US live cattle futures plunged last week to levels not seen since the 2008-09 financial crisis as impacts from the coronavirus pandemic are being realized.
H/T: Zero Hedge
“Farmers crushed under the weight of plunging spot prices and consumers stressed over rising food prices as the economy crashes into depression during a pandemic is a powder keg of social instabilities ready to ignite,” the report concludes.
Beef Prices Spike To Record Highshttps://t.co/0UVbsQOx9A— Bill Tufts - Support Our Communities (@BillTufts) April 28, 2020
Prices have dropped off between 10 and 15 cents per pound. A rancher we spoke to says it's costing ranchers more money to raise the calves than what they're getting when they sell. https://t.co/CtJfSQXYvM— KX News (@KXMB) April 29, 2020
Given the amount of money printed since 2008 when beef cattle prices were in the severe dumps, the fact prices are at 2008-09 lows = 3x as worse at then w⬆️ farmer's expenses. Food supply chain is in SEVERE trouble & unlike oil isnt suffering temporary demand stoppage from Covid. pic.twitter.com/5zUqg7aGXE— John Pitts (@EquityDiamonds) April 28, 2020
What you are saying is 100 percent true. I am a cattle farmer from Kentucky. Prices that the meat packers are paying are dirt cheap. And if I try to butcher and sell my cattle here on the farm to my local community the law says I am selling contraband and they will arrest me— Bowen Troyer (@TroyerBowen) April 28, 2020
*** YOU MUST SHARE THIS ***— Rev. Scott Anthony ⭐️⭐️⭐️ (@ScottAnthonyUSA) April 28, 2020
🇺🇸 U.S. RANCHERS ARE WARNING THAT OUR CATTLE / CHICKENS / PIGS WILL BE KILLED & TRASHED... FOOD SUPPLY IN DANGER!!!! 🇺🇸
(Part 1 of 3)
🚨 NOT A DRILL 🚨 pic.twitter.com/cSi1UtrWWX
⚠️ We should NOT be importing low-quality food in America when our AMERICAN FARMERS & RANCHERS have high quality product to feed our country!!! 🇺🇸🇺🇸🇺🇸🇺🇸— Rev. Scott Anthony ⭐️⭐️⭐️ (@ScottAnthonyUSA) April 28, 2020