Pandemonium Over Coronavirus Drives Cash Lower
Cattle producers continued to be in the crosshairs of the chaos that is the global markets. In the south producers found that $110 was the best trades they could get last week, with cattle trading as low as $105 by the end of the week.
The north was not in much better shape having their cash trade top out at $110 and $175 dressed, with other trades tapering off as the week drew out.
As panic and overreaction continues across the US and the world due to the coronavirus, the beef industry is being dealt a devastating blow due to outside influences. Uncertainty as to what will happen in the cattle market in the weeks to come doesn’t have a clear end in sight.
All beef producers regardless of size, or segment have the burden and responsibility to be the voice of reason in all of the uncertainty that is happening all around us. As food suppliers we need to take the lead and use our voice to communicate the message that we grow the safest food supply for the demand created, and that we need to be paid for the product based on its worth in the market, not what the hedge fund traders are driving it down to on the board.
