Current Cattle Market Daily Headlines from March 10, 2021

by | Mar 10, 2021 | 0 comments

Brazil’s Marfrig posts record-high profit in 2020

  • 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

  • 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

  • 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


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


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From the Holcomb Tyson fire to COVID-19;
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