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BUENOS AIRES/CHICAGO/SAO PAULO, May 27 (Reuters) - Beef prices are surging worldwide, taking meat off the menu in steak-loving Buenos Aires and spoiling summer barbecues in the United States as Chinese imports rise and the cost of feeding cattle soars.
Globally, the surge is contributing to the highest food prices since 2014, according to the United Nations food agency, hitting poorer consumers particularly hard as they struggle to recover from economic shutdowns triggered by the COVID-19 pandemic.
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Is seaweed the answer in helping reduce greenhouse gas emissions from cattle? New research from the University of California, Davis found injecting seaweed into beef cattle’s diets could reduce methane emissions by as much as 82%.
The value of the U.S. dollar has weakened substantially in the past year and CoBank Knowledge Exchange analysts say they expect it to experience modest deflation in 2021. This may be good news or not-so-good news depending on the commodity.
“A weaker dollar generally makes U.S. agricultural products more competitive on the global export market. However, not all commodities are affected equally given the diversity in global export competition and foreign exchange rates,” CoBank’s Knowledge Exchange said in a recent report.
The first hint of green grass was evident throughout much of the Midwest last week, and moisture across the High Plains was welcome with warmer weather on the way.
Feeder steers and heifers sold uneven last week, from $2 lower to $2 higher, according to Agricultural Marketing Service reporters. Demand for light-weight cattle to background was called good with supplies tight.
“When numbers of grazing cattle show up at the auction, the competition is fierce to own them,” AMS reporters said. “A much greater supply of heavier, backgrounded steers and heifers exist nationwide as producers have worked for years push weaning weights higher as cow-calf producers get paid on weight.”
Demand was mostly moderate on cattle headed to feedyards as supplies were adequate. AMS noted a large offering in the auctions in the Northern Plains again this week as producers work to get their yards emptied out before new crop calves start hitting the ground.
AMS also noted much higher grain costs compared to one year ago. Cash corn in SW Kansas taded at $5.69 to $5.84 this year, which compares to $3.45 to $3.65 last year.
Auction receipts totaled 303,200 head last week, compared to 282,400 the previous week. Last year receipts totaled 198,200.
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