Recently experienced disruptions in the packing sector have resulted in sharp increases in both boxed beef cutout and pork cutout values. Boxed beef cutout values increased to a record high level during early May ’20, over doubling the levels experienced during early April. Recently experienced daily increases in boxed beef cutout values have been the largest on record. Pork cutout values increased to a five year high level during early May ’20, also over doubling the levels experienced during early April. Pork cutout values have strengthened over 14 consecutive days through May 5^th. Weekly cattle and hog slaughter figures have declined to record low levels over recent weeks following the closure of several packing plants stemming from worker illnesses related to COVID-19. President Trump recently signed an executive order announcing his use of the Defense Production Act to order meat processing plants to remain open during the COVID-19 pandemic. It remains unclear how quickly slaughter rates will rebound following the re-opening of several packing plants.