Beef Buzz News
OUS's Dr. Derrell Peel Prefers The Word "Stability" Instead of "Normal" When Referencing The Climb To Better Cattle Prices
Tue, 11 Aug 2020 08:11:55 CDT
Dr. Derrell Peel, OSU Extension livestock economist is reluctant to use the word "normal" when describing the cattle market's climb to respectability, but he is optimistic the market may be headed in a positive direction.
Relative to the first half of the year we are seeing some stability in these cattle markets, Peel said. There is some balance in wholesale beef prices, fed cattle prices and feeder cattle prices, he said.
Peel said we've still got some issues, but we are moving back to something more stable.
The OSU livestock economist says there are still a few challenges ahead.
The biggest issue we have is working our way through the backlog in fed cattle that occurred in April and May, so that's going to be a cap on markets, he said
Beyond that, the big issues are the macroeconomic factors, the recession and its impact, Peel said.
We're trying to figure out what does this mean for beef demand, with larger supplies and what we do with additional stimulus funds, Peel said.
For cow/calf producers, there is some optimism.
If you look at feeder cattle markets and calf prices, we've had a slow grind higher which is against the norm, but seasonal patterns have not meant a whole lot during this pandemic era, Peel said.
Time is on our side but it's a question mark and I don't see a lot of fall pressure on prices, he said.
I think we're looking a little more optimistic despite all the unknowns, Peel said.
The basic fundamentals look positive as we have adequate and affordable feed supplies, he said.
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