Bottleneck eases, wholesale beef marches higher
- 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
- 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
- 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
- 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.