Bismarck – It seems no industry is immune to the reach of the coronavirus, and the cattle markets are no exception.
The markets for livestock have become extremely volatile since the spread of the coronavirus began.
The fear is the economic slowdown will result in lower demand for beef products, therefore, leading to excess supply.
Monday, prices for live and feeder cattle as well as hogs all hit new 10 year lows before rebounding slightly Tuesday.
Market experts say once the panic eases, the Agriculture markets should rebound in a big way.
North Dakota’s top AG official says the demand for beef is there, but getting it to the consumer has been the challenge.
“Meat Shelves are empty, there is a demand, packers are actually worried because they’re not getting the animals. We have to worry about transportation issues that are going to the feed lots, or the feed lots to the packing houses, they are missing having that meat available to the consumer,” said Agriculture Commissioner Doug Goehring.
Prices for Live Cattle fell again Wednesday on the Chicago Mercantile Exchange by $4.42 to close at $91.92.