Beef Buzz News
Latest Cattle on Feed Report Termed Bearish For The Market Says OSU's Dr. Peel
Mon, 26 Oct 2020 08:15:39 CDT
The latest USDA Cattle on Feed report could be bearish for the market said Dr. Derrell Peel, OSU Extension livestock market economist. Dr. Peel analyzed the report during an interview with Radio Oklahoma Ag Network Farm Director Ron Hays.
Ron Hays Beef Buzzes With Derrell Peel
Starting first with the numbers, cattle placements were at 105.9 percent compared to a year ago, marketings at 106.2 percent giving us total cattle on feed of 103.8 percent of last year.
The placement number is a little bigger than expected and this may be bearish but hard to say, Peel noted, as cattle markets have been under pressure the last several weeks.
The marketing number is slightly higher than expected, Peel said, and this is the third month in a row with big placements.
The OSU economist said the numbers indicate we are still trying to get the ripples caused by the coronavirus worked through the system.
It certainly doesn't mean we suddenly found a bunch more cattle that we didn't have, he said.
Regarding the pandemic's impact on the market, Peel said we have moved through the backlog of cattle and feedlots are more or less current, but we are still seeing large carcass weights.
The report also included a quarterly breakdown of steers and heifers and we have about 6 percent more steers in the feedlots compared to a year ago.
On the feedlot side we are paying more attention to higher corn prices so that's one more factor weighing on the feeder cattle, Peel said.
The stocker budgets went from looking positive a month ago to looking negative now, Peel said.
Click on the LISTEN BAR below to hear more of Ron's interview with 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.
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