Current Cattle Markets Daily Headlines January 21, 2021

by | Jan 21, 2021 | 0 comments

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Tyson Foods reaches more settlements in chicken price-fixing litigation

https://www.reuters.com/article/us-tyson-foods-chicken-settlement-idUSKBN29O2IK?utm_source=knewz

  • On Wednesday, Tyson said that the company plans to pay $221.5 million to settle a price-fixing lawsuit with two groups of plaintiffs that accused the meat giant of illegally conspiring to inflate prices in the chicken industry.
    • The settlements with end-user consumers and more than 30 commercial purchasers were disclosed in filings on Tuesday in the federal court of Chicago.
      • Terms of the settlements were not disclosed and court approvals are required.
    • Last week, Tyson agreed to settle related antitrust claims by purchasers who bought chickens directly from the company.
    • Restaurants, supermarkets, food distributors and consumers accused chicken producers of having conspired since 2008 to inflate chicken prices by restricting production and sharing nonpublic data about supply and demand.

 

U.S. to ban imports of all cotton and tomato products from China’s Xinjiang region

https://www.reuters.com/article/usa-trade-china-xinjiang/u-s-to-ban-imports-of-all-cotton-tomato-products-from-chinas-xinjiang-region-idUSW1N2HO03B

  • According to U.S. Customs and Border Protection, the U.S. has imposed a region-wide ban on all cotton and tomato products from China’s western Xinjiang region due to allegations that they are being produced by forced labor from detained Uighur Muslims.
    • This ban will include raw fibers, apparel and textiles made from Xinjiang-grown cotton, as well as tomato-based food products and seeds from the area.
      • S. Customs and Border Protection estimates that about $9 billion of cotton goods and $10 million worth of tomato products were imported from China into the U.S. in 2020.
    • The United Nations estimates that at least 1 million Uighers and other Muslims have been detained in Xinjang, and many of those individuals have been put to work.
      • Multiple media outlets have reported that more than half a million Muslims are pressured into picking cotton and a million more are in detention camps where they are forced to work in textile factories.
    • The Chinese government has denied mistreatment and claims that the camps are vocational training centers needed to combat extremism.

 

“Beef. It’s What’s For Dinner 300”: Beef checkoff teams up with NASCAR

https://www.rfdtv.com/story/43181710/beef-its-whats-for-dinner-300-beef-checkoff-teams-up-with-nascar

  • The beef checkoff has teamed up with NASCAR to sponsor a race one day before the iconic Daytona 500.
  • The “Beef. It’s What’s For Dinner 300” will be broadcast live from Daytona International Speedway on Fox Sports 1 at 4 PM CST on Saturday, February 13.
  • According to Clay Burtum, NCBA’s Federation’s Vice Chair, this is an exciting opportunity to showcase the “beef its what’s for dinner” brand on broadcast television.
  • The federation of state beef councils will be sponsoring broadcast commercials to be aired during the race. These commercials will be produced by NCBA, a contractor of the beef checkoff, and they will feature the “beef its what’s for dinner” brand.

 

Trump pardons three involved in beef misbranding scandal

https://www.meatingplace.com/Industry/News/Details/96879

  • Before leaving office, President Trump pardoned a slew of individuals; among those individuals were Gregory, Deborah and Martin Jorgensen of South Dakota.
  • In 1996, the Jorgensens were convicted of knowingly selling misbranded beef under their premium Dakota Lean brand by mixing in inferior commercial trim.
    • The demand for their heart-healthy, antibiotic-free and hormone-free beef product outpaced supply, according to a White House statement.
  • Since the incident, the family has taken part in decades worth of public service and expressed remorse for their actions.
    • Gregory has served on the Tripp County Board of Commissioners, Deborah is a lifelong member of a non-profit dedicated to promoting educational opportunities for women and Martin was named National Cattlemen’s Beef Association Businessman of the Year.

 

Boxed beef prices

www.nationalbeefwire.com

  • Choice boxed beef: $218.91 (+1.42)
  • Select boxed beef: $207.28 (+0.84)

 

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