Beef Buzz News
Latest Cattle on Feed Report Considered Bullish Says OSU's Dr. Derrell Peel
Mon, 26 Apr 2021 08:10:05 CDT
The latest USDA Cattle of Feed Report is our first chance to compare with pandemic numbers from a year ago, said Dr. Derrell Peel, OSU Extension livestock market economist.
Ron Hays Beef Buzzes With Derrell Peel
This is the first month where we really have last yearís numbers messed up, thatís not a technical term, Peel said.
The cattle on feed numbers compared to a year ago on April 1 were 5.3 percent above, and placements were up 28 percent and marketings were up 1.5 percent.
The OSU economist said it makes more sense to compare the April 1 numbers to the same period two years ago, avoiding the pandemic comparison.
Compared to 2019 the cattle on feed numbers are down .5 percent, placements are down .8 percent and marketings are up 14.8 percent, and we had two more business days this March than in 2019, Peel said.
Overall, Peel said this report should be considered bullish for the market.
Year-to-date comparisons for the next four to six months will be somewhat skewed due to the pandemic, Peel said.
He noted one of the residual impacts of the pandemic is we carried over a few more cattle at the end of 2020 and we have had relatively large slaughter numbers so far in 2021.
This report supports the idea we may be headed towards tighter numbers later in 2021, Peel said.
One of the issues we have right now is with the overall increase in cattle the last five years, slaughter capacity is maxed out, Peel said.
This is capping the fed cattle market right now, he added.
Higher feed costs are putting extra pressure on the fed cattle market, he noted.
Click on the LISTEN BAR below to hear more of Ronís interview with Dr. Peel.
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