Beef Buzz News
Latest Cattle On Feed Report Indicates Market Might Be Headed Towards "Normal," Says OSU's Dr. Peel
Mon, 28 Sep 2020 08:47:23 CDT
Analyzing the latest USDA cattle on feed report, Dr. Derrell Peel, OSU Extension livestock market economist, says the cattle market may be getting back in line and headed towards something resembling "normal."
Ron Hays Beef Buzzes With Dr. Peel
Dr. Peel was interviewed by Radio Oklahoma Ag Network Farm Director Ron Hays following release of that report.
The placement numbers were bigger than expected, Peel said, so the market will probably react negatively.
The report is similar to last month's report, he said.
With the on-feed total at 103.8 percent of year ago, Peel said this is sorting out the ripple effects of everything we've been through the last several months.
If you sum up the last six months, we've still placed 4.3 percent less cattle than a year ago, Peel said.
The OSU economist does not expect overall total inventory to stay above year ago levels.
We are generally working our way towards tighter numbers over the next six months but in the short run we have a lot of cattle on feed., he said.
My sense is we have taken care of the majority of the backlog, Peel said.
What I hear from feedlots is the weights are still above of year ago but at the same level before Covid, he said.
Looking forward, Peel doesn't know what normal looks like but believes the market is headed in that direction.
We're beginning to settle things down with fed cattle and feeder cattle markets on the same path and seasonal patterns expressed more typically, Peel said.
Click on the LISTEN BAR below to hear more of Ron's interview with Dr. Peel.
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