Beef Buzz News
Katelyn McCullock, Livestock Marketing Information Center, Talks About Holiday Beef Demand During The PandemicTue, 17 Nov 2020 08:28:59 CST
During the holidays consumers often turn to traditional ham and turkey entrees so itís not unusual to see beef demand seasonally decrease. Yet this is a year unlike any other.
Right now, there does seem to be more questions than answers when it comes to beef demand and utilization in the final weeks of 2020 says Katelyn McCullock, director and senior agricultural economist for the Livestock Marketing Information Center, based in Denver, Colo.
Demand for beef in the fourth quarter has been called into question as we see COVID numbers rise and what that would mean for beef, she said.
Seasonal cuts such as chucks and rounds used in home cooking during cold weather usually do pretty well, she noted.
Both of those primal values increased last week, McCullock said.
Will continued uncertainty over the pandemic impact beef and cattle prices?
The answer is yes and no, she said.
The cutout in primal values indicate they are ignoring some of that chatter right now as the demand is good and there is wholesale buying, she said.
A lockdown in general will not bring good news for any of the animal proteins, McCullock said.
As the financial impacts of the pandemic weigh on certain income groups beef would struggle a little more in that environment, she said.
Price point is a real concern, she noted, as consumers compare beef, chicken and pork.
Beef has been holding its position really well, she said.
Ribeyes had a tremendous year in 2019 and it seems unlikely we will be able to match that or even come close this year, but the wholesale price has been really strong through October, she said.
Everything I have seen is more promising for the beef demand picture than what we would have expected a few months ago, she added.
Click on the LISTEN BAR below to hear more comments from 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 todayís show and check out our archives for older Beef Buzz shows covering the gamut of the beef cattle industry today.
WebReadyTM Powered by WireReady® NSI