Beef Buzz News
Boxed Beef Prices Fall As Supply Chain Catches Up With Demand
Wed, 20 May 2020 10:19:50 CDT
Boxed beef prices have quickly fallen from their record high of $479 last week and that is no surprise to Dr. Glynn Tonsor, Kansas State University Extension livestock market economist.
Ron Hays Beef Buzzes With Dr. Glynn Tonsor
The supply story has changed in the last two weeks, Tonsor said. We do have meat, the supply chain concerns are easing, and the demand side has slackened, he added.
The market changes are in-line with Tonsorís study on meat demand.
Tonsor, along with Dr. Jason Lusk at Purdue University (formerly with OSU), are among a select group of economic experts focused on meat demand and the impact of COVID-19.
The special COVID-19 impact report, as part of the meat demand monitor project, funded by beef and pork checkoff funds, shows many consumers started the month of May with full freezers, Tonsor said.
March consumer demand for beef, poultry and pork was very strong, Tonsor said, in comparison to March of 2019.
Export demand growth has also been strong, leading to political concerns, however, Tonsor pointed out much of the exported meat consists of different cuts than we consume here.
Itís not a simple one for one displacement, Tonsor said. The products weíre sending abroad is adding value to livestock producers without taking desirable products away from U.S. consumers.
To learn more about Tonsorís meat demand studies, go to the dedicated website by clicking here
Click on the LISTEN BAR below to hear more comments from Dr. Glynn Tonsor.
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