Beef Buzz News
OSU's Derrell Peel Says August Cattle on Feed Report Shows Tighter Cattle Supplies Ahead
Mon, 23 Aug 2021 13:24:08 CDT
Last Friday, the USDA released the August 2021 Cattle on Feed report. As the cattle markets recover from last year’s bottleneck, Derrell Peel, livestock marketing specialist at Oklahoma State University, told Ron Hays tighter cattle numbers is what he is seeing.
Listen to Ron's conversation with Dr. Peel here
According to the report, cattle and calves on feed for the slaughter market for feedlots in the U.S. with capacity of 1,000 or more head totaled 11.1 million head on August 1, 2021. The inventory was 2 percent below August 1, 2020. Net placements in feedlots were 1.68 million head, 8% below 2020. Marketings of fed cattle during July totaled 1.90 million head, 5 percent below 2020. Other disappearance totaled 55,000 head during July, 4 percent below 2020.
Although numbers of cattle are below average, they are tallying up as expected.
“We peaked in 2019 - that should have given us a peak in the feeder supplies in 2020,” Peel said. “Because of the disruptions last year, we pushed that into the first half of this year. That’s been part of the struggle in fed-cattle markets in the first half of 2021.”
Peel said the U.S. beef cattle industry is nearly caught up with the backlog of cattle caused by the pandemic. As the market continues to recover, cattle numbers will stay lower, Peel said. As supply goes down, price goes up! Peel said he expects to see fed-cattle prices rise in the next few weeks.
“Seasonally, we should be at the low of the year,” Peel said. “But we’re really poised to see this market pick up from here on through the rest of the year, starting anytime now.”
Peel said it has taken the market a long time to get to this point, which is normal when the industry experiences a backup of cattle.
To see the full report, click or tap here.
Click on the LISTEN BAR below to hear more from Dr. Derrell Peel, where he and Ron discuss beef-cow-number forecasts, Peels conversation with California producers and Holstein-crossed beef cattle.
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