Animal protein prices are mostly declining even though there was a consumer rush to hoard supplies ahead of COVID-19 lockdowns. An economic recession generally dulls consumption of higher cost per calories products. With restaurants closed, the price of products heavily used by these outlets like bacon and cheese are plunging. Bacon prices are reportedly down 29 percent. The FAO dairy price index was down 3 percent in March from a month earlier. Yet prices are not acting completely rational. The FAO’s meat price index has been declining for three straight months, well ahead of any known adverse impacts in most countries. Norwegian salmon prices also fell during Q1.
Yet there is an argument that some of the declines are over-wrough...
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...
