Beef Buzz News
OSU's Dr. Peel Urges Understanding The Meat Industry Before Making Wholesale Changes
Wed, 06 May 2020 10:30:08 CDT
Dr. Derrell Peel, OSU Extension livestock economist believes it's critically important to understand why the meat market works the way it does, especially now during the COVID-19 pandemic. Dr. Peel, who has become the leading expert on the pandemic's economic impact on livestock markets, was a recent guest on Kansas State University's radio network.
Peel said we have a serious backlog of cattle due to the slowdown in meat processing plants.
In the last four weeks the estimated cattle slaughter suggests we have lost the equivalent of one full week of slaughter, Peel said.
The OSU economist optimistically said the worse may be about over.
We may be at the worse point now, as I think we start to make some progress if not this coming week or soon thereafter, Peel said.
He noted it may take the rest of the year to work through the cattle backlog.
If feedlots continue to keep cattle growing at a normal rate then we're going to see carcass weights go up, Peel said, but quickly added many feedlots are just holding cattle in a maintenance mode to avoid overweight issues.
The industry has a lot of challenges ahead, Peel said, including the number of proposals being tossed around to make wholesale changes in the supply system.
Many of the proposals are long term ideas and none of them would substantially change what we're going through right now, Peel said.
It's important to understand why the industry works the way it does today before fully evaluating the consequences of any changes being proposed, Peel said.
"One of the things the last few weeks have really shown to us is how markets really work in ways we don't normally think about," Peel said.
Click on the LISTEN BAR below to hear more comments from 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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