Purchase limits remained in effect at most retail meat departments leading up to Memorial Day, but dollar sales were up 20.7% and volume increased 5.1%, suggesting demand remains strong.
A settlement has been announced in the civil case filed by the family of Wisconsin ranching brothers Nicholas and Justin Diemel who were murdered in Missouri last summer.
Retail sales data show U.S. meat department sales were up substantially in dollar value and volume during the seven weeks from March 8 through April 26.
The coronavirus pandemic has already inflicted its wrath on America’s protein industries and the recovery will be slow. Slower still if you have cattle and hogs that need to be harvested.
Tyson Foods, Inc, announced on Tuesday it will pay approximately $60 million in “thank you” bonuses to its 116,000 frontline employees and Tyson truckers in the U.S.
LMIC says that strong retail demand, and the resulting spike in processing margins, has incentivized processors and packers to ramp up production the last two weeks.
Retail meat sales spiked 77% higher for the week ending March 15, but food shortages are not expected during the “social distancing” period underway to slow the spread of COVID-19.
Pork exports maintained a torrid pace into the new year with January sales to China/Hong Kong leading the way. January beef exports increased modestly from last year.
Seeking to bolster America’s economy amid growing fears over the coronavirus, the U.S. Federal Reserve cut interest rates on Tuesday by half a percentage point.
Fears over the coronavirus have caused Cargill Inc. to ban all non-essential employee travel. Facebook has also cancelled its largest convention, but the organizers of the Tokyo Olympics say preparations continue.
