Current Cattle Markets Daily Headlines for January 4, 2021

The meat industry rails against new dietary guidelines for only mentioning ‘beef’ 5 times as the U.S. promotes plant-based protein

https://www.insider.com/new-usda-dietary-plan-meat-industry-wondering-wheres-the-beef-2020-12

• Some agriculture advocacy groups have come forward saying that the new Dietary Guidelines are relying on outdated science, which unfairly classifies meat as an unhealthy food group.
• The guidelines recommend eating less red meat and processed meat overall.
  • Two of the three examples of healthy living patterns included in the guidelines emphasize plant-based foods or seafood as protein sources.
• Agriculture advocacy groups claim that there is new research showing healthy diets can include significant amounts of red meat and/or saturated fat.
• Following the release of the guidelines, U.S. Cattlemen’s Association tweeted that the 163-page guidelines only mention the word “beef” five times.
• The cattle industry group believes that the outdated science that the guidelines are based on may not provide correct information.
  • Lia Biondo with U.S. Cattlemen’s Association said that her association has been concerned throughout this process that maybe not all of the available science on nutrition is being considered because it is constantly evolving.
    • Biondo closed by saying that emerging dietary patterns need to be considered instead of building on previous guidelines.

 

 

Daily Livestock Report

http://www.dailylivestockreport.com/documents/dlr%2012-31-20.pdf

• Feed costs have been surging over the last three months and the last two weeks have seen those costs skyrocket.
• March 2021 corn futures closed last Wednesday night at $4.80/bu., the highest nearby contract close since the summer of 2014.
• March corn futures have gained 13 percent in the last two weeks and are up 43 percent from mid-August.
• The corn market has gained ground because of orders to China piling up and dry conditions in Argentina and Brazil resulting in a continual downgrade of crop yield potential.
  • The extent of crop losses in South America is yet to be known.

 

Tyson supplier paid for undelivered cattle

https://www.tsln.com/news/tyson-supplier-paid-for-undelivered-cattle/

• Investigations performed with the help of outside advisors has discovered that the misappropriation of company funds has caused Tyson to overstate their live cattle inventory by an estimated $285 million as of their 2020 fiscal year ended Oct. 3, 2020.
• The error occurred when a cattle supplier made misrepresentations about the number of cattle purchased on behalf of Tyson.
• Tyson declined to comment on the cattle supplier, but anonymous sources told TSLN that the supplier was Easterday Farms located near Pasco, Washington.
• As of Dec. 25, 2020, Tyson’s net worth was $23.59 billion, so it comes as no surprise that the company reported that the loss caused by Easterday Farms’ misrepresentations will have no material impact on the company’s financial results from 2017 through 2020.
  • Tyson is currently working with Easterday Farms to recover its losses.
• According to Easterday Farms’ website, the farm is a family run agricultural operation that is diversified with crops and cattle.
• Gale and Karen Easterday are the sole owners of Easterday Farms.
• Gale was extremely involved with all aspects of the farms for more than 40 years until he unexpectedly passed away just days before Tyson released the news concerning the cattle inventory mistake.
  • On Dec. 10, 2020, Gale entered onto I-182 in Pasco, Washington on an exit ramp in the middle of the afternoon and proceeded to drive west in the eastbound lanes.
  • He then hit a semi-head on that was hauling potatoes for Easterday Farms.
  • Gale, who was 79 years of age, was pronounced dead at the scene.

 

Boxed beef prices

www.nationalbeefwire.com

• Choice boxed beef: $209.95 (-0.58)
• Select boxed beef: $195.65 (-4.21)