Tariffs Are Bullish for US Cattle Market Says StoneX’s Ben Parks
Key takeaways
- Tariffs create bullish conditions for the US cattle market according to Parks
- The calves market is likely to remain strong
- Cattle market prices are higher due to consumer demand
Ben Parks, Risk Management Consultant for StoneX, sat down with the Agriculture of America podcast from the StoneX Ag & Dairy Outlook in Nashville to discuss beef, cattle, and calves, and how Trump's tariffs add to market volatility. "Every day, there's a new headline," Parks said. At this year's StoneX Ag & Dairy Outlook conference, the talk of tariffs was on the lips of many attendees, from farmers to marketers to dairy and livestock producers. "It's top of mind for everyone," said Parks. "For the livestock, specifically, it's kind of interesting. We're importing more cattle and beef than we export."
Tariffs on Canadian feeder and live cattle, as well as on Mexican feeder cattle, are raising the prices of animals from those two countries and impacting US prices. According to Parks, the market is figuring out that tariffs are bullish for the US cattle space, with decreased competition for US products being an overall positive. What is not seen as a positive is the tariffs' impact on the hog market. "Hogs and pork are a whole different dynamic; very export dependent, particularly from Mexico," Parks said. Mexico is the largest export market for US pork, accounting for 30% of the total pork exported by the US. Park mentioned that he and the market were waiting for news of retaliatory tariffs from Mexico, that had yet to be announced. "The situation is fluid," Parks remarked.
Since the beginning of the year, volatility in the cattle market has been driven by strong demand, with support from a robust calf market. "The calf market has been very firm, very healthy," said Parks. "I think that continues for some time to come," he concluded. Parks said that retail demand for beef has been high for the past 12 months and will remain so for the near future. While Parks mentioned that the demand for pork and chicken is also high, he reinforced "…beef is a big headliner, we're selling more beef at much higher prices at retail, consumers are buying it now," Parks said.
On the themes of tariffs and volatility, Parks offered market participants some practical advice on navigating the uncertainty. "I wouldn't get caught up in the day-to-day. It's just so easy for everyone, the industry, me included, to get caught up in the most recent headline," Parks said. "The reality is the industry will go on."
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Listen to the full interview here..
Writer: Dan Morales
Expert: Ben Parks, Risk Management Consultant for StoneX
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