Beef Buzz News
Uncertainty Surrounds July 24 Cattle on Feed And Cattle Inventory Reports
Thu, 23 Jul 2020 09:29:56 CDT
Previewing the USDA monthly Cattle on Feed and the twice-a-year Cattle Inventory reports ahead of the July 24 release, Dr. Derrell Peel, OSU Extension livestock market economist, said there is a lot of uncertainty surrounding the reports and interpreting the numbers will take some deeper analysis.
I think the general expectations are for placements to be up a little, marketings close to last year, Peel said.
I think we are getting back to normal, but we still have a lot of cattle on feed delayed in marketing, over 120 to 150 days, Peel said.
We're beginning to chip away at the backlog, which is estimated at around 100,000 head, Peel said.
From January through May the total placements were down about one million head from a year ago, he said.
The big hole was March and April, from this point forward we should see fewer new cattle coming into the system and this should help get ahead of the backlog, Peel said.
Regarding the Cattle Inventory report, Peel said there is a lot of uncertainty about what the numbers will indicate.
We could see all cattle and calves inventory up a little but the beef herd down a little, continuing the slow herd liquidations that started in January, Peel said.
We're going to watch this report and work hard to figure out what it means, he said.
Additionally, on the cattle inventory report, Katelyn McCullock, director and senior agricultural economist for the Livestock Marketing Information Center said this week on the K-State Radio Network abnormal times might mask reality.
Normally if beef cattle slaughter is up, we would expect the herd number to be smaller, she said.
I am expecting the beef cow herd to be slightly smaller than a year ago but because of market disruptions and other factors the July 1 number could be "hiding" some of what's actually going on, added McCullock.
Click on the LISTEN BAR below to hear more of Ron's interview with Dr. Peel and additional comments from Katelyn McCullock.
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
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