As we reported in March, Senator Charles Grassley (R-Iowa) introduced his 50/14 cash marketing plan for the fed cattle market. The proposed legislation would require beef packers to purchase 50 percent of the fed cattle they slaughter each day on a negotiated cash, spot-market basis, to be delivered and slaughtered within 14 days. His bill came after Senator Deb Fischer (R-Nebraska) introduced the Cattle Market Transparency Act earlier that month. Her bill would establish a mandatory minimum of negotiated purchases of fed cattle for each packer in each region for each slaughter week. It would not apply to single plant packing companies, however. The basics of the mandatory minimum are as follows:
Purchase volume requirement...
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...
