Meat+Poultry - April 2020 - 50

S P E C I E S R E P O R T: B E E F

As the crisis unfolded, the foodservice segment suffered one of the first blows. Dozens
of industry events have been canceled, closing
eateries while casual dining concepts rely on
curbside service to survive and fast-food chains
have resorted to drive-through business only.
On the flip side, retail food sales have
already increased significantly, especially of

meat and poultry. Numerous grocery stores
in early March reported near-empty meat
cases. Such were beef sales in the week ended
March 15 that retailers scrambled the following Monday and Tuesday to refill their cases.
The result was that the boxed beef cutouts
staged their biggest one- and two-day increases
since mandatory price reporting began in 1996.
Contrary to some reports, consumers are increasing their beef
purchases, not reducing them.
Some analysts expressed
concerns that meat and poultry
supplies might be disrupted if
processing plants had to close
due to labor or other issues.
Tyson Foods on March 13 warned
investors that the pandemic could
disrupt its operations. Its stock
price fell more than 30% in the first
two weeks of March and the stock
of other publicly traded meat
companies also fell heavily.
For its part, the USDA sought
in early March to reassure meat
producers it will keep processing
plants staffed with federal inspectors. The department would use
its authority and all administrative
means and flexibilities to address
staffing considerations during
the outbreak, it told the National
Cattlemen's Beef Association
(NCBA). Earlier, the NCBA said
it was communicating daily with
every sector of the beef supply chain.
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The federal government was
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also working with top leaders in
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shortages and retail food outlets
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will remain open during efforts to
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flatten the curve of coronavirus
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infection, President Donald Trump
said March 15. The immediate
questions now are: How long will
the coronavirus crisis last and how
much will markets recover when
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it is declared over if a recession
looms?

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50

MEAT+ POULTRY | 04.20 | www.meatpoultry.com

* Not all models or versions DLC listed

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Meat+Poultry - April 2020

Table of Contents for the Digital Edition of Meat+Poultry - April 2020
