The beef cattle industry will receive $5.1 billion of CFAP funding to partially offset 2020 losses due to COVID-19. USDA expects to begin sign-up in early May and distribute payments by late May or early June.
The U.S. meat industry faces unprecedented threats as COVID-19 sweeps through labor forces nationwide. Production of beef, pork and poultry are simultaneously threatened by labor availability and processing capacity.
It's not clear where the boxed beef cutout will settle out in the coming days. At the same time, the demand for food service has dropped sharply leading to a diverse set of impacts on various wholesale beef cuts.
The U.S. and global economy is in uncharted waters. There are many unknowns about the timing, severity and aftermath of the disease. For beef, there are longer-term questions about the overall impact on demand.