Since the week of May 16 when the beef cutout hit record highs, the price has fallen 56%. Simultaneously, weekly beef production has increased 29% and carcass weights are averaging 37 pounds more than last year.
USDA released Wednesday the long-awaited report on its investigation into cattle market disruptions following last year’s Tyson Foods packing plant fire and this spring’s impact from the coronavirus pandemic.
Cattle feeders in the South were able to keep the market mostly steady to higher for the week. Most cash trades were $95-$96 with producers finding themselves in a position to pass on lower bids for front end cattle.
Two of the world's largest meatpackers have installed ultraviolet air cleaning equipment in some of their U.S. processing plants. The decision comes as pressure increases on companies to protect workers from COVID-19.
One impact of the coronavirus pandemic on the beef industry has been an increase in the number of carcasses grading Prime, but the shuttering of high-end restaurants that sell Prime beef, however, softened demand.