Yesterday, WPI covered the export demand for pork, and how that could help support hog prices moving forward, along with some other factors like lower feed costs. Below is a look at cattle prices and domestic beef demand. Cattle prices remain at record levels, surpassing the previous records of 2014 and 2015.
For context, the cattle herd entering 2024 is the smallest since 1951, as beef demand remains strong. Notably, the previous low point for the cattle herd in 2014 was the lowest since 1952, yet beef demand was not as strong a decade ago. Beef production hit records in 2019, 2020, 2021, and 2022. Production decreased in 2023 year-over-year for the first time in seven years, albeit down from a record level, due to a small...
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...
