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Title: Cattle Market Rattled By Recession Risks As Cash-Strapped Consumers Pull Back
Source: [None]
URL Source: https://www.zerohedge.com/commoditi ... h-strapped-consumers-pull-back
Published: Aug 3, 2024
Author: Tyler Durden
Post Date: 2024-08-03 08:27:27 by Horse
Keywords: None
Views: 125
Comments: 4

by Tyler Durden

Is a meat recession coming?

The dismal US jobs report has ignited recession fears, with some major Wall Street banks forecasting at least three 25bps interest rate cuts this year, with the first one starting in September. Recessions typically reduce household incomes and alter diets.

One major issue with this consumer downturn is that households have already been financially crushed by elevated inflation and high interest rates over the last few years. A weakening labor market and a downshifting economy are just icing on the cake as the consumer has depleted personal savings and maxed out credit cards.

As previously noted, the United States Department of Agriculture recently reported beef prices at the supermarket reached a record high of $5.472 a pound in June. This one-way ticket up in prices has been primarily based on a shrinking US cattle herd to the smallest size in 73 years.

Besides the US main equity indexes getting blasted on Friday by recession fears, cattle futures in Chicago were rattled by the slowdown, sending contracts down as much as 4% - but still trading near record highs.

Fears over a "meat recession" are growing as traders see high prices and a consumer downturn as a perfect recipe for stoking demand destruction.

Here's more from Bloomberg:

Cattle futures are dropping as a falling stock market prompts worries that consumers will pull back from high-priced beef. Sales of steak typically increase when equity markets rise and with stocks selling off after a weak US jobs report, prices for cattle are tracking the downturn.


Poster Comment:

Graphs at source. I can remember paying $1.39 for a steak and baked potato dinner at Tad's Steak House in Chicago in a year that cannot be disclosed due to reasons of national security.

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#1. To: Horse (#0)

Cattle Market

No money in it...since Blackrock took over all four beef processing plants.

Explainer: How four big companies control the U.S. beef industry
https://www.reuters.com/business/how-four-big-companies-control-us-beef- industry-2021-06-17/

watchman  posted on  2024-08-03   9:33:22 ET  Reply   Trace   Private Reply  


#2. To: watchman (#1)

No money in it...since Blackrock took over all four beef processing plants

There is money in it. As usual you make untrue pronouncements.

The_Rock  posted on  2024-08-03   22:59:51 ET  Reply   Trace   Private Reply  


#3. To: The_Rock (#2)

How many steers do you raise and sell?

Do you even know any guys who raise and sell cattle?

watchman  posted on  2024-08-03   23:12:21 ET  Reply   Trace   Private Reply  


#4. To: watchman (#3)

Hell, he doesn't even know why a milking stool only has three legs.

ghostrider  posted on  2024-08-04   9:02:07 ET  Reply   Trace   Private Reply  


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