January is typically slow for beef demand due to the post-holiday let down. Over the past month, the choice cutout has declined 4 percent since the first week of December, pulled down by loins (drop of 9.8 percent) and ribs (drop of 33 percent) – coming off the holiday middle meat demand.
At least the holiday demand for choice beef was strong running above last year in volume and value. The COVID impact of smaller holiday gatherings helped beef demand displace some turkey and ham dinners. Additionally, hams, traditionally the biggest selling protein for Christmas, were somewhat limited in supply, at least for boneless hams. COVID protocols in packing plants have slowed fabrication. Bottom line, beef benefit...
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...
