Current Cattle Market Daily Headlines from March 11, 2021

by | Mar 11, 2021 | 0 comments

Missouri cattle market investigation gathers speed, family farm action calls on other states to follow

  • Missouri Representative David Gregory is contending that large meatpackers are coordinating widespread beef price-fixing collusion, which has caused beef prices to rise for consumers and cattle prices to decline.
  • In response to Representative Gregory’s claim, Family Farm Action leaders travelled to Missouri’s state capitol earlier this week to offer their support.
  • Representative Gregory and 25 other state representatives recently filed petition to subpoena evidence requesting the Special Committee on Government Accountability to take action.
  • According to Representative Gregory, Missouri farmers and cattlemen are being harmed by low live cattle prices while the meatpackers are enjoying an all-time high price for their beef products.
    • On the flipside, consumers who greatly enjoy beef are being negatively impacted by higher prices.
  • Wes Shoemyer, a farmer and former Democratic member of the Missouri House of Representatives and Missouri State Senate, and board member of Family Farm Action, said that meatpackers are reaping record profits while farmers and ranchers are barely making ends meet and many consumers are struggling to afford food.
  • Webster Davis, a Missouri farmer and Family Farm Action’s Senior Policy Advisor, stated that the federal government has shown they’re willing to issue meatpackers a slap-on-the-wrist fine at best for their price-fixing and collusion schemes.
    • He believes it is time for states to use their power to stand up to the meatpackers and protect their beginning and established farmers, ranchers, consumers and economies.
  • Family Farm Action will continue to stand behind Representative Gregory on this issue and they plan to call on additional states and provide legislators with the political muscle needed to take on big meatpackers.
    • Additionally, the group is calling on any farmers and ranchers who have been harmed by the meatpackers to reach out to and share their story.


JBS in talks to acquire Hebrew National from Conagra

  • According to the Wall Street Journal, JBS SA is negotiating to buy Hebrew National in a deal that also might include Conagra’s Egg Beaters and Odom’s Tennessee Pride breakfast product line.
  • JBS has been focusing on expanding their assortment of brands for the last year.
    • Last month, the meat giant purchased Empire Packing Co. and its Ledbetter branded retail products for $238 million.
  • With that being said, a JBS spokesman reported that there is no guarantee that any deal will be reached with Conagra.
    • The company does not comment on media reports related to potential acquisition activities.


Greece delivers food to cattle ship at sea for months

  • Greece is planning to deliver 50 tons of feed to Elbeik, a ship that has been stuck out in the Mediterranean Sea for almost three months carrying hundreds of cattle.
    • Over the past three months, the ship has made efforts to sell the cattle to numerous countries, but hasn’t been successful due to fears that the cattle may have bluetongue.
      • The ship was also unsuccessful up until this point in replenishing food for the cattle because disease fears were so high.
    • The ship is expected to sail for Spain once the food transfer is completed.


Boxed beef prices

  • Choice boxed beef: $227.29 (-1.74)
  • Select boxed beef: $219.82 (-3.98)


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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.


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