Packer
Tyson Foods has agreed to pay a settlement of $221.5 million in the broiler chicken antitrust civil price-fixing lawsuit, according to filings Tuesday in federal court in Chicago.
The over-supply of cattle combined with a lack of interest from packers pushed the cash cattle market lower last week.
Missouri Prime Beef Packers - a 500-head per day facility - is set to open later this month in Pleasant Hope, Missouri.
Cattle feeders found higher prices as 2020 came to a close, but their ability to push the market higher may hinge on how Live Cattle futures perform in the first weeks of the New Year.
Tyson Foods notified the Securities and Exchange Commission on Monday it was filing corrected financial results after an internal review found “misappropriation of company funds” by one of its beef suppliers.
All packers were active players in all regions in the days leading up to the Christmas weekend and prices rallied $2 per cwt. accordingly. Feeders reported good clean-up throughout the region.
While packing plant closure and slow-downs disrupted the beef industry in 2020, demand will become more critical heading into 2021 including consumption at-home, away-from-home, and for export.
Cash cattle in the South traded steady, and futures contracts had a decent week but packer needs during the holidays seem to have more of an effect than the futures market.
Tyson Foods Inc said on Wednesday it had fired seven managers at an Iowa pork plant after investigating allegations that they took bets on how many employees would catch COVID-19.
President Donald Trump told reporters Wednesday he has asked the Justice Department to look into allegations that U.S. meat packers broke antitrust law.
To protect essential frontline workers, JBS USA has voluntarily removed hundreds of at-risk workers from a Greeley, Colo., beef plant in response to rising COVID-19 infections in the community.
Packers aggressively sought inventory last week and cash fed cattle prices surged $2 per cwt., to instances of $3 higher for the week. Large trade volumes were reported in the North at $107 to $108 per cwt.
Agri Beef, a cattle feeding, farming and beef processing company in business since 1968, announced it plans to open a new beef packing facility in Jerome, Idaho.
USDA released Wednesday the long-awaited report on its investigation into cattle market disruptions following last year’s Tyson Foods packing plant fire and this spring’s impact from the coronavirus pandemic.
One impact of the coronavirus pandemic on the beef industry has been an increase in the number of carcasses grading Prime, but the shuttering of high-end restaurants that sell Prime beef, however, softened demand.
Montana Senator John Tester and Iowa Senator Chuck Grassley claim American farmers and ranchers face “a grave crisis, and it could hurt every family who buys meat at the grocery store.”
Iowa Senator Chuck Grassley asks Ag Secretary Sonny Perdue to publicly release findings from USDA’s investigation into beef pricing margins following the fire at Tyson’s plant in Holcomb, Kansas.
Tyson’s cooperation in the DOJ investigation of price fixing and bid rigging in the broiler industry is part of a request for formal leniency under the agency’s Corporate Leniency Program.
Missouri lawmakers told a hearing in Jefferson City last week they hope to form a working group to explore the idea of helping secure a beef harvest and processing facility in the state.
A Brazilian Superior Court ruled Tuesday Joesley and Wesley Batista can return to positions of management at J&F Holding, the parent company of JBS SA, the world’s largest meat packer.
Barring a major setback, it appears that America’s beef markets are moving past the worst of the COVID-19 disruptions that have caused upheaval in recent weeks.
“A lot of folks think we should mandate with a law—a federal LAW, mind you, because those always work out so well—that more feeders sell in the cash market. But tying feeders’ hands like this isn’t the answer.”
The President made a broad statement Tuesday about cattle imports, asking USDA Secretary Sonny Perdue to look into terminating bringing in cattle from other countries. However, a decision could come with consequences.
Industry analysts say there is a 1 million head backlog of cattle waiting for a harvest slot, and working through those heavy front-end supplies could take months.
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The South saw another wide trading range last week as prices ranged from $95 to $115 per cwt. for cash fed cattle with just two packers active in the negotiated cash market.
Tyson Foods said on Wednesday it will discount prices on certain protein products the remainder of this week, and some beef items could be discounted 20% to 30%.
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