Current Cattle Market Daily Headlines for Thursday, June 4, 2020

by | Jun 4, 2020 | 0 comments

Daily Headline Sponsor

The Most Committed Brand in Banking ®

This isn’t just some snazzy tagline; it’s the truest words ever spoken by a bank.
Our commitment to the people, business, and communities of the Sandhills guides everything we do.

 

Plant-based foods outpacing total food sales during Covid-19

https://www.thefencepost.com/news/report-plant-based-foods-outpacing-total-food-sales-during-covid-19/

  • Last week the San Francisco-based Plant Based Foods Association (PBFA) and SPINS, a provider of wellness-focused data and market analytics, reported that U.S. retail sales of plant-based foods have considerably outpaced total food sales during the coronavirus pandemic.
  • Plant-based meat sales are also showing strong growth while animal meat sales are declining.
  • Julie Emmett, senior director of retail partnerships at the Plant Based Foods Association, said that it is clear that this industry has staying power, as growth remains strong even through the highest panic-buying period.
  • “Since the beginning of the pandemic, there has been a continued shift in consumer purchasing toward natural and organic products that enhance health and immunity,” said Tony Olson, owner and CEO of SPINS.
  • Olson also stated that plant-based meat continues to gain traction as animal-based meat deals with increased shortages.

 

Pilgrim’s Pride CEO and other chicken industry executives indicted for price fixing;

https://www.cnbc.com/2020/06/03/pilgrims-pride-ceo-and-other-chicken-industry-executives-indicted-for-price-fixing.html

  • Four current and former chicken industry executives, including Pilgrim’s Pride CEO Jayson Penn, have been indicted for price fixing.
  • Shares of Pilgrim’s Pride plunged as much as 13% during yesterday’s afternoon trading.
  • Even though Tyson Foods was not named in the indictment, their shares also fell when the news broke.
  • Other executives allegedly involved in the scheme include former Pilgrim’s Pride vice president, Roger Austin, Claxton Poultry Farm’s President Mikell Fries and Scott Brady, a former Pilgrim’s Pride executive who joined Claxton in 2012.
  • Pilgrim’s Pride supplies chicken for Costco and Yum Brands’ KFC. Claxton is a supplier for Chick-fil-A.
  • The four chicken industry executives were indicted with one count of conspiring to fix prices for broiler chickens from at least 2012 through 2017.
  • The indictment says that executives from both Pilgrim’s Pride and Claxton communicated behind closed doors about negotiations with fast-food chains and grocery stores. They then submitted similar bids.

 

Boxed beef continues to plunge

www.nationalbeefwire.com

  • Choice boxed beef: $295.90 (-22.83)
  • Select boxed beef: $276.78 (-13.80)

0 Comments

Trackbacks/Pingbacks

  1. Current Cattle Market Daily Headlines for Thursday, June 4, 2020 - Wild Sage News & Views - […] Read original article Author: Mackenzie Johnston […]

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

How did we get here?

From the Holcomb Tyson fire to COVID-19;
Click to see a timeline of events that have brought to light the profit and pricing disparity in cattle markets.

READ MORE…

We're in this together.

Join our mailing list to receive the latest news and updates from our team.

You have Successfully Subscribed!

%d bloggers like this: