Oklahoma's Latest Farm
And Ranch News
| |
Keeping an Eye on Beef Demand with OSU’s Derrell Peel |
Dr. Derrell Peel, Oklahoma State University Extension Livestock Marketing Specialist, offers his economic analysis of the beef cattle industry as part of the weekly series known as the “Cow Calf Corner” published electronically by Dr. Peel and Mark Johnson. Today, Dr. Peel talks about beef demand.
Retail all-fresh beef prices in March were $7.23/lb., unchanged from February and down 1.8 percent from one year ago. Retail beef prices have been mostly steady since late 2021. The 12-month moving average of monthly retail beef prices has been above $7.25/lb. since April 2022 (blue line, Figure 1). This indicates strong beef demand given record beef production in 2022 and the highest beef consumption per capita at 58.9 pounds (unchanged from 2021) since 2010. Retail all-fresh beef prices averaged $7.30/lb. in 2022, the highest on record and up 5.1 percent over 2021 average retail prices. The highest monthly price ever was in October 2021 at $7.55/lb.
It does not appear that consumer beef buying behavior has changed significantly thus far with higher retail beef prices. There is little indication of consumers “trading down”…i.e. switching to lower value products and away from more expensive beef cuts. Wholesale beef prices continue to be led by strong middle meat prices with tenderloins and ribeyes up 12-15 percent year over year. Chucks and round wholesale values are mixed across a range of products but chuck primals are up 10 percent year over year and rounds are unchanged. Briskets remain weak compared to last year. Both 90 and 50 percent lean beef trimmings have advanced significantly thus far in 2023, pushing ground beef prices higher. Higher ground beef prices are probably partly due to stronger demand but are mostly due to decreasing supplies of processing beef.
| | |
We invite you to listen to us on great radio stations across the region on the Radio Oklahoma Ag Network weekdays-
if you missed this morning's Farm News - or you are in an area where you can't hear it- click below for this morning's Farm news from Ron Hays and KC Sheperd on RON.
|
Sponsor Spotlight
Oklahoma Farm Bureau works to improve the lives of all Oklahomans by supporting our state’s agriculture community. As Oklahoma’s largest general farm organization led by Oklahoma farmers and ranchers, OKFB takes grassroots values and advocates for agriculture at the state Capitol and in Washington, D.C., to ensure our way of life continues for generations to come. Farm Bureau hosts leadership events, supports our state’s agricultural youth and connects consumers with agriculture in order to build a brighter future for our state. Become an OKFB member today online at okfarmbureau.org/join. Together, we are rural Oklahoma.
|
|
Rural Oklahoma is full of some of the greatest success stories throughout the entire state and is a big reason why Oklahoma is on track to become a top 10 state.
The Road to Rural Prosperity dives into these stories, bringing you stories covering rural life, agriculture, energy, healthcare, tourism, and politics affecting rural America.
The Road to Rural Prosperity is here to tell stories about rural America, for rural America.
|
Since the legalization of Medical Marijuana in Oklahoma with State Question 788- criminals have flocked to the state to set up illegal grow houses because of cheap permits, cheap land and lax rules allowing them to get into the business of growing marijuana in Oklahoma- supposedly for the in state Medical Marijuana market.
Ron Hays talks with Oklahoma Bureau of Narcotics spokesman Mark Woodward about how these enterprises have invaded Oklahoma- the magnitude of the current problem and how the state is pushing back on thousands of bad people who have set up shop in the state- with the hope to reduce the number of these operations dramatically in the days to come. It's a huge problem all across rural Oklahoma but Woodward believes progress is being made to reign in these illegal marijuana farms.
Search for Road to Rural Prosperity and subscribe on your favorite Podcast platform.
To hear this podcast, you can click here or tap below:
| |
Our thanks to Midwest Farms Shows, P & K Equipment, Oklahoma Farm Bureau, Oklahoma Ag Mediation Program, Great Plains Kubota, Stillwater Milling Company, National Livestock Credit Corporation, Oklahoma Beef Council, Oklahoma AgCredit, Union Mutual Insurance, the Oklahoma Cattlemens Association, and KIS Futures for their support of our daily Farm News Update.
For your convenience, we have our sponsors' websites linked here- just click on their name to jump to their website- check their sites out and let these folks know you appreciate the support of this daily email, as their sponsorship helps us keep this arriving in your inbox on a regular basis- at NO Charge!
We invite you to check out our website at the link below too that includes an archive of these daily emails, audio reports and top farm news story links from around the globe.
| |
God Bless!
Reach Out To Us:
| |
Tim West
President/General Manager
Rural Oklahoma Networks
405-317-6361
***************
Mike Henderson
Director of Sales
405-615-4922
| |
KC Sheperd
Farm Director
Radio Oklahoma Ag Network
405-443-5717
| |
Ron Hays
Senior Farm/Ranch Broadcaster
Radio Oklahoma Ag Network
405.473.6144
| | | | |