Current Cattle Markets Daily Headlines: Thursday, July 2, 2020

by | Jul 2, 2020 | 0 comments

USCA, NFU, and others request hearing on livestock reporting rule

  • On Wednesday, the U.S. Cattlemen’s Association, National Farmers Union (NFU), and eleven other organizations sent a letter to the Senate Agriculture Committee requesting a hearing on livestock mandatory price reporting reauthorization.
  • The Livestock Mandatory Reporting rule mandates price reporting for cattle, boxed beef, swine, and lamb. It is reauthorized every five years. The current program will be expiring on September 20th of this year, so the door is open for meaningful change to be made.
  • USCA and others feel that time is running out for an acceptable reauthorization of the program. The groups have urged the Senate Agriculture Committee to examine all possible solutions to the current market factors depressing livestock prices and increasing consolidation within the U.S. cattle industry.


China’s pork prices are on the rise again

  • In China, Pork prices have hit their highest level in about two months due to deadly outbreaks of African swine fever and concerns over pork imports amid Covid-19.
  • Just last week, pork prices saw their biggest gain in eight months when they jumped 5.1 percent. Pork is currently trading at $6.14/kg, the highest since April.
  • China has been buying record amounts of pork to fill its supply gap, but these imports may be slowed due to China’s customs department halting purchases from several overseas suppliers that are dealing with coronavirus outbreaks in their slaughterhouses.


MCOOL rally—Keystone, SD on July 3rd

  • A group of Mandatory Country of Origin Labeling supporters have decided to host a “Demand USA Beef” rally in Keystone, SD to bring attention to consumers and President Trump who will be attending the fireworks at Mt. Rushmore.
  • From cattle producers to consumers, all are welcome to attend to help spread the message of where Americans’ food comes from. Cowboys for Trump will also be in attendance at the event.


Boxed beef prices

  • Choice boxed beef: $206.97 (-1.39)
  • Select boxed beef: $199.46 (-0.44)


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How did we get here?

From the Holcomb Tyson fire to COVID-19;
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