The Episode3 beef processor margin model is subject to revision as data can be revised post reporting. The November analysis indicated the highest ever margin loss recorded of $294 for the October 2020 period. However, some adjustment to model inputs during November (namely improved beef export values in Japan) have seen the October margin revised to a lower loss per head of cattle processed of $222.
While this is still a significant monthly loss, it is no longer the largest on record. That dubious honour is now held by the August 2020 calculation, which came in at a loss of $258. The November margin update brings the annual average margin for 2020 to a loss of $124, mirroring the annual average losses recorded during the 2016 and 2017 seasons of $129 and $121, respectively.