Revisiting President Trump's Execuctive Order - What Has Changed?
Last Tuesday, President Trump signed an executive order urging the nation’s meat processing plants to remain online. As we revisit this order eight days later, the revolving door of plant openings and closures continues. At the start of this week, Tyson warned that it expects more plant closures to occur this year as the industry grapples with ongoing labor absenteeism due to COVID-19. On Monday, Tyson reported that its fiscal second-quarter net income fell 15% from the year prior (several of the company’s plants remain shuttered). Other packers including JBS, Smithfield, and Cargill are similarly affected by labor shortages. Hog processing capacity is being slashed to nearly half, while cattle processing capacity is running at about two-thirds of normal operating speeds. Last week’s estimated hog kill at...
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