Current Cattle Market Daily Headlines for November 2, 2020

by | Nov 2, 2020 | 0 comments

Cargill names seven to their beef sustainability advisory panel

  • In January, Cargill launched its BeefUp Sustainability initiative, which has the goal of reducing greenhouse gas intensity by 30 percent across Cargill’s North American beef supply chain by 2030.
    • This reduction equates to removing 2 million cars from U.S. highways for a year.
  • This week, the company has formed an advisory panel for the BeefUp initiative made up of seven individuals throughout the scientific and beef industry.
  • Members of the advisory panel include:
    • Jason Anderson, Power Genetics
    • Marcia DeLonge, Union of Concerned Scientists
    • Erik Jacobsen, Deseret Ranches
    • Ashley McDonald, NCBA
    • Lesley Mitchell, Forum for the Future
    • Lisa Sweet, World Economic Forum
    • Bob Weaber, Kansas State University
  • The BeefUp initiative is based on four science-based practices:
    • Grazing management
    • Feed production
    • Emerging technologies to reduce emissions
    • Food waste reduction
  • The advisory panel is in place to make recommendations on cross-sector stakeholder engagement and information sharing to advance progress across the beef supply chain.
  • Ashley McDonald, senior director of sustainability for NCBA, said that as a voice for cattle producers, NCBA is excited to participate in this advisory panel to provide opportunities to help support rancher resilience.


Tyson wins some, loses some in antitrust summary judgments

  • Last week, Tyson Foods was able to reverse some details of a 2015 antitrust lawsuit with a recent summary judgment, however two key aspects in the lawsuit will move forward.
    • The lawsuit is between Tyson and broiler growers for the processor’s vertically integrated facility in Robards, KY.
  • The broiler growers sued Tyson on four claims: violation of the Packers and Stockyards Act; breach of contract, breach of the implied covenant of good faith and fair dealing; and fraud.
  • Tyson contended that the four claims should be dismissed in a motion for summary judgment.
    • Joseph H. McKinley Jr. of the Western District of Kentucky, Owensboro Division ruled that both the breach of the implied covenant and fraud claims were dismissed.
  • Judge McKinley denied Tyson’s summary judgment for the Packers and Stockyards Act and breach of contract. Those components of the lawsuit will continue.
  • According to Judge McKinley, there is evidence that Tyson is a monopsony in the relevant regional market and that Tyson’s actions has negatively impacted or will likely have an adverse impact on competition.


Boxed beef prices

  • Choice boxed beef: $208.10 (+0.78)
  • Select boxed beef: $191.24 (+0.01)


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