Cattle markets have gained support of late. Foremost, this week’s slaughter, as of today, is running 6,000 head above last week. Last week was 661,000 head, making it one of the top weeks of the year to date. This week could creep up on 670,000 head.
This higher slaughter totals may also inject a little gravity into the wholesale and retail beef markets. September saw record retail beef prices at an average of $7.40 per pound, $0.02 per pound higher than the previous record of June 2020 at the peak of the COVID impact (slaughter was at its low point due to COVID idling in May). Total pounds of beef in freezers were up 5 percent from the previous month but down 6 percent from last year. Live cattle futures ended W...
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...