Agricultural News
Finally Some Relief for Producers as Prices Start to Rebound in a Market Reminiscent of '73 Crash
Wed, 21 Dec 2016 15:53:53 CST
Since bottoming out, the cattle market has started to rebound some recently. Meanwhile, boxed beef trade has had a pretty good rally from October lows. Overall though, suffice it to say it has not been a great year for cattle prices. Radio Oklahoma Ag Network Farm Director Ron Hays recently spoke with Robert York, CEO of National Livestock Credit Corporation, who shared his perspective on the markets this year.
"We had severe losses in '15 and then when you think it can't get any lower," York said, "it continues to ma new low. So, just massive equity drains among these producers."
National Livestock Credit Corp. has financed ranchers since 1932 and since then, they have seen their fair share of tough times in the cattle market, he says. This year though is reminiscent of the crash of 1973 for many people, York suggests.
"This feels like that," York said, "and that changed a lot of people's lives for a long time."
Despite the turmoil, York remarks that he is optimistic that tools such as FedCattleExchange.com are beginning to show promise in helping to improve the way the market works for producers.
"We're very happy that FedCattleExchange.com has actually made it to the market and is being used," York said. "I would love to see growth in that in head count. It's a matter of the producers out there in the country saying that's something good for the industry and we have got to participate."
Listen to York's entire reflections on this year's markets with Ron Hays, on today's Beef Buzz.
The Beef Buzz is a regular feature heard on radio stations around the region on the Radio Oklahoma Network and is a regular audio feature found on this website as well. Click on the LISTEN BAR below for today's show and check out our archives for older Beef Buzz shows covering the gamut of the beef cattle industry today.
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