Subject: Oklahoma's Latest Farm and Ranch News
From: Oklahoma Farm Report <ronphays@cox.net>
Date: 7/15/2020, 5:43 AM
To: ron@ronhays.com

Oklahoma's Latest Farm
And Ranch News

Your Update from Ron Hays of RON
Wednesday, July 15, 2020
As Boxed Beef Prices Have Dropped Significantly in Recent Months, Dr. Glynn Tonsor Says The Biggest Concern Now is on The Demand Side.
When wholesale boxed beef prices skyrocketed earlier this spring a major concern was on the supply side. Dr. Glynn Tonsor, Kansas State University Extension livestock market economist has been looking closely at this issue and says today the main concern is on the demand side as boxed beef prices have dropped significantly.

In early May the wholesale boxed beef trade shot up to $475 per hundredweight because of reduced slaughter capacity. Today the market has dropped more than $200. Is this the bottom?

I think there is a couple of big pieces to that, Tonsor said.

One is the number of animals we’re processing, which is down about 6 percent compared to last year, on a cumulative basis, but we’re actually ahead of last year for this period, Tonsor said.

We are no longer in a tight supply problem as we were in April and May

The biggest uncertainty is on the demand side, Tonsor said.
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