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.
Given the buying power of California’s consumers, Proposition 12 is effectively setting standards for pork and veal producers in other states and in foreign countries that wish to sell meat in California.
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.