Markets
Montana Senator John Tester and Iowa Senator Chuck Grassley claim American farmers and ranchers face “a grave crisis, and it could hurt every family who buys meat at the grocery store.”
Iowa Senator Chuck Grassley asks Ag Secretary Sonny Perdue to publicly release findings from USDA’s investigation into beef pricing margins following the fire at Tyson’s plant in Holcomb, Kansas.
Tyson’s cooperation in the DOJ investigation of price fixing and bid rigging in the broiler industry is part of a request for formal leniency under the agency’s Corporate Leniency Program.
This first full-week following the Memorial Day holiday delivers signals cattle markets may see a second wave of downward pressure, the after-shocks of the COVID-19 earthquake.
Missouri lawmakers told a hearing in Jefferson City last week they hope to form a working group to explore the idea of helping secure a beef harvest and processing facility in the state.
A Brazilian Superior Court ruled Tuesday Joesley and Wesley Batista can return to positions of management at J&F Holding, the parent company of JBS SA, the world’s largest meat packer.
Barring a major setback, it appears that America’s beef markets are moving past the worst of the COVID-19 disruptions that have caused upheaval in recent weeks.
“A lot of folks think we should mandate with a law—a federal LAW, mind you, because those always work out so well—that more feeders sell in the cash market. But tying feeders’ hands like this isn’t the answer.”
The President made a broad statement Tuesday about cattle imports, asking USDA Secretary Sonny Perdue to look into terminating bringing in cattle from other countries. However, a decision could come with consequences.
Industry analysts say there is a 1 million head backlog of cattle waiting for a harvest slot, and working through those heavy front-end supplies could take months.
Harvest numbers continue to improve as more plants ramp up leading to a steep decline for wholesale beef prices. Feeder cattle saw moderate demand and higher prices.
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The South saw another wide trading range last week as prices ranged from $95 to $115 per cwt. for cash fed cattle with just two packers active in the negotiated cash market.
Tyson Foods said on Wednesday it will discount prices on certain protein products the remainder of this week, and some beef items could be discounted 20% to 30%.
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Light cash trade continued with a wide price range. Two of the major packers were active in the market, with one actively making an effort to support prices.
Early week fed cattle sales were steady at $95 to $100 per cwt., and $150 dressed. Friday, however, saw one major jump in and buy a few thousand cattle at $105, $5 higher than last week.
R-CALF USA has asked President Trump and House and Senate leaders to conduct a review the beef supply chain and consider “whether a physical and geographical restructuring of the meatpacking industry is required.”
“We need more small plants!”—-The tiny violin solo of the beef industry. To start: there are 853ish USDA beef kill plants in the US, the big four run 27 of them.
USDA’s monthly cattle on feed report estimated March placements to be the lowest since the data series began in 1996.
Cargill’s High River, Alta., beef harvest facility has slowed to one shift beginning this week to prioritize the health and safety of employees, reducing harvest to about 1,500 head per day.
Dozens of workers at Tyson’s Pasco, WA, beef plant have tested positive for COVID-19, but the plant will remain open under heightened health and safety procedures.
JBS USA says its Greeley, Colo., beef plant will be closed through Tuesday for “deep cleaning” in an attempt to stop the spread of COVID-19 among its thousands of employees. Two employee deaths have been reported.
Another steep decline in both fed cattle and feeder cattle was reported last week. Negotiated cash fed cattle sales were the second smallest since mandatory price reporting began in 2001.
The National Cattlemen’s Beef Association and Nebraska Senator Deb Fischer are asking President Donald Trump to investigate possible irregularities in the cattle markets over the past several weeks.
Officials in Weld County , Colo., and Hall County, Neb., are monitoring cases of COVID-19 that are linked to JBS USA beef packing facilities.
Unprecedented volatility in fed cattle markets during March produced a strong increase in negotiated cash sales from feedlots to packers the final two weeks of the month.
During a Facebook Live address to cattlemen Monday night, R-CALF CEO Bill Bullard outlined four actions his group proposes to “restore balance to our dysfunctional cattle markets.”