Margins for U.S. beef processors climbed to a record high on Friday as the closu...
CHICAGO - Margins for U.S. beef processors climbed to a record high on Friday as the closure of a Tyson Foods Inc slaughterhouse due to a damaging fire last week fueled concerns about a shortage of hamburger meat and steaks.
The fire accentuated already high margins in the U.S. beef industry. Ranchers are raising more cattle to take advantage of strong consumer demand for beef, yet the number of slaughterhouses has declined over the past decade. Cattle traded for $105 per hundredweight in cash markets in Kansas and Texas this week, down about 5% from the previous week, according to traders. That was the lowest price in the south since 2017, said Cassie Fish, a U.S. beef expert.
Processors leapt into action to take advantage of the strong margins at a time when demand for beef often rises ahead of the Labor Day holiday in the United States, traders said. Tyson said it will rebuild the plant in Holcomb and use other plants to keep its supply chain full. However, the company said in an e-mail to Reuters on Thursday it will be months before the facility returns to full production.
The most actively traded October live cattle futures contract at the Chicago Mercantile Exchange has tumbled 8% since the fire and set a contract low on Friday.
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