COVID-19 made a mess of things in the cattle and beef markets. Things are starting to normalize, but the ride is bumpy – and made even bumpier by poor pasture conditions and $7.50/bushel corn. Compared to year ago levels, meat production last week was up by 51 percent; cattle slaughter up by 48 percent (slaughter weights were 10 pounds heavier this year over last), but last year at this time was when packing plants were being idled due to COVID. A better comparison for cattle slaughter is 2019. So far, cumulative slaughter for the year-to-date is 2.6 percent higher than in 2019.
However, cattle slaughter last week was down 2.4 percent from the week before, and actually was down 3.4 percent for the same week in 2019. Th...
Key Market Insights The broad market is locked in on this week’s Trump-Xi meeting in Beijing, but this is no longer just a trade summit. Increasingly, the meeting is becoming tied directly to Iran, energy security, and the growing global economic fallout from disruptions through the Strai...
