As US meat processing plants are shutting down across the country, the price consumers are paying for beef has been drastically increasing.
According to recent data released by the US Department of Agriculture, wholesale beef prices have hit a record high at $330.82 per 100 pounds – which accounts for a 62% increase since February of this year. The surge in beef prices coincides with the country’s collapsing food supply chain, as a number of major meat processing plants have had to either reduce output or shut down operations entirely due to coronavirus infections spreading among workers.
Tyson Foods, one of the largest meat processing companies in the US, recently issued a statement regarding the mounting instability in the country’s food supply chain, which can lead to a reduction of up 1 million pounds of meat. As a response to looming meat shortages, Donald Trump recently signed an executive order instructing the USDA to go above and beyond in ensuring that consumers have access to vital food amid the coronavirus pandemic.
Information for this briefing was found via Bloomberg, USDA, Zero Hedge, and The White House. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.