Oklahoma Farm Report masthead graphic with wheat on the left and cattle on the right.
Howdy Neighbors!
Ron Hays, Director of Farm and Ranch Programming, Radio Oklahoma Ag Network  |  2401 Exchange Ave, Suite F, Oklahoma City, Ok 73108  |  (405) 601-9211

advertisements
   
    
   
   
   
   

Beef Buzz News


Economist Don Close with Rabobank Compares COVID-19 Impact on Beef Industry to Nixon Era Price Freeze

Wed, 15 Apr 2020 14:27:50 CDT

Economist Don Close with Rabobank Compares COVID-19 Impact on Beef Industry to Nixon Era Price Freeze The economic impact of COVID-19 on the cattle industry is so severe, Don Close, senior analyst-animal protein for Rabo AgriFinance, is comparing it to the Nixon era retail price freeze of 1973. Close is a member of the panel of economists put together by the NCBA to study the economic impact of COVID-19 on the cattle industry. Their report, released this week, estimates a loss of $13.6 billion. Radio Oklahoma Agriculture Network Farm Director Ron Hays talked with Close after the panel released its estimate.

Close said there is nothing in recent history to compare to this drastic impact. Not the BSE scare, 911 or even the 2009 recession.

“I think there are components of this thing that goes back to the Nixon era price freeze,” Close said. At that time, President Richard Nixon froze retail prices to control inflation. Cattle producers still remember the market disaster that resulted from that action.

Close said the market had issues before Covid-19 and now adding on plant closings, panic buying and hoarding, has created a disaster in the making.

The economist points out that beef demand has remained surprisingly strong. His research indicates fast food establishments are doing about 80 percent of its normal business, offsetting the estimated two-thirds loss of business by the fine dining restaurants.

The total loss of restaurant business is about 60 percent, Close said. Forcing that loss into the retail market has seen people still want to feed their families in good, healthy way, resulting in a continued strong demand for beef.

Click on the LISTEN BAR below to hear more of Ron’s interview with Don Close.

The Beef buzz is a regular feature heard on radio stations around the region on the Radio Oklahoma Network and is a regular audio feature found on this website as well. Click on the LISTEN BAR below for today’s show and check out our archives for older Beef Buzz shows covering the gamut of the beef cattle industry today.


   

   

Ron Hays Beef Buzzes With Don Close
right-click to download mp3

 

WebReadyTM Powered by WireReady® NSI

 

