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Beef Buzz News


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 07:53:38 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 A combination of dry weather reducing pasture grazing and the need for feedlots to “reload” their inventory are two reasons why Dr. Derrell Peel, OSU Extension livestock market economist believes the latest USDA Cattle on Feed Report showed higher numbers than many expected.

Peel talked with Radio Oklahoma Ag Network Farm Director Ron Hays about that latest report.

For the month of July placements came in at 111 percent of last year and marketings were 99 percent, with an Aug. 1 cattle on feed total that rounds up to 102 percent of last year.

The placement figure was the big surprise, Peel said.

Many of the cattle placed on feed were lighter weight cattle, leading Peel to believe drought conditions in many areas of the country contributed to the higher than expected number.

Also, part of it is feedlots are looking ahead and reloading, Peel said.

If you look at the last 4 months placements are down so some of this is smoothing out the dynamics, Peel said.

After the April-March “hole” created by the pandemic, Peel said those cattle didn’t disappear and we knew they would have to be placed eventually.

There are not a lot of heavyweight cattle in the numbers so perhaps we are past the backlog in April and May and feedlots are getting more aggressive, Peel said.

I think working through the backlog happened about when I thought it would if this is indeed what is happening, Peel said.

The OSU economist expects the fed cattle market to show a little tighter supply for the next four or five weeks.

On the feeder cattle side we have good demand and prices are working higher, Peel said.

This report from a futures standpoint will have some impact but I don’t think it implies we have a big bulge of cattle coming, he said.

It’s difficult to says but we will probably have a fall run and possibly business as usual, but I hate to use that term anymore, Peel said.

He added early fall wheat pasture grazing is a factor as we see a mixed bag of moisture conditions around the state.

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 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 Dr. Peel
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