The fake cash market may be over
- Last week, Cargill was the only packer to continue to purchase cattle at $120.
- National Beef announced that all grid cattle harvested this week will have discounts applied and will be priced off the average instead of a set price.
- Tyson is accepting grid and cash cattle.
- Last week, Tyson turned down some cattle they thought are now too big. This is a major concern that other feeders may encounter in the near future.
- As boxed beef prices continue to decline, it is likely that packers will have less need to support the market and the cattle markets will follow boxed beef prices.
Brazil’s Marfrig, prosecutors agree to more protection for workers amid pandemic;
- Marfrig Global Foods has signed a settlement with labor prosecutors in Brazil to improve protections for workers amid outbreaks of Covid-19 cases in their meat processing plants.
- This settlement includes routine testing of workers for novel coronavirus and imposes a mandatory 5 ft. in physical distance between workers at the company’s 12 plants in Brazil.
- Marfrig, who is also the majority owner of National Beef Co. LLC in the U.S., said on Monday that it would also test all 18,000 workers starting on June 2nd.
- The meat packing company must also remove all “symptomatic workers” from their plants until testing is conducted, for a minimum of 14 days.