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Brad Kooima with Kooima Kooima Varilek says the fear of Brazilian beef tariffs being lowered was part of the selloff in the cattle futures last week. However, Brazil tariffs are still at 66.4% so he says it was already priced into the market.
Despite the strong political rhetoric at the center of cattle and beef prices, as well as meatpackers seeing major losses, economists say rebuilding the U.S. cattle herd will be the slowest in history.
Jon Scheve discusses the highlights of the latest USDA report and what to expect moving forward.
Trump’s allegations are serious: price fixing, collusion and market manipulation by what he calls “foreign-owned meatpacking cartels.”
Jerry Gulke, president of the Gulke Group, says soybeans had rallied into the report as the market priced in additional China demand. So, he wasn’t surprised with the reaction,