Beef Buzz News
Drought, High Feed Costs Tempering Optimism For a Better Cattle Market, Says OSU's Derrell Peel
Tue, 27 Apr 2021 07:57:34 CDT
Optimism of a strong cattle market in 2021 is being tempered somewhat by drought and higher feed costs said Dr. Derrell Peel, OSU Extension livestock market economist.
I haven't given up on it, but you look at the feed market and it has been stronger than anybody expected, Peel said.
I am still cautiously optimistic, especially for the calf market towards the end of the year, he said.
The OSU economist is closely watching the draught.
We've got huge drought issues out west and this is a critical time, he said.
There are some parts of the country that aren't going to grow any forage unless moisture arrives in the next 3 to 6 weeks, Peel said.
When you look at the drought expansion in North Dakota and Texas where there are lots of cattle, we could see some broader market impacts if there is more liquidation there, he said.
It's been dry for many months in the southwest but there is just not a high density of cattle in Arizona and New Mexico, he added.
For Oklahoma things are in better shape and there is hope to grow some forage this year but Peel said.
If we do see it getting drier into the summer, start your plan for getting through the summer and into next spring, Peel said.
There could be some broader market implications seen for folks not directly affected by the drought, Peel said.
The demand side looks good so that is where some of the optimism longer term is coming from, we just need to get the demand and supply side to balance out, 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.
Ron Hays Beef Buzzes With Dr. Derrell Peel
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