Current Cattle Market Daily Headlines for Monday, June 1, 2020

by | Jun 1, 2020 | 0 comments

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Trump announces new sanctions on Chinese officials, but won’t scrap phase one trade deal

https://www.forbes.com/sites/sergeiklebnikov/2020/05/29/trump-announces-new-sanctions-on-chinese-officials-but-wont-scrap-phase-one-trade-deal/#285cb9d01160

  • On Friday, President Trump announced new sanctions against Chinese officials. He directed his administration to revoke special trade exemptions for Hong Kong. However, he did say that he would keep a phase one trade deal with China intact.
  • Sanctions and visa restrictions will be put into place on Chinese officials who played a role in “smothering” Honk Kong’s freedom.
  • He also directed his administration to end Hong Kong’s preferential treatment in customs, trade and travel.
  • Along with these restrictions/sanctions, the U.S. will also terminate its relationship with the World Health Organization. Trump feels that China has “total control” over the WHO.
  • Trump stated that he believes China has engaged in a cover up of the “Wuhan virus.”

 

Iowa pork plant to close temporarily because of Covid-19

https://brownfieldagnews.com/news/iowa-pork-plant-to-close-temporarily-because-of-covid-19/

  • Tyson Foods has temporarily closed its Storm Lake, IA pork plant due to 550 workers at the plant testing positive for coronavirus. The plant employs 2,500 individuals.
  • The plant is scheduled to resume operations later this week after additional cleaning and sanitizing.
  • The Storm Lake plant has a slaughter capacity of 17,000 hogs per day.

 

Ibach calls for a higher percentage of negotiated cash trade, says there is “some merit”

https://brownfieldagnews.com/news/ibach-says-calls-for-a-higher-percentage-of-negotiated-cash-trade-have-some-merit/

  • USDA Under Secretary Greg Ibach stated last week that there is “some merit” to calls for a higher percentage of negotiated cash trade in the cattle industry.
  • Ibach, a cattle rancher from Nebraska, told Brownfield that he is also concerned about price discovery in the industry.
  • Ibach touched on the fact that often times, we are not able to report prices on what the actual negotiated price for animals really is.
  • Ibach expects it to be an issues as Congress discusses reauthorization of mandatory price reporting later this year.

 

Boxed beef prices

www.nationalbeefwire.com

  • Choice boxed beef: $363.34 (-$6.22)
  • Select boxed beef: $340.07 (-$4.02)

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