Current Cattle Market Daily Headlines : Wednesday Morning May 6, 2020

by | May 6, 2020 | 0 comments

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11 AGs in cattle country ask for Department of Justice Investigation into meat industry concentration

https://www.tsln.com/news/11-ags-in-cattle-country-ask-for-department-of-justice-investigation-into-meat-industry-concentration/

  • South Dakota’s Attorney General, Jason Ravnsborg and Attorneys General from ten other Midwestern and Western states are urging the Department of Justice to pursue a federal investigation into suspected national price fixing by meat packers in the cattle industry.
  • The need for this investigation stems from the four largest meat packing companies controlling 80% of the beef processing in the US, the shelf price of beef being incredibly high, and cattle prices are low and continue to nose dive.
  • “These activities should be alarming to all cattle producers and consumers,” said Ravnsborg. “A federal investigation is warranted to protect consumers and promote competition in the marketplace.”
  • While the packers are using their power to control the cattle markets and harming producers, they are also hurting consumers who are struggling themselves due to loss of employment and reduced incomes.
  • Ravnsborg stands with Attorneys General from North Dakota, Nebraska, Iowa, Minnesota, Montana, Colorado, Wyoming, Missouri, Idaho, and Arizona.

 

Wendy’s pulls burgers off menu in some locations due to meat shortage

https://www.today.com/food/wendy-s-pulls-burgers-menu-some-locations-due-meat-shortage-t180745

  • Some Wendy’s restaurants across the nation have taken their signature hamburgers off the menu. Shortages have been reported in California, South Carolina, and Kentucky.
  • Wendy’s is warning that some items on the menu will be in short supply from time to time during this Covid-19 pandemic. However, the restaurant chain expects this to only be temporary.
  • Wendy’s has about 5,800 locations across the country.

 

Boxed Beef Increases

https://www.nationalbeefwire.com/channels/603-beef

  • On Tuesday, choice boxed beef increased to $428.82 (+18.77). Select boxed beef increased to $410.54 (+33.88).

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How did we get here?

From the Holcomb Tyson fire to COVID-19;
Click to see a timeline of events that have brought to light the profit and pricing disparity in cattle markets.

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