CoBank estimates meat supplies at grocery stores could shrink nearly 30% by Memorial Day, leading to prices rising by as much as 20%. Some cattle producers say they are barely hanging on due to futures prices.
Producers watch to see if retail beef demand will continue its slow decline as consumers’ freezers are now packed with meat. There’s a discussion on market manipulation and if there’s a need for an investigation.
School time now comes with some shop time for Indiana farmer Charlie Houin and his sons. While great-grandma, grandma and grandpa help homeschool due to the COVID-19, Houin works to get equipment ready for planting.
Fears of the coronavirus continue to haunt the stock market despite the Federal Reserve’s efforts to calm it. Live cattle prices have dropped to numbers producers and traders haven’t seen in nearly a decade.
One of the most high-profile events in farm country affected by coronavirus concerns is the Houston Livestock show and Rodeo. Some producers had to pack up and leave for home while others didn’t even make the trip.
USDA’s Cattle Report shows the expansion stage is coming to an end.
The total inventory as of January 1 is 94.4 million head, down slightly from 94.8 million head a year ago. It’s not a surprise to industry.
The fire sent cattle prices plummeting. Portions of the industry demanded an investigation and USDA said it was looking into it. Experts at the cattlemen's convention told AgDay that report is still pending.
U.S. beef exports continue to remain strong, according to USMEF. The Federation released its year-end numbers on 2019 export sales last week, and it says beef exports are down slightly from the record year of 2018.
Trade with China is also a topic on Capitol Hill. The Senate Ag Committee holding a hearing on the state of the livestock industry. It was a hearing from representatives throughout the livestock sector.
However, has there been any progress on other trade deals? With the markets swinging up and down during Monday's trading session, what is happening?
AgDay and U.S. Farm Report reporter Betsy Jibben has the story.