From the Cattlefax Market Outlook Seminar- Beef Demand & the EconomyThu, 29 Jan 2009 12:57:51 CST
Cattlefax Economist Mike Miller says that he thinks he got the "short straw" as he had to paint the economic picture at the 2009 Cattlefax Market Outlook Seminar that is always a highlight of the Cattle Industry Convention. In 2009, it was another Standing Room Only crowd that listened to Mike Miller discussed the Economy and Beef Demand.
Miller contends the current economic mess is very much a global problem, based on the stock market averages around the world. He contends that as traders looked for places to put money to try to make a fast buck, they turned to commodities and investors ended up turning cattle futures into a stock.
As a result, Mike Miller says that when we have a good week working in the stock market- we will see at least steady money and in some cases higher prices for cattle ready for harvest. But, when it has been a bad week in the stock market, cattle prices face extra pressure and usually go lower.
In regards to beef demand- 2008 was a tough year, 2008 versus 2007 found the beef cuts from the chuck up 14% on the beef demand index, the Round up 9% while rib meat was down 4% and loin cuts was down 14% from one year ago.
For 2009- Miller says Cattlefax hopes that the we see just a modest decline in beef demand. They anticipate the beef demand index to drop by 4% in 2009.
To hear Mike Miller's full presentation on beef demand and the economy for 2009- click on the Listen Bar below.
Mike Miller Presents the Beef Demand and Economic Outlook at the Cattlefax Outlook Seminar in Phoenix
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