Cargill is temporarily closing its High River, Alberta, beef plant due to an outbreak of COVID-19 at the facility. Meanwhile, the company says it has re-opened its processing facility in Hazleton, Pennsylvania.
Cattle prices were in full retreat, giving back all the previous week’s gains. The magnitude of the decline was on full display at feeder cattle auctions with the rollback accelerating throughout the week.
Sharply higher beef cutout values produced windfall profits for beef packers last week while cattle feeders saw closeouts with average losses about steady, according to the Sterling Beef Profit Tracker.
Cash cattle prices lost another $2 per cwt. last week, a decline of $7 over two weeks. Coupled with higher input costs on feeder cattle, the decline feedyards with an average $22 per head loss last week.