{"id":52880,"date":"2020-04-30T07:59:14","date_gmt":"2020-04-30T12:59:14","guid":{"rendered":"https:\/\/olduvai.ca\/?p=52880"},"modified":"2020-04-30T07:59:18","modified_gmt":"2020-04-30T12:59:18","slug":"beef-prices-soar-to-record-high-as-meatpacking-plants-shutter","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=52880","title":{"rendered":"Beef Prices Soar To Record High As Meatpacking Plants Shutter"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><a href=\"https:\/\/www.zerohedge.com\/commodities\/beef-prices-soar-record-high-meatpacking-plants-shutter\">Beef Prices Soar To Record High As Meatpacking Plants Shutter<\/a><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Wholesale American beef prices jumped 6% to a record high of $330.82 per 100 pounds, a 62% increase from the lows in February, according to&nbsp;<a href=\"https:\/\/www.bloomberg.com\/\">Bloomberg<\/a>, citing new USDA data.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/2020-04-29_1.png\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The surge in beef prices comes at a time when the nation&#8217;s food supply chain network has been severely damaged by meatpacking plants going offline due to virus-related shutdowns and worker shortage. Bloomberg highlights the latest plant closures in the map below:<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/meatpacking%20plant%20map%20bbg%20%20_1.png\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.zerohedge.com\/s3\/files\/inline-images\/meatpacking%20plant%20map%20bbg%20%20_1.png?itok=yFKgByxC\"><\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Soaring food inflation came one day after P<a href=\"https:\/\/www.zerohedge.com\/markets\/president-trump-readies-bailout-nations-food-suppliers?utm_source=feedburner&amp;utm_medium=feed&amp;utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">resident Trump said he would be issuing an executive order&nbsp;<\/a>&nbsp;to address meat shortages.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;Because of the virus, meat slaughtering is 40% below where it needs to be to handle all of the animals coming to market, said Arlan Suderman,&#8221; chief commodities economist at INTL FCStone.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><em>&#8220;Processing plants were generally in favor of the executive order that would give them liability cover when reopening,&#8221; Suderman said. &#8220;Yet, the order still does not solve the problem of employee absenteeism.&#8221; At least 20 workers in meat and food processing have died and 5,000 have tested positive or forced to self-quarantine due to coronavirus, according to the United Food and Commercial Workers International union.<\/em><\/p><\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">Just days ago, Tyson Foods&nbsp;<a href=\"https:\/\/www.zerohedge.com\/health\/cracking-americas-food-supply-chain-serious-problem\">warned<\/a>&nbsp;in a full-page ad in the New York Times on Sunday that the &#8220;food supply chain is breaking.&#8221;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And with tens of millions of Americans out of work, a crashed economy that is plunging into depression, and rapid food inflation &#8212; this could all suggest that the evolution of the virus crisis is not just an economic crisis but also social instabilities are ahead.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Beef Prices Soar To Record High As Meatpacking Plants Shutter Wholesale American beef prices jumped 6% to a record high of $330.82 per 100 pounds, a 62% increase from the lows in February, according to&nbsp;Bloomberg, citing new USDA data. The surge in beef prices comes at a time when the nation&#8217;s food supply chain network [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[29564,29528,827,855,4318],"class_list":["post-52880","post","type-post","status-publish","format-standard","hentry","category-economics","tag-beef-price","tag-meatpacking-plants","tag-united-states","tag-viral-pandemic","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52880","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=52880"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52880\/revisions"}],"predecessor-version":[{"id":52881,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52880\/revisions\/52881"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=52880"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=52880"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=52880"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}