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Derrell Peel- Cattle and Beef Markets Hit Summer Doldrums |
On today’s Cow-Calf Corner, Derrell S. Peel, Oklahoma State University Extension Livestock Marketing Specialist, talks about recent beef market trends.
Here in Oklahoma and a lot of other parts of the country we have reached the dog days of summer. That was once described to me as a hot summer day when “a dog is chasing a cat down the street…and they are both walking”. Cattle and beef markets often struggle in the period after July 4 until mid-August or so. The week after Independence Day, Choice boxed beef prices dropped back from holiday highs of $330/cwt. to about $322/cwt. but seemed to stabilize by the end of the second week of July.
Beef demand usually slows between the July 4 and Labor Day holidays as both summer grilling and high-end restaurant traffic slows in the heat of the summer. The early July drop in boxed beef price is the result of seasonal weakness in the main middle meats: Tenderloin, Ribeye and Strip Loin. Wholesale prices for a number of other cuts continue to move higher, including Tri-tip and Flank steak, along with numerous chuck and round cuts. Several lean round cuts are no doubt supported by the record high price for lean trimmings that is pushing wholesale ground beef value to ever-higher record levels.
Fed cattle prices have stalled in the summer heat in July, holding mostly steady after moving higher through June. Carcass weights finally showed some decrease with the latest reported steer carcass weights the last week of June at 911 pounds, down from 924 pounds five weeks earlier. Summer heat is likely a factor in declining carcass weights as well.
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Tim West
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Radio Oklahoma Ag Network
405.473.6144
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