Current Cattle Market Daily Headlines for Monday, October 26, 2020

by | Oct 26, 2020 | 0 comments

Impossible Foods will double research and development to eliminate animal farming

  • Impossible Foods plans to double the size of its research and development team over the next year as they work to eliminate animal farming.
    • The company feels the need to eliminate animal farming to help reverse global warming and halt what it calls the “world’s most destructive technology- the use of animals to transform plants into meat, fish and dairy foods.”
  • The company plans to expand its investment in technology and promote its Impossible Investigator program. This program is aimed at wooing scientists to help solve the problem. Currently, there are 50 openings for scientists, engineers and other research and development professionals to join Impossible Foods’ ongoing projects in Silicon Valley.
  • According to the company’s CEO, Patrick Brown, Impossible Foods is the most important scientific project in human history and the only way to save our planet from environmental catastrophe is to create a new food platform.
    • Brown believes the most destructive mammal are cattle because they are inefficient at producing food, given the grazing they do and the pollutants they give off.
  • According to Impossible Foods, the Impossible Burger uses 87 percent less water, generates about 89 percent less greenhouse gases and requires around 96 percent less land than conventional ground beef from cows.


Impossible Foods is now developing a plant-based alternative to cow’s milk

  • Impossible Foods has created a plant-based cow’s milk substitute made with stable proteins sourced from plants.
  • The company has developed this product to match the same experience that consumers have while consuming dairy products; comparable texture, flavor and mouth feel.
    • This alternative milk is not meant to replace soymilk or nut milks, it is meant to replace dairy so consumers can leave the cow behind, without having to ditch the enjoyment of consuming dairy.
  • Impossible Foods has yet to give a timeline for when this milk substitute will be released to the public, but the company is very excited for its debut, as it will finally be able to give the world a complete plant-based cheeseburger.


Live cattle imports up 3.8 percent year to date

  • The USDA has reported that the U.S. imported 1.4 million hd. of live cattle from January through August of this year. That number is 3.8 percent higher than the same period in 2019.
  • Cattle imported for immediate slaughter accounted for 25 percent of the 1.4 million hd., with the majority of those cattle coming from Canada.
    • Canadian cattle imports are up 6.7 percent due to Canada experiencing lower fed steer prices.
  • Feeder cattle imports are up 2.8 percent from January to August, accounting for 74 percent of cattle imports. The majority of feeder cattle coming out of Mexico.
    • Mexico currently has a lower-valued Mexican peso that has likely incentivized U.S. cattle feeders to import Mexican feeder animals.
  • S. beef imports continue at a vigorous pace with August seeing imports of 351 million pounds, up 32 percent compared to year-ago levels.
    • Major suppliers of imported U.S. beef are Australia, Canada, New Zealand and Mexico, making up 76 percent of August’s total beef imports.
      • New Zealand beef imports were the largest for the month of August since 2003.
      • Beef imports from Mexico have set monthly records in each of the last four months.
      • Brazilian beef imports in August were the largest since December 2008.
      • S. beef imports from Uruguay were the largest in August since September 2007.
    • According to the USDA, U.S. beef imports are projected to remain strong with a forecast of 1.025 billion pounds in the third quarter and 800 million pounds in the fourth quarter. Total beef imports for 2020 are expected to be 3.447 billion pounds and imports in 2021 are expected to be right around 3.135 billion pounds.


October cattle on feed report

  • Cattle on feed as of October 1st reported at 11.7 million head, up 4 percent from year-ago levels.
    • Analysts expected an increase of 3.2 percent.
    • This is the highest October 1st inventory since the series began in 1996.
  • Placements during the month of September totaled 2.23 million head, up 6 percent from year-ago levels.
    • Analysts only expected an increase of 2.5 percent.
  • Marketings during the month of September totaled 1.85 million head, up 6 percent from 2019.
    • Analysts expected an increase of 5.8 percent.


Boxed beef prices

  • Choice boxed beef: $207.49 (-1.37)
  • Select boxed beef: $191.40 (+0.32)


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