“If you can work through some of these bigger weights, later on down the road, some of the replacement numbers we saw in there in the springtime and early summer timeframe would end up coming to pass,” says Bennett.
Cattle futures closed mostly higher for the third consecutive trading session Friday. According to Pro Farmer, August live cattle settled unchanged, while deferred contracts posted modest price gains Friday.
Brazilian labor prosecutors are suing meatpacker JBS SA seeking damages and better work conditions after an outbreak of the novel coronavirus at a meat plant in Ipumirim, in the southern state of Santa Catarina.
CoBank estimates meat supplies at grocery stores could shrink nearly 30% by Memorial Day, leading to prices rising by as much as 20%. Some cattle producers say they are barely hanging on due to futures prices.