Major disruption coming in meat industry

The Nasdaq Food and Beverage ETF is entering a major downturn as the US is beginning to experience major disruptions in the meat market. Yesterday the McDonald's CEO announced that they've had no supply-chain disruptions yet, but they're watching the situation "hour by hour" and are very concerned about it. Later that day, I heard my first story of a McDonald's that has stopped selling burgers because beef is too expensive. The problem is basically that meat processors can't keep up with orders due to labor shortages. As you can see, FTXG has broken below its moving averages and may lead the market downward as the situation develops.

Comment:

Wendy's has been the hardest-hit of the burger chains, with 1/5 of their stores out of beef. However, Trump's executive order to reopen meat processing plants may resolve this situation with a week or two; hard to say.