Beef Buzz News
Market Watcher Derrell Peel Breaks Down Current Feed and Hay Situation- Bottom Line, We're Good
Fri, 15 Feb 2019 11:46:22 CST
The most recent crop production numbers were released from the United States Department of Agriculture a month later than normal because of the partial government shutdown, offered some good information and insight for the livestock industry regarding the feed and forage situation. Radio Oklahoma Ag Network Farm Director Ron Hays reached out to Oklahoma State University Extension Livestock Market Economist Dr. Derrell Peel for his analysis of these reports. He says as far as feed grains are concerned, the industry seems to be in good shape.
Listen to Peel's full analysis of the current feed and hay situation as it relates to the beef industry below
Based on the information available, the industry has ample supplies of corn, that even with slightly higher market value presently, are still favorably priced. This will drive grains on the protein side - but Peel says ongoing trade issues will likely help to keep a lid on prices, particularly soybeans facing a huge carryover of stocks that will set the tone for protein markets. Bottom line, Peel says the livestock industry will be well-positioned to take advantage of favorable ration costs.
Regarding the hay situation, Peel says these reports indicate overall adequate supplies, despite anecdotal reports of thinning inventories. Peel admits that given the wide-range of growing conditions this prior season, it has been difficult to assess the actual situation. USDA data would suggest, though, that hay production on the whole for the year was down and stocks as a result are relatively tight across the Southern Plains - but in general should be enough to see producers through to spring if weather complications are limited between now and then.
In the meantime, wheat pastures in Oklahoma are doing quite nicely. While initially some pastures were late to establish and difficult to get into with heavy early season moisture, things have greened-up so to speak. Peel says for those graze and grain producers, cattle will soon be pulled off pastures as First Hollow Stem approaches. As for graze only producers, forage should be plentiful for many weeks ahead.
Listen to Peel’s full analysis of the current feed and hay situation as it relates to the beef industry here in Oklahoma, with Ron Hays, on today’s Beef Buzz - brought to you by the American Angus Association. America’s breed.
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