COVID-19 Coverage for Cattle Feeders
Courtesy of Texas Cattle Feeders Association
Ongoing efforts are in motion surrounding COVID-19 effects on the beef industry. TCFA will work to keep you informed as the situation continues to evolve.
- The CME Group took emergency action this week to expand the March 2020 Feeder Cattle futures contract price limits to $10 for Tuesday, Wednesday and Thursday. This action was to address the convergence between the feeder cattle index and the futures contract.
- The Department of Labor published a workplace poster that small and midsize employers with fewer than 500 employees are required to post or email employees by April 1. The poster notifies employees of their right to expanded paid sick leave and family and medical leave under the Families First Coronavirus Response Act.
- Okla. Gov. Kevin Stitt issued an executive order deeming agriculture as essential business.
- DOT waived the requirement that CDL holders have a medical examination and certification as long as they can prove they had a valid medical certification that was issued for 90 days or longer and expired after March 1, 2020. Additionally, they are allowing CDL holders to drive with an expired license if they can show the current license expired on or after March 1, 2020. Last week, DOT waived Hours of Service regulations for all livestock haulers through April 12.
- FDA is allowing veterinarians to prescribe drugs in an extra label manner or authorize the use of VFD drugs without direct examination of, or making visits to, their patients.
- National Beef marked all cash purchases last week at $113 live and $180 dressed — the highest price paid at the end of the week.
- Cargill said it will pay a premium of $2 an hour until May 3 with a bonus of $500 to U.S. and Canadian meat packer workers and producers who complete shifts over a period of eight consecutive weeks.
- USDA Sec. Perdue said this week that he is keenly aware of the market concerns and is engaged in the oversight. He is also working with CFTC Chairman Tarbert on this issue and is asking him to keep an eye on the futures market.