Cattle producers encouraged to have a risk management plan in place

The Canadian cattle industry has seen some strong prices in the first half of 2023. Brenna Grant, the Executive Director of Canfax, says the tight supplies in North America have been the underlying factor that’s really driven the market to where we’re at today. The tighter supplies in the cattle sector have also resulted in higher prices at the grocery store. During a recession, beef tends to do fairly well as long as prices with competing proteins stay within historical ranges, if the other proteins go lower it could have an impact. “The big question mark going forward is really on the consumer demand side of the equation. Are we going to see the erosion of demand? Are we going to see consumer switching to other proteins?”