Shortages will drive global pork (and poultry and beef) markets higher • The virus is out of control 9 |Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution.
  10. 10. Facts on ASF • The most feared hog disease globally; no vaccine, high mortality • Carried by wild boars, warthogs, and bush hogs; also ticks, and food (pork) waste • The virus is highly-transmissible • BUT not highly contagious • No human health risk 10 |Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution.
  11. 11. Liaoning 15 Anhui 10 Jiangxi 1 Jiangsu 2 Henan 2 Bordering provinces = 16% of herd Heilongjiang 6Inner Mongolia 5 ASF provinces = 82% of herd Jilin 4 Tianjin 2 Yunnan 4 Hunan 7 Guizhou 3 Shanxi 4 Hubei 4 Zhejiang 2 Fujian 1 Sichuan 4 Shaanxi 3 Beijing 4 Guangdong 1 China ASF 11 |Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution.
  12. 12. ASF: Current Situation Massive under-reporting • >90% not reported? • Inadequate compensation (1,200 rmb/hd) • Government vets not admitting outbreaks • Not enough $ to reimburse, embarrassment • Resource constraints: Entire herd must be secured, quarantined, culled, facility disinfected • Disposal issues: Culled and diseased hogs must be disposed 12 |Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution.
  13. 13. 13 |Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution.
  14. 14. China ASF – What Now? 1. Watch prices • China live hog • China wholesale pork, beef, poultry • China food inflation • EU hogs 2. Watch customs data • Chine imports • Everyone else’s exports (more timely) 14 |Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution.
  15. 15. 15 |Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution. Source: JCI, MARA, AgriTrends
  16. 16. 16 |Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution. Source: JCI
  17. 17. 17 | Source: China Ministry of Agriculture Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution.
  18. 18. Bottom Line: What We Know • Government efforts have been ineffective • The virus has been found in compound feed • The government has not reported all outbreaks • Not all farms with disease loss and culling are receiving government compensation • Prices remain weak • Feed demand has fallen sharply 18 |Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution.
  19. 19. China ASF – What we do not know • Under-reporting? Is it 90% or 10%? • How aggressive is liquidation occurring • How many hogs have been lost/culled? • Will the 50% retaliation tariffs on U.S. pork be dropped (March 1 is a key negotiation deadline)? • How long will liquidation continue? • Consumer demand declining? 19 |Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution.
  20. 20. China ASF - What the Chinese Government has said: • That government will buy pork for strategic reserves • Farmers should begin expanding production • Chinese hog prices expected to begin rising in the second half of 2019. • The war on ASF would be “long-term and protracted” and that supplies were currently sufficient (as manifest by China’s live hog prices). He expected no major price volatility ahead of Chinese New Year (Feb. 5). • China’s hog inventories were down -5% from a year ago in December with sow inventories down -8%. • Live hog prices have dropped for four consecutive weeks and “consumer demand is weakening” • Mr Tang Ke, the Director of Market and Information, Ministry of Agriculture and Rural Affairs 20 |Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution.
  21. 21. China ASF – What we think: • Further spreading is inevitable: inadequate compensation; financial incentive remains to sell all hogs if the disease is found, perpetuating the spread • Massive underreporting • Liquidation is likely strong and has been for some time. • Weak prices, falling feed prices (and demand), and cash flow issues all point the same direction. The government reported sow liquidation of 8% during 2018. ASF fears are overpowering optimism around higher prices in the future. • Demand is lower. • A slowing economy, or consumer fears of ASF • weaker demand will prolong the impending “pork gap”. • Prices will surge higher in the future. • When? Without inventory, slaughter, or pork production data this is anyone’s guess. We have stated for some time that mid-2019 may be a good target. A Chinese analyst suggested possibly by May. China’s Ministry of Agriculture and Rural Affairs (MARA) suggested 2H 2019 in a statement made this week. 21 |Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution.
  22. 22. Bottom Line: China ASF • Extreme caution is warranted in global protein sectors with exposure to Asian pork • Prices higher/lower? Take your pick (LT – higher) • Beef and poultry markets will be affected as well • This virus will kill millions of pigs in China • Vaccine is years away • But 7 million pigs = 1% of supply (and consumption) • Does China “buy U.S.”? • NO end in sight… • Recent statements by Chinese government confirm their fears: future supply issues 22 |Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution.
