Dr. Derrell Peel Weighs in On Black Swan Cattle MarketTue, 10 Mar 2020 11:39:23 CDT
With the world markets in turmoil, we turn to the experts for help. On today’s Beef Buzz, Radio Oklahoma Farm Director, Ron Hays, talks with Dr. Derrell Peel, OSU Extension livestock economist, about the impact of the Covid-19 virus on the global beef market.
Dr. Peel compares the current situation to a “Black Swan” event in that it is a rare one-time occurrence.
However, Peel says, “We don’t know where this is going.”
“It’s a fluid situation that we may not know is over until it’s over,” Peel said.
It’s a global event that has impacted beef demand. Peel says the beef industry should still be looking for opportunities to sell despite the fact there are more competitors today.
It is no surprise that China is the primary factor, though they are not mainly known as a significant per capita beef consumer. In 2019 China purchased 30 percent of the global beef tonnage.
“The China market has just exploded in the last two years,” Peel said.
Brazil is the leading beef export country in the world, Peel said. Other global competitors include New Zealand, India, and Australia.
Click on the LISTEN BAR below to hear the complete interview with Dr. Peel as he talks with Ron Hays.
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.
WebReadyTM Powered by WireReady® NSI
Top Agricultural News