Packers within the cattle industry are stepping up, offering premiums to cattle feeders for the week of March 23. Another glimmer of good news is the cattle markets have rebounded to start the week. As the commodity markets try to look forward past the coronavirus outbreak, Livestock Marketing Information Center director and economist Katelyn McCullock says fed cattle supplies in future Cattle on Feed Reports could be tight. “If we’re past the peak of it, you’ll most likely see cattle prices ramp up. If we’re not past it and still in this phase of uncertainty, it’s not quite as promising. This is an unprecedented event in agriculture and makes it tough to genuine risk assessments.” McCullock reiterates the livestock markets are trying to look at the long-term picture. “Over the last year and a half, beef, pork and chicken have dramatically increase production to meet protein demand. As we’re ramping up demand, COVID-19 hits and all of that is now up in the air.” Hear more in the full RRFN interview.
