Packer
JBS USA announced it has suffered an organized cyberattack that has affected servers supporting its IT systems in North America and Australia.
JBS USA says it has invested $130 million to increase production capacities at two of its major beef processing facilities in Grand Island and Omaha, Neb., and announced annualized wage increases over the past year.
Gregory Bloom, CEO and owner of U.S. Protein, shares his perspectives on the cattle market based on experience as a cattle buyer, meat seller and working with chefs and restaurants.
JBS USA said it paid an $11 million ransom to cyber attackers that shut down operations in the U.S. and Australia last week. All plants were fully operational by June 3.
Packers were forced to push the market higher in their quest to find higher-grading cattle last week. High=grading cattle are becoming harder to find with each passing week.
Cattle trades continued in a familiar pattern last week with prices steady to somewhat firmer late week. Feeders keep working to clean up backlog cattle.
Senators Tester (D-MT), Grassley (R-IA), and Rounds (R-SD) have introduced legislation that would amend the Packers and Stockyards Act to establish the Office of the Special Investigator for Competition Matters.
The fed cattle trade last week continued down the same path that we have seen for several weeks. The upcoming weather forecast of hot weather will not be helpful for the backed-up cattle supply.
The White House said Brazil’s JBS SA has informed the U.S. government that a ransomware attack that disrupted meat production in North America and Australia originated from an organization likely based in Russia.
Argentina said on Monday it had temporarily shut down 12 beef exporters over “irregular” operations and had seized over 220 tonnes of meat as tensions over the government’s meat export ban deepen.
Cash prices held mostly steady last week, which could be a sign packers are beginning to get through some of the committed cattle and be in the market to buy more cash cattle from independent cattle feeders.
Beef prices are surging worldwide, taking meat off the menu in steak-loving Buenos Aires and spoiling summer barbecues in the United States as Chinese imports rise and the cost of feeding cattle soars.
Brazilian securities regulator CVM accused Marcos Molina, the chief executive of Brazilian meatpacker Marfrig Global Foods SA, of the “misuse of privileged information” involving Marfrig shares before a filing in 2018.
Fitch Ratings has affirmed the Rating Outlook of Tyson Foods, Inc. and the Hillshire Brands Co from negative to stable.
Packer needs for cattle appeared to be limited last week, yet prices paid in all regions held relatively steady with the previous week.
Cattle feeders in the South region continued to see a lack of negotiated cash trade due to an abundance of market ready cattle.
Many independent feeders are finding themselves fighting the same issues this year as they faced last year, yet feed costs are more than double what the were last year.
Stretched to its limits, packing capacity hinders cash prices and industry growth.
Ample supplies of fed cattle continue to hang over the market as feedlots struggle to get more current. Beef packers have very large margins and appear to be trying to push kills in the face of limited capacity.
Last week only two days of harvest were considered cash trade. This lack of cash trade should give a clear indication that the corporate or “turn in” cattle are influencing the quick decline in the market.
A federal judge in Minnesota granted another class action pork price-fixing settlement between JBS USA and Commercial and Institutional Indirect Purchaser Plaintiffs on April 15.
One Kansas packing plant sat idle half the week for maintenance while others were reluctant bidders, leaving feeders with more cattle than available shackle space.
The spring rally in negotiated cash cattle prices continued last week as trade in the South developed early in the week with packers more aggressive than in recent weeks.
If the 2019 ratio between wholesale beef prices and cash fed cattle prices existed today, cash cattle prices would be $136 per cwt. That would amount to an additional $252 for a 1,400-pound fed steer.
Cash cattle prices in all regions saw higher prices for the second consecutive week as packers found tightening supplies of market-ready cattle.
The Department of Justice said Cody Easterday agreed to repay more than $244 million in restitution and faces a maximum penalty of 20 years in prison for a fraudulent scheme dating back to 2016.
A federal court has removed a provision of the New Swine Slaughter Inspection System that enabled pork processors to establish maximum line speeds.
Sustainable Beef LLC announced plans to build a new, 300,000-square-foot beef packing facility in North Platte with capacity to process 400,000 cattle annually.
National Beef Packing Company, LLC, announced plans to increase processing capacity and production at its Iowa Premium facility located in Tama, Iowa. Capacity is expected to be increased to 2,500 head per day.
The calendar still read January the last time cattle prices saw an advance. Cattle feeders believed they were gaining market leverage and demand might soon spike. Instead, cattle finished a sixth week trading steady.