Beef Buzz News
December Cattle on Feed Report Shows Market Wrinkles Have Been Mostly Erased
Mon, 21 Dec 2020 10:30:45 CST
The latest USDA Cattle on Feed report indicates many of the wrinkles caused by the pandemic in the spring are smoothing out, said Dr. Derrell Peel, OSU Extension livestock market economist.
Ron Hays Beef Buzzes With Derrell Peel
The December cattle on feed report pegged placements in November at 91 percent of last year, Peel said.
Marketings were 98 percent of last year.
The result is a total number of cattle on feed exactly the same as one year ago, Peel said.
We’ve been all over the board in 2020 with all the disruptions but now we’re even with a year ago, he said.
We know going forward cattle supply will be tighter, so we are right where we need to be, Peel said.
There were no surprises with the report, he said.
The report could be considered slightly bullish, Peel said.
This is the second month in a row placements below a year ago.
These are really the ripple effects from the spring working their way through the system, Peel said.
We are reasonably current now as most of the backlog was worked out in October, he said.
The OSU economist said carcass weights are not coming down much, but we’ve had good performance and the cattle are just getting bigger.
Going into 2021 Peel expects cattle market strength to be evident, especially in the first half.
The supply side tightens, and seasonal price patterns return, he said.
Peel added there is still some uncertainty but there are reasons to be optimistic in the first half of the year.
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