Beef Buzz News
Latest Cattle on Feed Report Shows There Are Plenty of Cattle in The System, Says OSU's Dr. Peel
Mon, 22 Feb 2021 08:15:19 CST
The latest USDA Cattle on Feed indicated we are fairly current and beef demand remains strong, said Dr. Derrell Peel, OSU Extension livestock market economist.
Peel recently talked with Radio Oklahoma Ag Network Farm Director Ron Hays about the report.
The February report showed placements in January were 103.2 percent of last year, marketings were 94.4 percent, resulting in a total on-feed total as of Feb. 1 of 101.5 percent of a year ago, Peel said.
If you look at the pre-report estimates, the placements are a little bit bigger than the average, he said.
The resulting on feed total is a little bigger than expected.
Keep in mind January 2021 had two less slaughter days than a year ago and that doesn’t happen very often, Peel said.
This means the marketings number is not that bad, Peel said.
The placements number is slightly bearish, he added.
We carried in an inventory on January 1 that was about equal to a year ago, Peel said.
The bottom line is we have plenty of cattle in the system right now, he said.
The OSU livestock economist said he expects the numbers could tighten up in second half of the year.
The recent brutal cold weather impact will eventually show up in the report as the cold robs production from the system, especially in the feed yards, Peel said.
Carcass weights will show an impact in a couple of weeks, he added.
One interesting note is the boxed beef market.
We’ve had very strong counter seasonal strength on the boxed beef since January 1, so beef demand is very good, Peel said.
Click on the LISTEN BAR below to hear more of Ron’s interview with Dr. Peel.
The Beef Buzz is a regular feature heard on radio stations around the region on the Radio Oklahoma Network and is a regular audio feature found on this website as well. Click on the LISTEN BAR below for today’s show and check out our archives for older Beef Buzz shows covering the gamut of the beef cattle industry today.
Ron Hays Beef Buzzes With Dr. Derrell Peel
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