From the Document: "U.S. livestock and poultry producers entered 2020 with an optimistic outlook for prices and income. Then in mid-March the food service sector, which accounts for a substantial share of meat consumption, was largely shut down as most states closed all but essential businesses. A temporary surge in retail meat purchases offset some of the reduction in food service demand. However, in early April, the situation worsened for producers as COVID-19 [coronavirus disease 2019] outbreaks began spreading in meatpacking plants around the United States, disrupting meat processing and leading to some shortages of meat products in grocery stores. The reduction in slaughter is weighing on livestock prices, reflecting shrinking meatpacker demand for slaughter-ready livestock and poultry."
CRS Insight, IN11366
Congressional Research Service: https://crsreports.congress.gov/