Current Cattle Market Daily Headlines for Thursday, May 28, 2020

by | May 28, 2020 | 0 comments

 

U.S., China trade tensions could bubble over

https://brownfieldagnews.com/news/u-s-china-trade-tensions-could-bubble-over/

  • There is legitimate concern the phase one deal could unravel as tensions increase between the U.S. and China.
  • On Tuesday, President Trump said he is ready to take action against China over its effort to impose national security laws on Hong Kong.
  • DTN lead analyst, Todd Hultman, says a trade dispute with China is the number one problem for commodity prices the White House could actually do something about.
  • Hultman realizes that the solution to this problem won’t be easy, but our decisions here in the U.S. are making it extremely difficult to get trade going again with China.
  • The relationship we have with China when it comes to trade can make a real difference for our American farmers and ranchers.

 

Justice Department investigates high meat prices amid coronavirus crisis

https://video.foxnews.com/v/6159887736001?fbclid=IwAR0gWvkrIukW7vfdlCIw_A-5KXrgA44tdiNeipNHkNJE6c7BCxIBjq18XgQ#sp=show-clips

  • Consumers across our nation are facing significant prices at the meat counter, some are even finding empty shelves in their grocery stores.
  • While consumers are facing increased prices at the grocery store, meat processors are paying farmers less and less for beef.
  • According to the Bureau of Labor Statistics, the average price of ground beef is $6.22/lb. This price increased $.26 from March to April.
  • Officials in the DOJ investigation are currently probing irregularities in pricing within our four big packers; JBS, Cargill, National Beef, and Tyson.
  • Senator Chuck Grassley of Iowa has been at the forefront fighting for cattle producers over the past few months.
    • Besides pushing for the DOJ to look into corruption and collusion within our processing sector, he has also brought forward a bill to increase negotiated cash trade

 

Boxed beef prices

www.nationalbeefwire.com

  • Choice boxed beef: $377.77 (-$7.72)
  • Select boxed beef: $350.20 (-$9.82)
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