  23. 23. ASF: Beyond China • Cases in S. Korea, Vietnam, within 6 months? • Entirely possible • ASF will shift global pork/protein markets for years • A global scramble for “clean” pork • Potential for a two-tiered global pork market • ASF in the EU, U.S., Canada, Brazil? 23 |Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution.
  24. 24. ASF in Europe • Belgium: 132 outbreaks, 237 dead wild boars • Cases have now spread beyond “core zone” into the “buffer zone” 24 |Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution.
  25. 25. 25 |Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution.
  26. 26. 26 | FORECASTS & WATCHLIST Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution. Global State Of African Swine Fever (ASF) SPECIAL REPORT:
  27. 27. 27 | Source: USDA/ERS, AgriTrends forecasts Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution.
  28. 28. 28 |Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution. Source: USDA/ERS, AgriTrends forecasts
  29. 29. Summary • China ASF • Our fears are being confirmed • A pork supply gap will build? When? • Does China buy US pork? Are pork tariffs negotiated away? • EU ASF • Cases spreading in Belgium, France likely the next nation to fall • Watch for Germany, Spain; it may take time but is statistically inevitable • ASF in North, South America? • No nation is safe 29 |Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution.
  30. 30. Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution.30 | HOGS & PORK NORTH AMERICAN MARKET OUTLOOK:
  31. 31. • The US breeding herd has stabilized over the past three quarters, but is up about 3% year-over-year recently. • There has been a solid uptrend in the BH since the PEDv epidemic in 2013-14 • Note the contraction during the deep recession of 2008-09 • There is a long-term trend toward better productivity in the US herd. • This allows pork production to increase even when the breeding herd does not expand. • The US lags behind other countries in PPL, so there is plenty of room for growth. Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution.31 |
  32. 32. 1220 2220 3220 4220 5220 6220 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 TotalPorkExports(millbs) Total Pork Exports History Forecast +5.6% -3.0% 5000 5500 6000 6500 7000 7500 8000 Q1 Q2 Q3 Q4 MillionPounds US CommercialPork Production by Quarter 2017 2018 2019 Forecast +1.2% +2.7% +6.6% +7.0% • JSF looks for modest growth in pork production during the first half of 2018. • Q3 & Q4 hold the potential for a 5-7% increase in production (Yikes!). • A new packing plant will be operational in March, which will help boost production. fggg • The global economy is slowing and that creates the potential for pork exports to be lower in 2019. • ASF in China is the wildcard. If China is forced to import large quantities of pork, US exports could be up double digits. Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution.32 |
  33. 33. 0.905 0.955 1.005 1.055 1.105 1.155 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 DICutout(pct) JSF Demand Index, Pork Cutout History Forecast -3.2% +2.0% fggg • Despite a strong US economy in 2018, Pork demand was down from 2017. • A weaker US economy in 2019 could actually benefit pork demand as consumers trade down from more expensive beef. • The “April Dip” is not expected to develop this year like it did in the previous two years. • Big production in the second half of 2019 is expected to weigh on pork prices, resulting in cutout values well below 2017 & 2018 Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution.33 |
  34. 34. fggg • The front end of the futures curve is expecting spring softness that we think will not materialize this year. • However, the summer and fall contracts appear way over-priced based on JSF expectations for much larger pork production in the second half of 2019. • In 2017 cash hog prices topped in July. In 2018 cash hog prices topped in June. This year’s top could very well come in May. • Look for hog prices to trend lower from July onward, and could dip into the upper $40s late in the year. Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution.34 |
  35. 35. CDN Pork Production And Slaughter Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution.35 | • 1% decline in 2018 • 2% increase in 2019 • Domestic availability will decrease due to exports
  36. 36. • Overall pork cutout finishes 2018 similar to 2017 and 2018 • Supported by Cdn$ and exports Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution.36 |
  37. 37. Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution.37 | CATTLE & BEEF NORTH AMERICAN MARKET OUTLOOK:
  38. 38. • We are nearing a top in the cattle cycle that began in 2014. For the next several years herd liquidation will take place. • Even though cattle numbers will be going down from this point forward, beef production will continue to increase for at least 2 more years. fggg • Beef production has been steadily rising since 2015. That trend is expected to continue this year and probably through 2021. • Winter weather combined with smaller feedyard inventories in early 2019 could portend relatively tight beef availability. 22,510 23,510 24,510 25,510 26,510 27,510 28,510 29,510 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 CommercialBeefProduction(millbs) Commercial Beef Production Forecast History +2.4% +1.3% +5.0% Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution.38 |
  39. 39. fggg • Beef exports were very strong in 2018 but we look for a modest reduction this year due to a softer global economy. • Beef imports into the US are almost as large as beef exports, that should continue to be the case in 2019. • The US exported 11.8% of production in 2018. • Carcass weights were below trend in 2017 and 2018. Look for a return to trend in 2019 & 2020. • In the near-term cattle weights have been hindered by poor feedyard conditions. It may take until April before that situation returns to normal. 660 1,160 1,660 2,160 2,660 3,160 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 TotalBeefExports(millbs) Total Beef Exports Forecast History +11% -4.5% 39 |Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution.
  40. 40. 0.927 0.977 1.027 1.077 1.127 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 DIChoiceCutout(Index) JSF Demand Index, Choice Cutout Forecast History -0.3%+1.0% fggg • Look for the Choice cutout to trade slightly above last year in the first half of 2019 and then trade well below a year ago in the second half of the year. • Middle meats should continue to outperform the end cuts although not to the degree that we saw in 2018. • Domestic beef demand was stronger in 2018, largely due to a strong US economy. • Growing supplies of competing proteins will make it difficult for beef demand to increase further in 2019. • As the economy cools this year, we look for domestic beef demand to decline modestly. Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution.40 |
  41. 41. fggg • The front end of the futures curve is fairly- priced relative to our take on the fundamentals. • However, the futures are expecting a much stronger market in the fall and winter of 2019 than we think is justified. • We are looking for a March top in the cash cattle market with a modest rebound in June. • Beyond June however, the cattle market could get ugly and that will be positive for packer margins and cause financial pain for cattle feeders. Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution.41 |
  42. 42. CDN Beef Production And Slaughter • Big increase in 2018 followed by 2% decline in 2019 • JBS cutting kills in Jan-Feb Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution.42 |
  43. 43. • Strong demand • Weaker Cdn$ provides support CDN Beef Cutout Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution.43 |
  44. 44. • Beef has become more expensive vs. competing meats • Less competitive Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution.44 |
  45. 45. • Beef margins at retail are underperforming Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution.45 |
  46. 46. Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution.46 | CHICKENS & POULTRY NORTH AMERICAN MARKET OUTLOOK:
  47. 47. Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution.47 |
  48. 48. 300 310 320 330 340 350 360 370 380 390 400 410 420 Ja Fe Mr Ap Ma Ju Jl Au Se Oc Nv De $/ckg Canadian Chicken Wholesale Composite Cutout Value 2011-2016 Average 2017 2018 • Very weak wholesale chicken values Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution.48 |
  49. 49. • Wholesale chicken is very competitive Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution.49 |
  50. 50. Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution.50 |
  51. 51. Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution.51 |
  52. 52. 52 | The group of companies are linked by a common thread integral within a protein based supply chain. A provider of innovative risk management solutions, specializing in meat & livestock. “ At J.S. Ferraro & Company we combine our experience in the derivatives markets, expertise in econometrics and over 30 years in the cattle and hog industry to help our clients lead the herd, manage their risk, and maximize their margins. Progressive thinking and precise quantitative modelling are the cornerstones of our margin management solutions. Retail Ready is your “Go-To” protein merchandising & industry expert. Protein expertise at your fingertips. Retail Ready Foods Inc. is a major niche distributor of fresh beef and pork protein, providing peace of mind to mid-to- large retailers and processors across the Americas. We provide clients with superior market insight to help them make informed decisions about their meat purchases, supported by our expertise and well stocked inventory that we deliver just-on-time, every time. “ Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution.
  53. 53. THANK YOU Retail Ready Foods Inc. 130 Adelaide Street, Suite 810 Toronto, Ontario M5H 3P5 CANADA (416) 306-8788 info@retailready.com | www.retailready.com 53 | J.S. Ferraro & Company 130 Adelaide Street, Suite 3302 Toronto, Ontario M5H 3P5 CANADA (416) 306-8787 hello@jsferraro.com | www.jsferraro.com Confidential. © Copyright J.S. Ferraro & Co. and Retail Ready Foods Inc. All Rights Reserved, 2019. Not for distribution. Retail Ready Foods Inc. and J.S. Ferraro & Company are part of the JSF Group of companies.

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