Beef Buzz News
2020 May End Being a Normal Year For Beef Production Says OSU's Dr. Derrell Peel
Tue, 01 Dec 2020 08:36:47 CST
Despite all the craziness of 2020 we're not far from market expectations at the beginning of the year said Dr. Derrell Peel, OSU Extension livestock market economist.
Ron Hays Beef Buzzes With Dr. Peel
On the supply side it has been an interesting year and here in the last half of the year we've seen beef production following close to year ago levels, actually averaging 1.5 to 2 percent above year ago, he said
Steer slaughter has been running above year ago levels but heifer slaughter below, Peel said.
We've got more beef production now than at this time a year ago, Peel said.
He said the bottom line is we're going to come out close to what we expected in January.
Coming into the year we knew about how many cattle were out there, but we didn't depopulate like the hog industry was forced to do, so we basically just changed the timing, Peel said.
On the beef demand side, boxed beef prices have had a strong run up since October and we're watching how the individual cuts work out with all the turmoil, Peel said.
Retail sales are doing well but food service has struggled.
As we go into the winter, we typically see more emphasis on food service but we're still putting a lot of extra emphasis on retail grocery right now, he said.
Ribeyes are very popular during the holidays and we've seen this and that's a good thing, Peel said.
Other products tell a different story as beef tenderloin is exclusively a food service item and that's down over 20 percent compared to a year ago, Peel said.
Briskets are weak as that is typically a BBQ food service item.
It's a mixed bag and something we have to watch going into the winter, Peel said.
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