"The question before the domestic U.S. beef industry is a determination of the impact and implications of the Coronavirus on our business. China is becoming more isolated amid the outbreak -- holding forth the possibility of disrupting worldwide supply chains. Much of global trade will continue with China especially food products. Some will not -- like tourism. Tourists are also a large consumer of U.S. beef in high dollar Chinese restaurants. Most agricultural products ship by sea and very few people are involved. In China food distribution will be a high priority and will continue because people must eat. We will monitor the progress on Phase I of the trade agreement and no doubt there will be changing patterns in purchases but most of the needs of Chinese consumers will be met. Certainly some stores in affected areas will close temporarily and the Chinese stock market was off 8% but evidence is present that this virus is not as deadly as the SARS virus of decades ago. Packers purchased live cattle last week mostly at $122 with a few at $123. Dressed prices were mostly at $195. Volumes of sales for the week were not large and packers will enter this week with barely adequate inventories. This past week represents the first week in many weeks of a price decline. Packers have widened their margins. With the April futures contract now lower than February, cattle owners are expected to push cattle to market. This past week slaughter volume at 637,000 head was well above last year..."