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.
Cattle and hog feeding operations are experiencing the highest market prices since before the pandemic began more than a year ago. Hog margins were positive for the 11th consecutive week.
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.
Cattle and hog feeding operations are in the midst of their most profitable time since before the pandemic began. Cattle margins nearly doubled last week and hog margins were positive for the 10th consecutive week.
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.
Cattle and hog feeding both saw solid average profits for the week ending April 2, boosted by higher average farmgate prices. Cattle were positive for the second week, while positive hog margins entered a third month.
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.
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.
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.
There appeared to be more cattle trade than what we have seen for several weeks, but with only one or two packers needing cattle it was difficult for feeders to push the market higher.
Kansas Gov. Laura Kelly said Thursday that every meatpacking plant worker in Kansas who wants a COVID-19 vaccination can get one by the end of next week.
Packers, as usual, were in a position of leverage and needed very little cattle for the next week’s harvest. This continues to be the biggest problem with driving the cash price higher.
Pilgrim's Pride, the nation's second-largest poultry processor, entered a guilty plea to federal charges of price-fixing and bid-rigging, the Department of Justice said on Tuesday.
Beef production slowed to a virtual standstill in the South due to extreme winter weather. Heavy demand on electricity and natural gas limited packers from running at capacity, and their need for inventory was limited.
Negotiated cattle traded steady to higher for the week with moderate volumes ahead of a major winter storm that is likely to increase feeding costs and reduce market weights.
Claiming Easterday Ranches conducted a “fire sale” of one of its feedlots just days before filing for bankruptcy, Tyson Foods asks a U.S. Bankruptcy Court to appoint a trustee to take control of the Easterday estate.
Cash cattle markets continued its painfully slow climb higher last week, and most feeder anticipated the gain would be faster. Feedyard costs are on the rise, and any gains are most welcome.
U.S. beef exports finished 2020 down 5% in both volume and value, but finished the year on an upswing with fourth quarter volume up 4.4% from 2019 and posting one of the best months on record in December.
Regulatory activity may be the single greatest threat to U.S. food production as it impacts the entire supply chain from the producer to the consumer. It appears U.S. regulatory activity is increasing.
Cash fed cattle prices ended last week $10 per cwt. lower than last year while the beef cutout closed $16 higher than the same week a year ago. The result? Packer margins $314 per head more than last year.
Tyson Foods, Inc., is piloting a new Matrix Medical Network program that assesses, addresses, verifies and monitors the effectiveness of Tyson’s efforts to protect its workforce from COVID-19.
U.S. meat and poultry processor Tyson Foods Inc was sued on Tuesday for allegedly defrauding shareholders with misleading disclosures about its ability to combat the spread of the coronavirus in its facilities.
Cattle feeders showed they have the resolve to fight for higher bids during last week's cash cattle trade. The market rallied $3 as the futures market continues to suggest better days ahead.
A new report from the Meat Institute shows new COVID-19 infection rates among meat and poultry workers are 60% lower than in the general U.S. population and two-thirds lower than case rates in the sector in May 2020.
A U.S. congressional panel is investigating three large meatpacking companies for possible worker-safety violations following reports that hundreds of industry workers have died of COVID-19.
While Tyson's lawyers were filing a lawsuit on Monday against one of the packer’s largest cattle suppliers, the ink was still drying on the sale of one of that supplier’s feedlots to one of Tyson’s competitors.
Claiming losses of "more than $200 million" in connection with "200,000 cattle that did not exist," Tyson asks for a court-appointed receiver to takeover Easterday Ranches in Washington state.
Cattle and hog feeding margins were little changed last week, with both recording modest losses. Beef packers saw improved margins on significant gains in wholesale beef prices.
On-feed numbers indicate that packers could be running low on committed cattle, which should force some packers back into the cash market in the coming weeks.
Cattle feeders were left on the sidelines as every other cattle/beef market segment saw a price rally. Futures markets set new highs, but cash cattle have not reached $112 for seven months.
Cargill announced it will temporarily idle two of its protein processing facilities for scheduled maintenance. The idling of the facilities is unrelated to the COVID-19 pandemic.
The bonus is intended to encourage employees to get inoculations, after thousands of U.S. meatpacking workers became infected with the coronavirus last year.
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.
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.
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.
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.
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.
