Oklahoma's Latest Farm
And Ranch News
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Summer Grilling Season is Near- And That Matters for Beef Demand | |
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 is talking about beef demand.
May is upon us with all the weather uncertainty that is typical of the month but also the assurance that summer is coming. The Memorial Day holiday at the end of the month will kick of the summer grilling season. Lots of attention is being focused on beef demand as the tightening of beef supplies will increase the pressure for higher wholesale and retail beef prices. How high can they go and how fast?
In the first full week of May, Choice boxed beef prices averaged $309.41/cwt., up over 9 percent from the beginning of the year and 20 percent higher year over year. The boxed beef price increase thus far in 2023 is following quite close to an average seasonal pattern as shown in Figure 1. Boxed beef prices typically peak in May with wholesale buying ahead of summer grilling season, before dropping lower in the second half of the year. The seasonal pattern of boxed beef prices reflects the net impact of seasonal demands for the various beef products that are included in the boxed beef price as reported by the Agricultural Marketing Service (USDA-AMS). Current daily boxed beef reports include prices for more than 40 different beef cuts and subprimals. The price seasonality of each of these products varies according to the different uses of the products and the alternative supply chains in which they are mostly marketed. Beef products may flow primarily through the supply chains of retail grocery, food service (including restaurants) or export markets. Nearly all of the reported wholesale beef prices are currently higher year over year.
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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.
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Sponsor Spotlight
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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.
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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:
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God Bless!
Reach Out To Us:
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Tim West
President/General Manager
Rural Oklahoma Networks
405-317-6361
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Mike Henderson
Director of Sales
405-615-4922
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KC Sheperd
Farm Director
Radio Oklahoma Ag Network
405-443-5717
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Ron Hays
Senior Farm/Ranch Broadcaster
Radio Oklahoma Ag Network
405.473.6144
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