Glacier FarmMedia COVID-19 & the Farm

Global Markets: COVID-19 shutters meat processing plants

By MarketsFarm

WINNIPEG, Apr. 22 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
Tyson Foods Inc. will halt operations at its largest pork production plant in Waterloo, IA., as the spread of the COVID-19 coronavirus impacts its workforce. The facility has been running at reduced levels, but will be the third major pork facility to close in the United States. Growing disruptions to the meat supply chain will impact farmers, truckers, distributors, and consumer prices at supermarkets.
Crude oil futures have shaken off historic lows, but experts doubt whether the rally will hold. Global demand has been crushed by pandemic-related lockdowns, and storage space remains at a premium. Oil ministers from countries in OPEC+ held an unscheduled meeting on Tuesday to discuss next steps, but no policy measures were finalized.
The U.S. Senate passed an interim deal, adding US$484 billion to its pandemic aid package which includes the small business aid program, coronavirus testing, and hospital support. These funds add to the US$2.2 trillion relief package passed by Congress in March.

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