Current Cattle Markets Daily Headlines : Monday, June 29, 2020

by | Jun 29, 2020 | 0 comments

Meat market tenderized by China tops a big week for global food

https://www.bloomberg.com/news/newsletters/2020-06-26/supply-chains-latest-china-is-rattling-the-global-meat-market?utm_source=twitter&utm_content=business&utm_medium=social&cmpid=socialflow-twitter-business&utm_campaign=socialflow-organic

  • From the beginning of the Covid-19 outbreak, experts have said there are no transmission concerns linking virus infections to food. These facts haven’t stopped China from taking some unparalleled and unexpected steps to stir confusion and controversy linking coronavirus outbreaks to food.
  • China’s customs officials are asking global food exporters to sign a document that assures they’re meeting Covid-19 safety requirements to prevent transmission of the virus.
  • Last Tuesday, Australia’s government issued a statement that cited the World Health Organization, saying “transmission through food is highly unlikely.” One day later, the U.S. took a similar stance.
  • The big question through all of this is how will the U.S.-China trade deal be affected.
  • Beijing has pledged to buy more than $30 billion worth of American agricultural goods this year. The Asian country is way behind the expected purchasing pace and traders fear this will only worsen with China’s current irrational claims.

 

Task force to address problems within beef industry

https://www.swoknews.com/news/task-force-to-address-problems-within-beef-industry/article_3d2beabc-bd55-577e-8ae0-02ab68f12d6c.html

  • Oklahoma’s State Representative Justin Humphrey, and State Senator David Bullard have organized a beef task force designed to analyze problems in marketing.
  • Independent ranchers, meat buyers, meat processors, livestock auction owners and meat inspectors have been invited to participate and identify financial obstacles and possible solutions that will provide relief to Oklahoma farmers and ranchers.
  • Humphrey and Bullard realize Oklahoma ranchers are struggling financially as costs continue to climb along with farm debt. Chapter 12 bankruptcies are up 24 percent over last year, and the beef supply chain has been challenged nationwide because of the closure of 75 percent of American feedlots and 48 packing plants, they stated.

 

Boxed beef prices

www.nationalbeefwire.com

  • Choice boxed beef: $207.17 (-1.09)
  • Select boxed beef: $198.85 (-1.08)
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