Agricultural News
New USDA Reports Show Continued Impact of Drought on Cattle Supplies
Mon, 31 Oct 2022 13:24:27 CDT
The latest Farm Bureau Newsline Podcast talks about the impacts of Drought on Cattle Supplies.
Data released this month from the Department of Agriculture shows drought is having an impact on cattle markets. Micheal Clements and American Farm Bureau Federation Economist Bernt Nelson shares more from the Cattle on Feed report.
" I think we can really call this report bullish, with total cattle on feed coming in right around 11.4 million, down one percent from this time in 2021. Placements are a little bit over two million head, this is four percent below this time last year in 2021.Said Nelson.
Placements were down the most in drought-stricken states. "This is likely due to some tighter calf supplies along with higher feed and input costs amplified by the drought conditions. We've seen marketings for fed cattle totaling 1.86 million head for September, this is four percent above this time in 2021. Now, when we really see marketing high and placements become lower over a longer drawn out period of time, this really signals that lower cattle supplies are in the future."
Additionally, USDA’s Livestock Slaughter Report shows higher beef slaughter numbers.
To hear the complete conversation between Clements and Nelson, click or tap below:
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