Beef Buzz News
As Cattle Processing Drops 20 Percent, KSU's Dr. Glynn Tonsor Offers Hope Beef Demand Will Rebound
Tue, 21 Apr 2020 09:55:25 CDT
The number of cattle being processed has dropped 20 percent compared to year ago levels, according to the latest USDA weekly report. On today’s Beef Buzz, Radio Oklahoma Agriculture Network Farm Director Ron Hays and Dr. Glynn Tonsor, Kansas State University livestock market economist, analyze that report. Tonsor said there is hope for the future.
Ron Hays Beef Buzzes With Dr. Glynn Tonsor
A combination of idled plants due to the COVID-19 outbreak and lower beef demand has wrecked the market. Dr. Tonsor said there is some antidotal evidence suggesting the market pulled forward cattle in March, giving the system some breathing room.
“Animals are still growing,” Tonsor said, “and we can’t ignore this, but I do think we bought ourselves some flexibility.”
Another important factor to consider is the impact of two upcoming USDA reports this week, the cold storage report on Wednesday and the Cattle on Feed Report to be issued Friday.
The cattle on feed report will tell us how many cattle were being fed as of April 1, Tonsor said. This will give us an update on feeding, placements and marketings in March.
The cold storage report will help answer our supply questions.
I have probably spent more time with the media in recent days answering questions about our meat supply, than anything else, Tonsor said. This will give us an update and help round out that story.
The KSU economist is optimistic the market will improve.
If beef demand rebounds with renewed exports to Asia and Europe and slowly reopening domestic business and travel, that will help, Tonsor said.
“We have a long way to go,” he noted, “but hopefully the worse is behind us.”
Dr. Tonsor has listed more interesting information on beef pricing and risk management on a special website. You can see that information by clicking here
Click on the LISTEN BAR below to hear more comments from Dr. Glynn Tonsor.
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.
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