Beef Buzz News
Large Meat Supplies Keeping a Lid on Long-Term Outlook, Says Katelyn McCullock, Livestock Marketing Information Center
Wed, 01 Apr 2020 10:20:01 CDT
On today's Beef Buzz, Radio Oklahoma Ag Network Farm Director Ron Hays talks with Katelyn McCullock, director and senior agricultural economist for the Livestock Marketing Information Center. McCullock discussed the short- and long-term outlooks for meat supplies.
The cash cattle market has made progress in narrowing the gap with the boxed beef market, McCullock said. However, that progress may be slowed as we move forward into the second and third quarters.
We do have large amounts of meat supplies on the market, she said. The first quarter supply for beef is 6 percent more than a year ago, pork is 7 percent more and poultry is about 8 percent more than a year ago at this time, she said.
With restaurants closing and the shift to retail grocery, that is not a one to one exchange, she said.
We do expect some sales to be offset by grocery sales but not all of it, McCullock said.
As consumers are forced to tighten their belts, she expects them to shift their protein choices more to pork and poultry, and away from the relatively more expensive beef.
She notes this will factor into the long-term prospects for meat producers. The USDA's latest hogs and pigs report indicated the breeding hogs number was smaller than expected, this will mean less pork coming to the market later in the year.
Producer sentiment has moved away from the strong optimism last year when the African Swine Fever reduced the global heard and created a large demand for protein. She said producers now are less optimistic and believe they will lose money in the fourth quarter.
Click on the LISTEN BAR below to hear the complete interview with Katelyn McCullock as she talks with Ron Hays.
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 Katelyn McCullock
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