OSU's Derrell Peel Expects Cyber Attack on JBS to Have Minimal Market Impact

 

Oklahoma Farm Report

04 Jun 2021

 

The cyber-attack on JBS impacted 23 percent of the nation’s beef slaughter for a single day and Dr. Derrell Peel, OSU Extension livestock market economist said the market impact is minimal.

 

This is going to be a relatively minor disruption from an industry and market perspective, Peel said.

 

The initial uncertainty was frightening, and the markets acted accordingly, Peel said.

 

But as everything came back on the line the fear subsided, he added.

 

Higher wholesale boxed beef prices were immediately blamed on the attack, but Peel said prices have been going up for months.

 

We’re operating in an environmental of strong demand pull, Peel said.

 

The timing was bad, coming around the holiday break with some outlets feeling the need to refill the supply chain after the holiday, Peel said.

 

The OSU economist said there is a disconnect today between cash and boxed beef markets...

 

more, including audio [6:21 min.] 

http://www.oklahomafarmreport.com/wire/beefbuzz/2021/06/02532_beefbuzz060421_075106.php