Market Volatility Not Going Away Any Time Soon
Hughes: "I do think that people need to be aware — these markets the volatility that we are in right now — it will not go away anytime soon. We've got a lot of global uncertainty. We've never had negative interest rates in many parts of the developed world in Europe and Asia. Seeing negative interest rates tells you that things are unsettled economically. We're going to have that reflected in our market in our corner of the world in the cattle and feeder market. It's something that we are not going to be immune from. We need to take a deep seat and ride it out when things get moving and take a broader picture and take a deep breath. People need to realize that they should look at this on a quarterly basis, not daily."
He continues with a bright spot in the market.
Hughes: "We do see some very positive things in the cattle and beef market and that is the fact that the demand for choice beef has held up very well and that is reflected in the wholesale price of choice and select beef. Seems like we've seen a shift in the market place where you've got an increased demand for choice beef from both retail and food service which is a very encouraging sign that we have seen."