Beef Buzz News
OSU's Dr. Derrell Peel Says Livestock Markets Have Recovered From The Pandemic As Producers Now Hope For Good Winter Wheat Pasture
Thu, 24 Sep 2020 08:17:37 CDT
Livestock markets have mostly recovered from the pandemic-induced downturn and now Oklahoma producers are hoping for a good winter wheat pasture grazing season.
Ron Hays Beef Buzzes With Derrell Peel
That overview was presented by Dr. Derrell Peel, OSU Extension livestock economist, during a recent interview on the K-State Radio Network.
The well-known livestock economist said beef exports are once again strong after the downturn.
The weekly data suggest we've had a pretty good recovery in beef exports, Peel said. We had severe disruptions in May and June. Since then we've seen pretty good recovery in the major markets, he said.
Beef imports are also increasing.
The July data showed a sharp spike in beef imports, triggered by the disruption in flow of products during April and May, Peel said.
Peel expects beef imports will come back down but it has been fueled by fast food restaurants and demand for hamburger.
We've had lots of heavy fed cattle with a lot of trimmings and that needs a lot of lean meat to turn into hamburger, he said.
The OSU economist said we need to keep our eye on feeder cattle prices which could be impacted by rising feed costs.
Corn prices have been going up because of China buying large amounts of corn.
I don't expect to see a lot of impact but if that was to continue, we could begin to see the corn market ration supplies, Peel said.
This is also the time of year when producers start focusing on wheat pasture prospects.
The conditions for wheat pasture forage vary around the state, Peel said.
I talked to a producer the other day who said he had rapidly growing wheat pasture and another in southern Oklahoma who had lots of moisture but hadn't been able to get in the field yet, Peel said.
Right now, there is some expectation for good wheat grazing and that will lead to demand for feeder cattle in the next month to six weeks, Peel said.
Click on the LISTEN BAR below to hear more comments from Dr. Peel.
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