Current Cattle Market Daily Headlines for January 7, 2021

by | Jan 7, 2021 | 0 comments

Daily Headline Sponsors

R-Calf USA Sandhills Beef Company
More Info More Info

Chinese supermarkets, consumers seek domestic meats to cut contamination risks

https://www.globaltimes.cn/page/202101/1211686.shtml

  • Demand and prices for domestically produced meat in China is continuing to increase as Chinese customers remain concerned with the safety of imported cold-chain products.
  • China’s General Administration of Customs has reported that pork and beef imports in November were 330,000 tons, down roughly 70 percent from July.
    • Beef imports alone fell 23 percent to 170,000 tons.
  • Imported seafood, beef, pork and poultry have repeatedly tested positive for Covid-19 throughout China.
    • This includes imported products from Brazil, Ecuador, Russia and India.
      • As of today, only one positive case was reported from domestic meat products in December.
    • Since port workers are testing positive for the virus, it is becoming more and more difficult and time-consuming for imported products to be unloaded.
      • Before the virus was an issue, unloading usually only took a day; it now can take up to two weeks.
    • Some storage companies have closed their warehouses to imported food in hopes of keeping their workers safe from the virus.
    • According to Yang Meng, owner of a large seafood importing company, recent cases of Covid-19 in Beijing is causing intense concern among people when it comes to imported cold-chain products.
      • Two weeks ago, some big supermarket chains in Beijing began turning away imported products.
    • The demand for domestic meat is greatly benefitting domestic meat producers.
      • The average price for domestic lamb now exceeds lamb imported from New Zealand by 10 percent.
        • The price has increased 30 Yuan ($4.60) nationwide year-over-year.

 

China’s Dicos adds plant-based egg from U.S. firm Eat Just to fast food menus

https://www.reuters.com/article/us-china-food-protein/chinas-dicos-adds-plant-based-egg-from-u-s-firm-eat-just-to-fast-food-menus-idUSKBN29B0CI

  • Dicos, one of China’s largest fast food chains, has added a plant-based egg product supplied by U.S. startup Eat Just Inc., based out of San Francisco, CA.
    • This fake egg product will now be available at more than 500 Dicos across China.
  • Dicos’ conventional egg patty that was used in their breakfast burgers and bagels will now be replaced with a fake egg alternative made from mung beans.
  • Vegetarian alternatives to meat are quickly gaining popularity in China.
    • Euromonitor International, a market research provider, forecasts China’s meat substitutes market will be worth $12.3 billion by 2025, a sharp increase from $10.8 billion in 2020.
  • Dicos is excited about this new, innovative food that will help support sustainable development for humanity in the future.

 

Impossible Foods cuts wholesale prices by 15 percent for second time in one year

https://www.reuters.com/article/impossible-foods-strategy/impossible-foods-cuts-wholesale-prices-by-15-for-second-time-in-one-year-idINL4N2JH2CA

  • On Wednesday, Impossible Foods Inc. reported that they would be cutting prices for foodservice distributors in the U.S. by roughly 15 percent due to increasing demand for its burgers.
    • This is the second cut that the company has done in the last year and they are asking distributors to pass on the savings to restaurants and consumers.
  • This price cut brings the cost for the Impossible Burger to $6.80/lb., much higher than conventional ground beef ranging from $2.00 to $3.00/lb., according to the USDA.
  • Impossible Foods will also be lowering prices on varying cuts for distributors in Canada, Singapore, Hong Kong and Macau.
  • The company reported that its production has increased six-fold since 2019.

 

Boxed beef prices

www.nationalbeefwire.com

  • Choice boxed beef: $205.27 (-0.63)
  • Select boxed beef: $196.08 (-0.41)

 

0 Comments

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

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.

READ MORE…

We're in this together.

Join our mailing list to receive the latest news and updates from our team.

You have Successfully Subscribed!

%d bloggers like this: