U.S. beef exports hit record levels in 2018. However, tariffs reduced pork shipments, driving down values. These global demand dynamics are reflected in the domestic market. There they have supported the retail price of all fresh beef, which was up 3.1 percent in January versus the same month in 2018, while at the same time pressuring pork prices to drop 24 percent. Meanwhile, the producer share of the increasing retail beef value expanded over the second half of 2018 as that share of retail pork value declined.
Wholesale pork prices still remain under pressure. This week the hog carcass cutout value dropped to $63.88/cwt, the lowest level in six years, while the beef cutout has been on a bullish trend.
The cattle sector still faces a...
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...