Beef News

  • Cattle Herds Are Shrinking And Intensifying Focus On Packer Capacity, Says Randy Blach With CattleFax  Fri, 18 Sep 2020 08:12:07 CDT
  • Cattle Industry Has Made a Remarkable Adjustment To Pandemic, Says Randy Blach, CattleFax CEO  Thu, 17 Sep 2020 08:33:03 CDT
  • Understanding Price Discovery Is The Key To Improving It Says Texas A&M Economist David Anderson  Wed, 16 Sep 2020 08:26:54 CDT
  • No FMD In United States Since 1929 But Iowa State's Dr. Danelle Bickett-Weddle Says We Must Be Prepared For An Outbreak  Tue, 15 Sep 2020 09:45:10 CDT
  • CARES Act Stimulus Payments Could Be Helping Increase Beef Demand Says KSU's Dr. Glynn Tonsor  Mon, 14 Sep 2020 08:16:00 CDT
  • Uncertainty Is How KSU Extension Livestock Economist Dr. Glynn Tonsor Describes Current Cattle Market  Fri, 11 Sep 2020 08:48:49 CDT
  • The World Population Still Eating Beef Despite Pandemic Says USMEF's Dan Halstrom  Thu, 10 Sep 2020 08:27:19 CDT
  • Demand Remains Strong For U.S. Beef Exports, Says Dan Halstrom, USMEF President And CEO  Wed, 09 Sep 2020 08:08:52 CDT
  • Beef Producers Should Have A Biosecurity Plan, Says OSU Veterinarian Dr. Rosslyn Biggs  Tue, 08 Sep 2020 07:45:25 CDT
  • OSU Extension Livestock Economist Dr. Derrell Peel Says Conditions Exist For Good Profit Margins For Grazing Stocker Calves On Wheat Pasture This Year  Fri, 04 Sep 2020 08:23:52 CDT
  • Meat Packing Industry Needs To Add About 6,000 Head To Daily Capacity, Says Dustin Aherin, Rabo AgriFinance  Thu, 03 Sep 2020 08:42:00 CDT
  • Beef Exports Are Valuable For U.S. Producers Says CattleFax's Randy Blach  Wed, 02 Sep 2020 09:27:50 CDT
  • CattleFax CEO Randy Blach Says Beef Demand Has Dramatically Improved In The Past 20 Years  Mon, 31 Aug 2020 08:20:48 CDT
  • Great American Outdoor Act a Federal Land Grab, Says Kaitlyn Glover With NCBA And PLC  Fri, 28 Aug 2020 08:49:21 CDT
  • Great American Outdoor Act a Federal Land Grab, Says Kaitlyn Glover With NCBA And PLC  Fri, 28 Aug 2020 08:35:50 CDT
  • Elanco's Sara Place Says Converting To a Vegan Diet Would Not Improve The Environment  Thu, 27 Aug 2020 08:17:10 CDT
  • Cattle Are Part of The Solution, Not Part of The Problem, Explains Dr. Sara Place, Elanco Animal Health  Wed, 26 Aug 2020 08:03:54 CDT
  • Dan Halstrom, USMEF, Expects U.S. Beef Exports To Increase in Late 2020  Tue, 25 Aug 2020 07:41:48 CDT
  • Latest Cattle On Feed Report Shows Higher Than Expected Placements And OSU's Dr. Peel Says This Could Mean We've Worked Through The Cattle Backlog  Mon, 24 Aug 2020 07:57:48 CDT
  • California Judge Surprisingly Rules In Favor Of Trump Water Rule, Thus Supporting Agriculture, Says NCBA's Scott Yager  Fri, 21 Aug 2020 08:46:48 CDT
  • Trump Water Rule Now Being Contested In Court, Forcing NCBA To Defend Government Rule, Says NCBA's Scott Yager  Thu, 20 Aug 2020 09:09:54 CDT
  • LMIC's Katelyn McCullock Projects Better Returns For Cattle Feeders Later This Year  Wed, 19 Aug 2020 08:22:39 CDT
  • Input From Cattle Producers Critical For Meeting Goals of The U.S. Roundtable For Sustainable Beef  Tue, 18 Aug 2020 08:58:48 CDT
  • The U.S. Roundtable for Sustainable Beef Provides a Framework For Producers To Be Profitable For The Long-Term Says Past Chair Ben Weinheimer  Mon, 17 Aug 2020 09:45:11 CDT
  • NCBA's Kent Bacus Explains Why We Need To Import Small Amounts Of Beef  Fri, 14 Aug 2020 11:36:29 CDT
  • For US Cattle Producers- China Still Offers Huge Potential- So Says NCBA's Kent Bacus  Thu, 13 Aug 2020 14:23:21 CDT
  • NCBA's Kent Bacus Optimistic 2020 Will Be A Good Year For U.S. Beef Exports  Wed, 12 Aug 2020 09:19:20 CDT
  • OUS's Dr. Derrell Peel Prefers The Word "Stability" Instead of "Normal" When Referencing The Climb To Better Cattle Prices  Tue, 11 Aug 2020 08:12:20 CDT
  • NCBA's Danielle Beck Encourages Producers to Submit Comments on Dietary Guidelines Before Aug. 13 Deadline   Mon, 10 Aug 2020 08:48:20 CDT
  • Ag Exemption For ELD Rule Expires Sept. 30 And NCBA's Allison Rivera Explains How They Are Working To Extend Exemption  Fri, 07 Aug 2020 09:11:21 CDT
  • New 5-Year Long-Range Plan To Help Cattle Producers Unveiled at NCBA Summer Business Meeting  Thu, 06 Aug 2020 08:44:20 CDT
  • USDA Undersecretary Greg Ibach Continues Push For Animal Identification Program And Additonal USDA Regulatory Powers To Help Cattle Industry  Wed, 05 Aug 2020 11:45:23 CDT
  • TCFA's Ross Wilson Says More Robust Price Discovery Does Not Guarantee Higher Prices  Tue, 04 Aug 2020 09:19:31 CDT
  • TCFA's Ross Wilson Believes Voluntary Market Driven Approach To Increasing Live Cattle Trade Can Be Achieved By Year End  Mon, 03 Aug 2020 09:05:23 CDT
  • Cattle Producers Happy To Meet In Person During This Week's NCBA Summer Conference Says NCBA's Colin Woodall  Fri, 31 Jul 2020 09:09:20 CDT

  •  

    Beef Buzz Archives

    Old Archives  |   2010  |   2011  |   2012  |   2013  |   2014  |   2015  |   2016  |   2017  |   2018  |   2019  |   Jan 20  |   Feb 20  |   Mar 20  |   Apr 20  |   May 20  |   Jun 20  |   Jul 20  |   Aug 20  |   Sep 20  |   Oct 20  |   Nov 20  |   Dec 20
        

    Ron salutes our daily email sponsors!

    Oklahoma Ag Credit Oklahoma Farm Bureau National Livestock Credit Ag Mediation Program P&K Equipment Tulsa Farm Show AFR Insurance Stillwater Milling Oklahoma Cattlemen's Association KIS FUTURES, INC.

    Our Road to Rural Prosperity sponsors!

    Banc First OPSRC ORWA TPAOO TPAOO

    Search OklahomaFarmReport.com


       
       
    © 2008-2020 Oklahoma Farm Report
    Email Ron   |   Newsletter Signup   |    Current Spots   |    Program Links

    WebReady powered by WireReady® Inc.