COVID19 Market Mess Like all other markets, the COVID19 virus is hammering the livestock markets, though the direction today was a little friendlier after continued big gains in wholesale red meat prices. Class III milk was the only livestock contract to close down today.
Despite the increasing cutout values, it is virtually impossible to quantify the demand risk right now for cattle and hogs. The nearby contracts for live cattle and lean hogs expire after the current extraordinary containment/lock down measures are expected to end, but before demand will be able to recover. However, the biggest risk is the specter of a plant shutdown due to employees contracting the virus – that could be another situ...
What You Need to Know Today: Russia rejected calls for a ceasefire in the Black Sea, including a proposal to halt attacks on civilian shipping that could help restore grain flows from Ukrainian ports. Tyson Foods announced plans to permanently close its Joslin, Illinois, beef processing facili...
The big news in the cattle markets yesterday was Tyson Foods’ move to close two more beef plants. One of them, the Joslin, Illinois, plant was shuttered immediately after the announcement. The other, in Eagle Mountain, Utah, is a case-ready plant that does not slaughter cattle. Tyson also...
The Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) on Wednesday. In July, the CPI rose 0.1 percent, seasonally adjusted, and rose 3.4 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy, or the “core” infla...
