Beef industry efforts to develop a voluntary animal traceability system gained significant traction today as Tyson Fresh Meats becomes the first beef processor to invest in membership to U.S. CattleTrace.
Cattle and hog feeding operations are in the midst of their most profitable time since before the pandemic began. Cattle margins nearly doubled last week and hog margins were positive for the 10th consecutive week.
Demand for spring and summer grazing cattle remains high with prices reflecting good buyer competition. Agricultural Marketing Service reporters called last week’s prices for steers and heifers steady to $4 higher.
The reopening of restaurant and foodservice is driving beef demand to pre-pandemic levels and beyond, spiking wholesale beef prices $20 per cwt. higher this week, and more than $34 per cwt. higher over two weeks.