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Canadians may see the price of beef increase, Prime Minister Justin Trudeau warned on Tuesday, after an Alberta meat-packing plant was forced to shutdown due to COVID-19.
A pound of 100% ground beef chuck cost $5.59 in October, a penny more than in September. Fresh whole chicken went from $1.98 to $1.99 per pound, maintaining the same pricing as January 2024.
Live cattle is a type of futures contract that can be used to hedge and to speculate on fed cattle prices. Cattle producers, feedlot operators, and merchant exporters can hedge future selling prices for cattle through trading live cattle futures, and such trading is a common part of a producer's price risk management program. [1]
Uncooked beef roasts led that monthly jump with a 6.5% increase from June to July. Beef steaks were up 2.3%, while other cuts of beef and veal were up 3.6%.
The minimum tick size for the contract is $0.00025 per pound ($12.50 per contract). Trading on the contract are subject to price limits of $0.045 per pound above or below the previous day's contract settlement price.
[11] [12] The national levy was introduced in 2012 at $1 per head of cattle, but began to increase to $2.50 per head of cattle in most provinces, starting in 2018. It is payable by producers who feed, slaughter and sell their own cattle . [ 13 ]