…”According to USDA data analyzed by Steiner Consulting, weekly hog slaughter in April averaged 2.456 million head, up 3% compared to April 2019 (comparisons to 2020 are skewed because of COVID-19 disruptions).”…
…“The collapse in price reflects the impact of a decline in the quantity of pork demanded, an increase in the supply of pork imported and stored, extremely heavy carcass weights as producers gambled on a supply shortage this summer, and panic selling now that prices have collapsed,” said Steiner Consulting Group…
…”90CL frozen cow prices just keep reaching for the sky, advancing another 13¢, or 2% to reach 784¢/kg with Steiner consulting citing that general inflationary trends and strong competition from alternative destinations for imported beef are expected to keep beef values elevated throughout the American autumn season until at least Q4.”…
…“Much of the talk at the start of spring was whether lifting COVID restrictions on foodservice would mean lower spending at retail,” the Steiner Consulting Group observed in a new report…
…”There are a couple of things that market participants are paying close attention to. First, what is the supply of hogs on the ground as of June 1?”…
…“Slaughter last week was about 50,000 head smaller than the same holiday shortened week in 2019 and unfortunately for producers, it will be difficult to catch up on this shortfall in the near term,”…
…”The strong demand for lamb is emanating from the recovery in the foodservice industry, where, according to Steiner Consulting, distributors have aggressively snapped up stocks, pushing the domestic cutout value in excess of 16% higher since the start of 2021, to $10.80 US /kg, or $14 AUD/kg while, imported aussie lamb products such as legs […]
…”Last year, things could not have looked worse for producers as COVID-19 created a significant backlog of hogs on farms and resulted in major losses for some producers. It was a truly fearful time. And yet, those that managed to work through that fear now are reaping the benefits the highest prices in a decade.”…
…“It will be difficult for US packers to make up the lost supply in the coming weeks, as they were already bumping up against capacity constraints,” Steiner said. “As a result, we think the shortfall in production last week will continue to impact the market in the near term.”…
…“I think the downturn in feeders certainly was a factor,” said Altin Kalo, economist at Steiner Consulting Group. “I don’t see any other fundamental news out there that would call for the fed market to be down across the board.”…