COVID-19 made a mess of things in the cattle and beef markets. Things are starting to normalize, but the ride is bumpy – and made even bumpier by poor pasture conditions and $7.50/bushel corn. Compared to year ago levels, meat production last week was up by 51 percent; cattle slaughter up by 48 percent (slaughter weights were 10 pounds heavier this year over last), but last year at this time was when packing plants were being idled due to COVID. A better comparison for cattle slaughter is 2019. So far, cumulative slaughter for the year-to-date is 2.6 percent higher than in 2019.
However, cattle slaughter last week was down 2.4 percent from the week before, and actually was down 3.4 percent for the same week in 2019. Th...
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...