Agricultural commodities have been dropping this year, primarily on concerns of falling global trade and decreasing foreign demand for U.S. ag exports.
When the coronavirus was primarily contained within China, the hardest-hit markets were those sensitive to Chinese demand, like soybeans, cotton, and pork. As the impact is becoming more global, so too are the commodity impacts.
Cattle stumbled hard this week, sparked by concerns of lost exports to Japan and South Korea, the top two buyers of U.S. beef.
By Friday, as domestic fears rose, the cattle were hit even harder on concerns that U.S. consumers may tighten their belts and reduce their purchases of steaks. As of midday Friday, April live cattle futures traded for $1.09 per pound, a four-month low.