Manitoba Agriculture hosted a webinar last week in place of the annual Beef and Forage Days.
Brain Perillat with Canfax gave a cattle market update.
"We had absolutely incredible beef demand through COVID, despite restaurants being closed or limited capacity," he said. "We've seen huge demand. 2015/2014, Previously, that's when we had some of the highest cutout prices. We've just destroyed those kind of price levels. We've moved into much higher prices and we did this in the fact that North America had record beef production. We had extremely strong cutout wholesale prices, we've had record high retail prices and we've had record high throughput."
Perillat also commented on international demand.
"Globally, international meat demand has been incredibly strong. Part of that's related. We've seen a flattening or almost a shrinking in global meat supplies. African swine fever decimated the Chinese hog herd. China has almost half the hogs in the world. That rippled through global meat markets, not just pork markets. We've seen incredible demand from China from Beef. They've become the world's biggest beef importer, and that supported overall global prices."
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