Current Cattle Market Daily Headlines for Friday, May 29, 2020

by | May 29, 2020 | 0 comments

 

Marfrig and ADM unveil PlantPlus Foods, a joint venture offering fake meat plant-based products

https://www.nationalbeefwire.com/national-beef-owner-marfrig-and-adm-unveil-plantplus-foods-a-joint-venture-offering-fake-meat-plant-based-food-products

  • Marfrig and ADM has announced that they have reached an agreement to create PlantPlus Foods, a joint venture for the sale of plant-based food products across South American and North American markets.
  • Marfrig and ADM have a history working together developing plant-based foods in South America.
  • “PlantPlus Foods will be ready from day one to meet customer needs in this fast-growing market,” said Marcos Molina, founder and chairman.
  • The company feels that consumers are thinking of foods in new ways. They feel that people realize delicious hamburgers don’t necessarily have to come from an animal source; they can come from a variety of sources, one of those being plants.
  • Initially, Marfrig will own 70% of the company and ADM will own 30%.
  • Molina explained that the demand for proteins, both plant and animal, is growing across the globe, and Marfrig and ADM are ready to help meet those needs.
  • The new company will launch operations as soon as required regulatory approvals have been received.

 

First closure in Brazil, world’s top exporter, specter of more disruptions

https://www.bostonglobe.com/business/2020/05/28/first-closure-brazil-world-top-exporter-specter-more-disruptions/TO7vYCFWJulMFdwCoWPbSP/story.html

  • While the U.S. has begun to see some normalcy return in our meat-processing sector, Brazil is currently dealing with the rapid spread of the virus. This situation is threatening production in Brazil, the world’s top beef and chicken exporter.
  • JBS was ordered to shutter operations at a beef plant in the state of Rondonia after a judicial ruling. This is the first closure for beef in the country since the virus first hit.
  • The closure of more Brazilian meat processing facilities could have major global ripple effects on meat supplies.
  • Brazil has only seen a handful of plants close so far, much better than the U.S. who cut output by about 40% from normal levels during the worst part of the crisis.
  • JBS has introduced a new set of safety standards to protect supplies and workers in hopes of avoiding additional shutdowns.
  • Brazil has become a hot spot for the virus, with cases spiking to the second highest in the world.
  • Europe is also seeing the effects of coronavirus on its meat processing plants as more than 1,000 workers have contracted the disease.

Boxed beef prices

www.nationalbeefwire.com

  • Choice boxed beef: $369.56 (-$8.21)
  • Select boxed beef: $344.09 (-$6.11)
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