Oklahoma's Latest Farm
And Ranch News
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Tuesday, November 7, 2023 | | | |
Demand Remains Key to High Cattle Prices |
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 and prices.
With ever-tightening cattle and beef supplies pushing prices higher, all eyes are on beef demand going forward. Beef demand has been remarkably robust through many shocks in recent years and continues to surprise and impress despite the nervousness of the industry to the challenges facing consumers. Post-pandemic beef demand has been exceptional since 2021. Per capita beef consumption in 2022 was 58.9 pounds, equal to 2021. Real (inflation-adjusted) retail all-fresh beef prices were record high in 2021 and just slightly lower in 2022. This compares to 2015, when real retail all-fresh prices reached the same level but with per capita beef consumption at 54.0 pounds, 8.3 percent less than the 2021-2022 level.
So far in 2023, retail all-fresh beef prices have continued to increase, especially since July, with September at $7.82/lb., a new record high monthly retail price. Retail all-fresh prices have averaged 6.6 percent higher year over year (4.0 percent higher in real dollars) in the July-September period. Since July 4, weekly Choice boxed beef prices have averaged $307.16/cwt., ranging from a low of $299.94/cwt to a high of $321.97/cwt. Choice boxed beef prices have averaged 18.4 percent higher year over year through the third quarter of the year. With beef production projected to be down more than 5.5 percent year over year, per capita beef consumption is expected to decease to 57.0 pounds this 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
Union Mutual of Oklahoma Turns 85 Years Old
Back in July of 1938 when Union Mutual of Oklahoma was founded, FDR was in the White House, EW Marland was in the Governor’s Mansion, and the Soldiers of Gettysburg were gathering for a reunion on the old battlefield. Union Mutual was born out of necessity in Oklahoma and serves as one of the oldest rural insurance carriers serving only the people of Oklahoma. Union Mutual was created 85 years ago for one purpose, that was and is to serve and protect rural Oklahomans and their property. That mission has bever wavered.
Union Mutual Insurance of Oklahoma was chartered in 1938 to write property and casualty insurance in the state of Oklahoma. Over the years, Union Mutual has maintained the attitude that started the company, “Protection for Oklahomans by Oklahomans.” In poor economic times, in times when national insurance companies either stopped writing or completely left the state, Union Mutual has been there for Oklahomans. Today, Union Mutual writes insurance in all 77 counties of Oklahoma through almost 300 agency locations. These agents provide fast and reliable quotes for most lines of insurance.
Union Mutual of Oklahoma CEO Monica Collison had this to say on the company turning 85 years old. “I am humbled to lead such and extraordinary company and team with the history and legacy of Union Mutual. Union Mutual has stood with rural Oklahoma for 85 solid years and I look forward to helping it for the next 85 years.”
For the agent nearest you, go to unionmutualic.com or give them a call at 405 286-7703.
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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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Cattle Industry Leader Bob Drake sits down and talks with Ron Hays about his lifetime of service in the cattle business. Drake has served as the President of the Oklahoma Cattlemen's Association, the last President of the old National Cattlemen's Association and Vice President of the Oklahoma Farm Bureau.
He loves politics and being a change agent for the cattle producer back up at the fork of the creek. Drake had a front row seat as the Beef Checkoff was approved by cattle producers and he believes it's way past time to find a way to get a second dollar at the national level.
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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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, Oklahoma Pork Council, the Oklahoma Cattlemens Association, and KIS Futures for their support of our daily Farm News Update.
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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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