Beef Market Update: Dismal bids follow Chinese trade suspension

(Canada Beef Inc.)

Beef markets this week felt the pressure of the Chinese request to suspend beef and pork exports from Canada.

“It was a growing market that certainly our sellers of beef were focusing on,” says Anne Wasko, of the Gateway Livestock Exchange. “So when you have that close overnight, markets obviously this week have been in a bit of an upheaval.”

Not helped by a market that was adjusting lower anyway, the abrupt change has meant a complete re-scheduling for packers, resulting in “dismal bids.”

“We’ve got all of this protein in North America that is destined for all of these export markets, and again, we need them all, but when one goes completely awol…that throws a big wrinkle.”

Wasko says there are still many unknowns affecting the market, particularly the resolution of the Chinese trade situation, and feed costs heading into fall, and winter.

Wake up with RealAgriculture

Subscribe to our daily newsletters to keep you up-to-date with our latest coverage every morning.

Wake up with RealAgriculture