Beef Buzz News
Making Better Business People Out of Ranchers is Key to Beef Industry Success
Mon, 07 Feb 2022 11:25:17 CST
The U.S. beef cattle industry is a complex one, especially in the 21st Century. CattleFax CEO Randy Blach told Ron Hays, senior reporter for the Oklahoma Farm Report, that the future of the industry depends on good businessmen and businesswomen. Recently, he spoke about some key aspects that producers should pay attention to going forward.
First, Blach said produces should be utilizing risk-management tools. Futures and options trading is a tried-and-true method for managing risk. Blach said other tools like Livestock Risk Protection insurance and rain-fall insurance are just two examples of what is available to help producers.
"I encourage more producers to look at ways they can use these tools to take some of the price shocks out of their business," Blach said. "We cannot forecast these black swan (events); none of us know and how many have we had in the last five or six years?"
In order for the U.S. cattle industry to keep moving forward, Blach said the majority of beef cattle producers need to become better business people.
Speaking of hard times, nearly three-quarters of the country is experiencing abnormally dry conditions or worse, and more than half is in a drought. Blach said the drought is going to impact the cattle business in 2022.
"The last thing we want to see is the markets get where we end up washing a lot more cows out and then blow the tops off these markets at an extreme level, like what happened in 2014," Blach said. "It was not healthy for the market to go up that much; we priced ourselves completely out of the market."
Blach also talked about the importance of producer participation when it comes to climate issues.
Click on the LISTEN BAR below to hear more from Ron Hays and Randy Blach as they talk about how producers can keep the U.S. beef industry strong.
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.
Our coverage on the Oklahoma Farm Report of the 2022 Cattle Industry Convention and the NCBA Tradeshow is sponsored by Performance Beef from Zoetis. Performance Beef simplifies feed, performance and health data collection, without double data entry or complicated software. Track feed, generate real-time closeout reports, create accurate invoices, record health data at the chute, in the pen or pasture; or analyze performance trends - all in one place with ease. Try the app for yourself by clicking here.
Listen to Ron's conversation with Randy here.
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