Current Cattle Market Daily Headlines for Thursday, October 1, 2020

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Minnesota judge tosses cattle price-fixing lawsuit

https://www.meatingplace.com/Industry/News/Details/94691

  • A case brought before a Minnesota federal court by cattle ranchers that alleged JBS, Tyson, Cargill and National beef of conspiring to reduce cattle prices by limiting production has been tossed out of federal court.
  • A new ruling from U.S. District Judge John Tunheim dismissed the complaint due to problems with the lawsuit’s witnesses.
  • The plaintiff’s case was built on two confidential witnesses.
    • A quality-assurance officer at a processing plant in the Texas panhandle/western Kansas region and a feedlot manager in the Texas panhandle. Both were ready to testify to price fixing by the plaintiffs (big four beef packers.)
  • According to the lawsuit, the quality-assurance officer claimed that a processor’s head of fabrication admitted to reducing purchase/slaughter volumes to reduce cattle prices. The feedlot manager alleged that the packers bid for cattle in a convoluted way that involved collusion and also drove cattle prices down.
  • Despite both claims, Judge Tunheim ruled that the witnesses didn’t provide enough detail, meaning that the feedlot manager’s company and the quality-assurance officer’s employer were not named.
    • Tunheim also ruled that the witnesses’ claims were targeting different areas of meat processing, which meant they were “mismatched.”
  • Judge Tunheim has allowed the plaintiffs 90 days to file amended complaints.

 

Farmers back Trump over Biden, 50 percent to 32 percent

https://www.washingtontimes.com/news/2020/sep/27/inside-beltway-farmers-back-trump-dtn-zogby-poll/?fbclid=IwAR1oShax5yOR-N4rHr3ml89r33NVAkozqhLz-bhSbHt4ISRm8bOd0yLXvFU

  • According to a survey conducted by DTN, farmers and rural American’s back Trump over Democratic nominee Joseph R. Biden by a large margin, 50 percent to 32 percent, with 11 percent being undecided.
  • The survey contacted approximately 1,000 adults in rural counties across the U.S.
  • Despite rural Americans planning to vote for Trump in the coming election, most believe U.S. agriculture is worse off than it was four years ago.
  • According to Grey Montgomery, DTN’s senior vice president-agriculture and managing director of content, 57 percent of farmers believe that President Trump’s focus on agriculture has improved their farming and ranching financial outlook. Fifty-three percent approve of what President Trump has done while in office.
  • The survey also gathered information on the key concerns of rural Americans driving their decision on who to vote for in November;
    • 62 percent say that strength of economy.
    • 48 percent say health care is their main concern.
    • 39 percent say the protection of the Second Amendment.
    • 28 percent say trade.
    • 27 percent climate change.

 

New House bill would allow small meat lockers to expand

https://www.thefencepost.com/news/new-house-bill-would-allow-small-meat-lockers-to-expand/

  • The Strengthening Local Processing Act was introduced on Wednesday in the U.S. House of Representatives by U.S. Representative Chellie Pingree (D-Maine) and Jeff Fortenberry (R-NE.)
  • The Act seeks to address market disruptions created by the coronavirus pandemic.
    • We saw local meat lockers become flooded with animals to process during the pandemic because the large processors either slowed their chain speed or completely shutdown. This caused a backup at the local level and local lockers were forced to schedule longtime customers a year or more out.
      • It is expected that local demand by consumers will continue going forward.
    • This bill will enable small meat lockers to grow and develop by expanding their capacity to process animals and serve more rural livestock producers.
    • This legislation includes a grant program that will help cover costs associated with meeting federal and/or state inspection guidelines and help processors expand their infrastructure.
    • Furthermore, the bill offers grants to train small-plant operators and employees.

 

Boxed beef prices

www.nationalbeefwire.com

  • Choice boxed beef: $217.74 (+0.58)
  • Select boxed beef: $207.54 (+0.55)

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  1. Current Cattle Markets Daily Headlines for Friday, October 2, 2020 | Fair Cattle Markets - […] Current Cattle Market Daily Headlines for Thursday, October 1, 2020 […]

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From the Holcomb Tyson fire to COVID-19;
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