Beef Buzz News
There is Plenty of Beef This Summer Says OSU Extension Livestock Economist Derrell Pell
Wed, 01 Jul 2020 08:27:57 CDT
Meat counters are now full as processing plants have worked overtime to catch up. In fact, Dr. Derrell Peel, OSU Extension livestock market economist says we have 5 percent more beef coming on the market now. Peel recently talked with Radio Oklahoma Ag Network Farm Director Ron Hays.
Ron Hays Beef Buzzes With Dr. Derrell Peel
There is plenty of beef, Peel said.
Heavy carcass weights resulting from cattle backed up in the feedlots and weekly processing numbers almost equal to year ago levels has resulted in an oversupply that could continue for several more months.
I think we will make some progress as we go through the summer, Peel said.
He said itís going to depend on market indicators and additional processing days.
Itís hard to maintain big Saturday kills indefinitely, Peel said.
We may carry this backlog into the fall, he said, with the hope we can get caught up due to the ďholeĒ in fed cattle marketing and feedlot placements from March and April.
Boxed beef prices have dramatically dropped and perhaps stabilized at the lowest level since early March.
We may push boxed beef prices even lower, he said.
The OSU economist said he is projecting about a 6 percent year over year increase in beef production for the third quarter.
Beef prices will most likely move lower.
Thatís the challenge we face here, Peel said.
Once we get past the July 4th holiday, the summer doldrums with lower demand until Labor Day could set in, along with ongoing concerns with the economic recession, Peel said.
Click on the LISTEN BAR below to hear more comments from Dr. Peel.
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 todayís show and check out our archives for older Beef Buzz shows covering the gamut of the beef cattle industry today.
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