Current Cattle Market Daily Headlines for November 12, 2020

by | Nov 12, 2020 | 0 comments

Court denies emergency order after southern New Mexico’s Stampede Meat sues to halt virus closure

  • On Tuesday, a federal judge denied issuing an emergency order sought by a southern New Mexico meat processing plant seeking to immediately halt a closure directive from state officials due to an outbreak of coronavirus at the facility.
  • Stampede Meat has filed a lawsuit against New Mexico Governor Michelle Lujan Grisham and the state’s health and environment departments over the closure order.
  • S. District Judge Martha Vazquez rejected Stampede’s request for an urgent injunction saying Stampede failed to “clearly show that immediate and irreparable injury, loss, or damage will result” while the court takes time to consider the case.
  • Earlier this month, Stampede Meats was among three businesses that state regulators said must close their doors for two weeks due to responses by state health teams to Covid-19 infections among employees.
    • According to state records, at least half-dozen employees were confirmed positive with the virus within a four-day period.
  • In the lawsuit, Stampede claims that it should not be subject to the state closure order because the federal government has designated its operations to be essential to the nation’s food supply.
  • When the pandemic first hit, Stampede had a serious outbreak of more than 50 cases amongst employees.
  • According to the company, many safety measures have been taken to limit the spread of Covid-19; its processing facilities are cleaned and sanitized daily, high-touch areas are sanitized every half hour, employees and visitors are screened and have their temperatures taken before entrance and employees are asked to wear layered protection.


China hopes to renegotiate the phase one agreement

  • According to China’s state-run media, the country is looking forward to working with the Biden administration to restore predictability and trust in U.S.-China relations.
  • The South China Morning Post reported that advisers to the Chinese government are pushing for a renegotiation of the Phase One trade agreement.
    • The advisers believe the agreement is “twisted” in favor of the U.S. and the agreement’s import targets are unrealistic and need to be lowered. Additionally, they are hoping to reduce tariffs on Chinese exports to the U.S.
  • Biden has announced that he plans to rejoin the Paris climate agreement and the World Health Organization, which may open the door to better cooperation with China.


Boxed beef prices

  • Choice boxed beef: $222.84 (+0.59)
  • Select boxed beef: $208.46 (-0.09)


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