It’s been an interesting week for market analysts. According to Gateway Livestock’s Anne Wasko, cattle prices had a tough week leading up to Friday, then “Brexit — the ‘leave’ victory — sort of sent markets into an upheaval.”
The news that the United Kingdom had voted to leave the European Union gave the global financial markets an immediate red hue Friday, and, according to CBC news, the British pound hit its lowest point in 31 years.
“The one good part is…of course, it’s meant the U.S. dollar index has strengthened as a result,” said Wasko, who pointed to Brexit as an example of the kind of impact international news can have on markets.
In this episode of the Beef Market Update, Wasko joins RealAgriculture’s Shaun Haney to discuss Brexit (of course), and the “depths of losses” in the industry.