Beef Buzz News
Cattle Industry Has Made a Remarkable Adjustment To Pandemic, Says Randy Blach, CattleFax CEO
Thu, 17 Sep 2020 08:28:38 CDT
The cattle industry has made a remarkable adjustment to the COVID-19 pandemic says Randy Blach, CEO of CattleFax, a global leader in beef industry research, analysis and information.
Ron Hays Beef Buzzes With Randy Blach
Blach was a featured speaker for the 2020 Virtual Cattle Raisers Convention online this week. The virtual conference replaced the Texas Southwestern Cattle Raisers Convention cancelled in March.
I've never seen anything like this, Blach said, as he recounted the past six months of this historic event.
First of all, as we think about this COVID-19 environment, over half of our beef consumption took place at food service, Blach said.
When that was cut off our entire system had to work fast to move product back to retail, he said.
There was some tremendous volatility and our industry has done a great job, Blach said.
The market hates uncertainty and we got a double dose this year when the spring movement of cattle was at its peak.
The market priced in the worse demand in over 50 years because we didn't know how long the government was going to keep businesses locked down, he said.
The other thing is remembering the markets from February through May, we placed a million fewer head of cattle on feed, noted Blach.
We under harvested (cattle) capabilities by a million head, Blach said.
That backlog of cattle is gradually getting worked down and hopefully by sometime in October we will have caught up.
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