Current Cattle Market Daily Headlines for Wednesday, June 10, 2020

by | Jun 10, 2020 | 0 comments

 

Thune, Baldwin introduce bill to improve paycheck protection program for agricultural producers

https://www.thune.senate.gov/public/index.cfm/press-releases?ID=A4EED4DE-8028-4A44-9260-E0F4C07DDEEC&fbclid=IwAR3FFxj15AaFtnaEtJkkWcq-ou0f9We98se5h0OQUJvB-MfNfedmoY4MAt4

  • Senator John Thune of South Dakota and Tammy Baldwin of Wisconsin introduced legislation on Tuesday that would revise the way producers calculate their Paycheck Protection Program (PPP) loan award.
  • The PPP program was created in the CARES Act to help small businesses retain their employees and cover other qualifying business expenses.
  • South Dakota’s agricultural producers are the heartbeat of the state’s economy; we need to ensure that our agriculture community can weather this pandemic, said Thune.
  • “The Paycheck Protection for Producers Act will provide welcome relief for farmers rendered ineligible for PPP under the CARES Act as a result of financial losses caused by 2019 weather conditions,” said Jeff Thompson, president of the South Dakota Soybean Association.

 

Processing sector recovering quicker than expected

https://brownfieldagnews.com/news/processing-sector-recovering-quicker-than-expected/

  • University of Missouri’s Scott Brown feels that the recovery to the processing sector following Covid-19 has been impressive.
  • Brown said a month ago no expected cattle slaughter to be near year-ago levels and hog slaughter to be above year-ago levels.
  • A negative side affect to these increased slaughter levels has been the sharp decline of boxed beef prices and the pork cutout values.
  • Brown feels a strong economic recovery coupled with strong domestic demand will be a vital component needed for the livestock sector to bounce back from the impact of the coronavirus pandemic.

 

Boxed beef prices continue to tumble

www.nationalbeefwire.com

  • Choice boxed beef: $247.00 (-7.58)
  • Select boxed beef: $227.95 (-3.17)
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