Current Cattle Market Daily Headlines – Monday, May 11, 2020

by | May 11, 2020 | 0 comments

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Bottleneck eases, wholesale beef marches higher

https://www.drovers.com/article/bottleneck-eases-wholesale-beef-marches-higher?fbclid=IwAR1Vyleyd0KrqmiU_MeiPHFsre1ZZzarpVMBHPPT0TRpMXkpkA-6AgKpP9E

  • Last week ended with an estimated cattle slaughter of 452,000 head, a 6% increase from the week before. The same week a year ago, slaughter was at 667,000. So far this year, slaughter is 5.8% lower than 2019.

 

President Trump announces federal government will buy $3 billion in meat, dairy, and produce

https://www.kktv.com/content/news/President-Trump-announces-3-billion-for–570346351.html

  • On Saturday, President Trump announced that the federal government will be purchasing $3 billion of food from farmers. The buying will begin early this week.
  • These purchases will include dairy, meat, and produce that will be given to food lines and kitchens.
  • Many Americans are bracing for a food shortage. Some analysts are saying that meat prices could jump 20%.
  • In certain parts of our country, consumers are finding it hard to find meat in the grocery stores. So far we have seen Wendy’s temporarily stop offering some of its fast-food menu items, Costco has capped meat purchases at three items, and Krogers has also set in place a similar policy.

 

Elizabeth Warren and Cory Booker join forces on bill to ban most factory farming by 2040

https://www.newsweek.com/elizabeth-warren-cory-booker-join-forces-bill-ban-most-factory-farming-2040-1502699

  • Senator Elizabeth Warren announced last week that she will be co-sponsoring Senator Cory Booker’s bill to phase out large-scale factory farming by 2040.
  • The Farm System Reform Act would prohibit new large factory farms from going into business and forces others to cease expansions before halting operations entirely within two decades.
  • Senator Warren’s support for the law stems from reports of unsafe conditions in the meatpacking industry that have arose due to the Covid-19 pandemic.
  • If passed, the law would place an immediate moratorium on new large factory farms (aka concentrated feeding operations, CAFOs.)
  • The law would also enforce MCOOL on beef, pork, and dairy products, while prohibiting the USDA from labeling any imported meat as “Product of USA.”

 

Boxed beef increases slightly

https://www.nationalbeefwire.com/cattle-flash

  • Choice boxed beef: $460.88 (+2.34) An increase of $83.43 on the week.
  • Select boxed beef: $448.99 (+$.42) An increase of $91.86 on the week.

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  1. Current Cattle Market Daily Headlines – Monday, May 11, 2020 - Wild Sage News & Views - […] Read original article Author: Mackenzie Johnston […]

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