Current Cattle Market Daily Headlines from March 10, 2021

by | Mar 10, 2021 | 0 comments

Brazil’s Marfrig posts record-high profit in 2020

https://www.meatingplace.com/Industry/News/Details/97759

  • On Monday, Brazil’s Marfrig Global Foods SA, the world’s largest hamburger producer, reported a record net profit of $575.6 million in 2020.
    • The company attributes such revenue growth to its operations in North and South America.
  • The meat giant posted $11.8 billion in net revenue for 2020, up 35.3 percent from the year before.
  • Marfrig’s operations in North America accounted for 72 percent of the company’s total revenue.
    • North American operations recorded a 6.5 percent expansion, which resulted in $9.4 billion in annual revenue.
  • Marfrig’s South American operations achieved record exports in 2020 with a 25.4 percent increase in revenue, which equated to $3.24 billion.
  • Additionally, Marfrig reported that its board of directors has proposed the distribution of $24.6 million in dividends to its shareholders.

 

Profit Tracker: Cattle margins slim, hogs gain

https://www.drovers.com/news/beef-production/profit-tracker-cattle-margins-slim-hogs-gain

  • Last week, market hogs found twice the profit margin of fed steers thanks to a rally that added almost $22/cwt. to lean hog carcass prices over the last month. Unfortunately, cash cattle prices have been stuck in neutral.
  • Profit margins for cattle sold last week averaged $25/hd., up from the previous week’s $13/hd. profits, according to the Sterling Beef Profit Tracker.
  • Cash cattle prices for last week averaged $113.51/cwt., steady to $0.50 lower than the previous week.
  • Packer margins declined $51/hd. to an average of $372/hd.
    • These profits resulted in the packer/feeder margin spread of $346/hd., down $62 from the previous week’s $408.
  • Packer margins declined due to a $6/cwt. decline in the beef cutout to $233.28/cwt.
    • Last year for the same week, the beef cutout was $205.48/cwt.

 

Beef, pork exports begin 2021 lower

https://www.drovers.com/news/industry/beef-pork-exports-begin-2021-lower

  • According to January data from USDA, compiled by the U.S. Meat Export Federation (USMEF), beef exports were down 2 percent and pork exports were down 9 percent compared to year-ago levels.
    • Beef exports totaled 105,047 metric tons in January, while the value slipped 3 percent to $642.8 million.
    • January pork exports totaled 248,656 metric tons, which resulted in the value decreasing 13 percent to $642.8 million.
  • USMEF reported that the decline in beef exports was mostly due to lower beef variety shipments.
  • USMEF President and CEO Dan Halstrom said that 2021 is off to a good start when it comes to exports, but there are still COVID-related obstacles and significant transportation and labor challenges.

 

Boxed beef prices

www.nationalbeefwirecom

  • Choice boxed beef: $229.03 (-2.05)
  • Select boxed beef: $223.80 (+0.67)

0 Comments

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

How did we get here?

From the Holcomb Tyson fire to COVID-19;
Click to see a timeline of events that have brought to light the profit and pricing disparity in cattle markets.

READ MORE…

We're in this together.

Join our mailing list to receive the latest news and updates from our team.

You have Successfully Subscribed!

%d