Current Cattle Market Daily Headlines for Friday, May 29, 2020
Mackenzie Johnston
Newspapers and Laptop. Different Concepts for News - Network or Traditional Tabloid Journals. Data Sources - Electronic Screen of Computer or Paper Pages of Magazines, Internet or Papers
Marfrig and ADM unveil PlantPlus Foods, a joint venture offering fake meat plant-based 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
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.
