Oklahoma Farm Report masthead graphic with wheat on the left and cattle on the right.
Howdy Neighbors!
Ron Hays, Director of Farm and Ranch Programming, Radio Oklahoma Ag Network  |  2401 Exchange Ave, Suite F, Oklahoma City, Ok 73108  |  (405) 601-9211

advertisements
   
   
   
   
   
   

Agricultural News


Unseasonable Weather This Summer Limiting the Usual Boost in Beef Demand as Grills Stay Cold

Mon, 24 Jun 2019 12:29:54 CDT

Unseasonable Weather This Summer Limiting the Usual Boost in Beef Demand as Grills Stay Cold Mondays, Dr. Derrell Peel, Oklahoma State University Extension Livestock Marketing Specialist, offers his economic analysis of the beef cattle industry. This analysis is a part of the weekly series known as the "Cow Calf Corner" published electronically by Dr. Peel and Dr. Glenn Selk. Today, Dr. Peel examines how this summer's unseasonable weather has limited beef demand during its traditional grilling peak.



"The calendar says it is summer but it really isn’t acting like it in some places and in some respects. I’m currently in Montana where the longest day of the year is impressive with sunrise shortly after 5:30 am and sunset after 9:30 pm. The long days help but hay production here in the short summer season is off to a slow start with unsettled weather not allowing time for hay to be harvested without moisture damage. Back in Oklahoma, most of the state did not see the first 90 degree day until June 20…later than usual.



"The lack of summer thus far has limited seasonal beef demand. After early beef buying in April for Memorial Day, boxed beef cutout values have weakened, averaging 3.8 percent lower year over year for the last six weeks. The daily boxed beef price last Friday was down 6.2 percent from the peak price in late April. The weakness has been most pronounced in the high value middle meats, with loin primals averaging 7.9 percent lower year over year for the last six weeks and rib primals averaging 5.5 percent lower year over year for the same period. Chuck and round primals have fared somewhat better with round primals down only 1.8 percent year over year and chuck primals up an average of 1.3 percent over the last six weeks compared to the same period last year. Both chuck and round values have showed more strength in the latest weekly data. Encouragingly, the ground beef market is showing a little life with both lean trimmings and fifty percent trimmings currently priced a bit higher compared to last year.



"The upcoming Independence Day holiday will be critical for the summer beef demand season. There will likely be a lot of pent up demand for outdoor activity if the weather permits. However, the forecast for the period indicates a likelihood that large chunks of the country will continue to experience below average temperatures. Moreover, continued flooding and swollen rivers and lakes in some regions will limit recreational activities for some time yet.



"In other news…the latest cattle on feed report showed June 1feedlot inventories at 11.74 million head, 101.6 percent of last year and a record June feedlot inventory for the data series back to 1996. The report was close to pre-report expectations and contained no surprises. May placements broke the previous three month trend of higher year over year placements and were 97.2 percent of one year ago. Feedlot marketings in May were 100.7 percent of last year. For the first five months of 2019, feedlot placements have totaled 1.3 percent higher year over year and total marketings are 1.5 percent higher than the same period last year."





   

 

WebReadyTM Powered by WireReady® NSI

 


Top Agricultural News

  • Lucas, Peterson Introduce RAMP-UP Act Helping Meat & Poultry Processors Access Inspection to Meet Demand  Fri, 03 Jul 2020 15:18:49 CDT
  • Congressman Frank Lucas Offers Legislation to RAMP-UP Federal Incentives for Small Meat Processors  Fri, 03 Jul 2020 13:28:52 CDT
  • AFR/OFU Thrilled with Introduction of RAMP-UP Act  Fri, 03 Jul 2020 09:06:49 CDT
  • Growth Energy Urges EPA to Combat Particulate Emissions with Low-Carbon Ethanol  Fri, 03 Jul 2020 09:04:49 CDT
  • Oklahoma Grain Elevator Cash Bids as of 2:00 p.m. Thursday, July 2  Thu, 02 Jul 2020 15:53:10 CDT
  • OSU's Kim Anderson Talks with SUNUP about Wheat Prices and the Wrap of the Oklahoma Wheat Harvest   Thu, 02 Jul 2020 15:52:12 CDT
  • Thursday, July 2, 2020 Market Wrap-Up with Justin Lewis  Thu, 02 Jul 2020 14:33:06 CDT
  • Latest U.S. Drought Monitor Map Shows Exceptional Drought Has Now Crept Into Oklahoma  Thu, 02 Jul 2020 14:30:50 CDT

  • More Headlines...

       

    Ron salutes our daily email sponsors!

    Oklahoma City Farm Show KIS FUTURES, INC. Oklahoma Ag Credit Oklahoma Farm Bureau National Livestock Credit Ag Mediation Program P&K Equipment AFR Insurance Stillwater Milling Oklahoma Cattlemen's Association

    Our Road to Rural Prosperity sponsors!

    Banc First OPSRC ORWA TPAOO TPAOO

    Search OklahomaFarmReport.com


       
       
    © 2008-2020 Oklahoma Farm Report
    Email Ron   |   Newsletter Signup   |    Current Spots   |    Program Links

    WebReady powered by WireReady® Inc.