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.
U.S. beef packers including Tyson Foods and Cargill are racking up historically high margins, thanks to slumping cattle prices amid a supply glut and as Americans turn to beef for their backyard summer barbecues.
Anecdotal evidence and supply observations suggest packers have recently had a negotiating advantage over feedlots. Packer margins continue to be wide and the supply of cattle on feed continues to be high.