Beef Buzz News
Glynn Tonsor Talks October Meat Demand Monitor Numbers
Wed, 03 Nov 2021 13:26:21 CDT
October's Meat Demand Monitor was released early this week. Monitor data is compiled and tracked by Glynn Tonsor, a professor and extension specialist in the Agriculture Economics Department at Kansas State University. He told Ron Hays, director of Radio Oklahoma Ag Network, there are a couple of key takeaways from consumers right now regarding beef demand.
"Domestic retail meat demand remains up," Tonsor said. "Foodservice demand continues to be flat."
Tonsor said he has been surveying the public for the last seven months, asking what consumers expect retail meat prices to be in the upcoming months. Month after month, consumers continue to suggest they expect higher retail meat prices, he added. For November, consumers expect retail meat prices to jump 3%, he said.
Just because consumers expect retail meat prices to climb does not mean they have to pay those higher prices, Tonsor said. The fact that they continue to buy beef and pork, shows demand is healthy, he added.
"There is a mix of both supply-side - and also demand-pull, which is pulling prices up," Tonsor said. "Think labor challenges, logistical transport costs and the like that are pushing prices up - we need to keep monitoring that - pun intended."
Tonsor said he also tracks the international trade on a month-to-month basis and the current index is based on Aug. 2021 numbers which are impressive.
"That index value I track came in at a value of 261," Tonsor said. "The base period is equal to 100 in Jan. 2010 and for my fellow numeric geeks out there, that means we have had a 161% increase in demand for U.S. beef."
Click on the LISTEN BAR below to hear more from Ron Hays and Glynn Tonsor as they talk about the Meat Demand Monitor's October numbers.
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.
Listen to Ron's conversation with Glynn here.
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