Current Cattle Market Daily Headlines for Tuesday, July 21, 2020

by | Jul 21, 2020 | 0 comments

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Ethiopian farmers slaughter thousands of chicks as Covid hits demand

https://www.reuters.com/article/us-health-coronavirus-ethiopia-poultry/ethiopian-farmers-slaughter-thousands-of-chicks-as-covid-hits-demand-idUSKCN24L0WU

  • Hundreds of thousands of chicks have been destroyed by Ethiopian farmers as the poultry sector deals with a collapse in the hotel industry due to the Covid-19 pandemic.
  • Covid-19 has caused hotels in Addis Ababa to reduce their operations or even close. These hotels are a major source of demand for poultry products.
  • One of the biggest suppliers of poultry products in Addis Ababa, EthioChicken, reported that it has killed nearly 650,000 chicks in five weeks over May and June and estimates millions more have been destroyed country-wide.
  • The company also stated that they have pulled some eggs from their hatchery to destroy instead of chicks.
  • The social consequences of the poultry industry disruption is far reaching.
    • Mena Gabriel Estifanos, a veterinarian, said the industry employs a vast group of society in different regions of the country. Since thousands upon thousands of chicks have been destroyed, those working in the industry have found themselves with no work to do.

 

USDA announces improvements to the Livestock Gross Margin Insurance program for cattle and swine

https://rma.usda.gov/en/News-Room/Press/Press-Releases/2020-News/USDA-Announces-Improvements-to-the-Livestock-Gross-Margin–Insurance-Program-for-Cattle-and-Swine

  • USDA’s Risk Management Agency (RMA) announced yesterday that changes to the Livestock Gross Margin (LGM) insurance program for cattle and swine will begin in the 2021 crop year.
    • These changes include adding premium subsidies to assist producers and moving premium due dates to the end of the endorsement period for cattle.
  • RMA administrator Marin Barbre, said that these changes build upon RMA’s continued effort to make livestock policies more affordable and accessible to livestock producers.
  • Prior to these changes, LGM-Cattle and Swine did not have premium subsidies.
    • LGM-Cattle will now have a subsidy that ranges from 18 percent with 0 deductible up to 50 percent with a deductible of $70 or greater.
    • LGM-Swine will now have a subsidy that ranges from 18 percent with 0 deductible up to 50 percent with a deductible of $12 or greater.

 

Boxed beef prices

www.nationalbeefwire.com

  • Choice boxed beef: $201.74 (+1.27)
  • Select boxed beef: $191.59 (+1.28)

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