Beef Buzz News
No Surprises in Latest Cattle on Feed Report And OSU's Derrell Peel Says The Market is Leveling Out
Mon, 23 Nov 2020 07:25:49 CST
The latest Cattle on Feed report held few surprises and should attract a favorable market reaction said Dr. Derrell Peel, OSU Extension livestock market economist.
Ron Hays Beef Buzzes With Derrell Peel
The November cattle on feed report showed placements in October at 89 percent of a year ago, marketings were at 99 percent and the on-feed total was 101.3 percent of last year as of November 1.
It really is close to what the trade anticipated, Peel said.
Why did the placement number fall under year ago?
We've had so much turbulence this year with several months of high placements, Peel said, so it was inevitable.
We don't have more cattle, we're just messing with the timing as we have had so many disruptions this year, he said.
We are evening things out over the next couple of months, Peel said.
The OSU economist said we are getting closer to working through the mountain of cattle backed up last spring.
We took care of those in October, Peel said.
Carcass weights did set a record and that's because they have been big all year, he said.
The other thing about this report is the placements were down a lot more in the heavy weight cattle than in the lighter weights, Peel said.
I think it does help us smooth out the pipeline going into winter as we will probably have weather disruptions, he added.
I think the market will react well to this report as it shows the market is working, Peel said.
There is some concern as the pandemic expands, we could experience another labor disruption as we say last spring. The OSU economist doesn't think that will happen.
I don't think we have seen any more labor disruptions due to COVID-19 in the packing plants, Peel said.
We could have some issues on the demand side due to more food service restriction from the pandemic, he said.
Some consumers are stocking up because of uncertainty, but I do have some demand concerns during the winter, Peel added.
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