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Beef Buzz News


OSU's Derrell Peel Expects Cyber Attack on JBS to Have Minimal Market Impact

Fri, 04 Jun 2021 07:51:21 CDT

OSU's Derrell Peel Expects Cyber Attack on JBS to Have Minimal Market Impact The cyber-attack on JBS impacted 23 percent of the nationís beef slaughter for a single day and Dr. Derrell Peel, OSU Extension livestock market economist said the market impact is minimal.

This is going to be a relatively minor disruption from an industry and market perspective, Peel said.

The initial uncertainty was frightening, and the markets acted accordingly, Peel said.

But as everything came back on the line the fear subsided, he added.

Higher wholesale boxed beef prices were immediately blamed on the attack, but Peel said prices have been going up for months.

Weíre operating in an environmental of strong demand pull, Peel said.

The timing was bad, coming around the holiday break with some outlets feeling the need to refill the supply chain after the holiday, Peel said.

The OSU economist said there is a disconnect today between cash and boxed beef markets.

We have this physical barrier that does disconnect the wholesale beef market from the fed cattle market, Peel said.

As long as we this surplus of fed cattle and lack of packing capacity, this will continue to exist, he added.

Peel said the impact from the cyber attack will be mostly gone in a few more days as the markets adjust and JBS makes up for the day and a half they lost in processing.

Click on the LISTEN BAR below to hear more of Ronís 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 todayís 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 Derrell Peel
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