Packers cannot harvest enough cattle to meet demand or supply
Jeff Swenson
Prepared and written by Jeff Swenson, DATCP Livestock and Meat Specialist. The Market Update draws information from several sources, including trade publications, radio broadcasts, agricultural news services, individuals involved in the industry as well as USDA NASS and AMS reports.
The Choice beef cutout value broke the $300.00 level on Tuesday and was $306.37 Thursday afternoon. That’s $75.00 higher than this time last month. Restaurant demand has picked up while retail demand remains strong. Seasonally, we would expect to see demand increase now, and with restaurants expanding dine-in services there’s even more call for beef.
NPPC elects new officers, board members
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Wintry weather, China concerns support new highs in the hog market. By
2/3/2021 The cattle market continues to see a strong demand tone, with beef prices pushing to their highest level since early December. Talk of better export demand, the surge higher in pork prices, and the impact of restaurants reopening are all seen as supportive forces. With the heavy cattle weights, short-term supplies seem ample, but the continued advance in beef prices is a bullish force. Total slaughter for last week reached 653,000 head, up 2.4% from last year, while beef production was up 4.6% from last year. Technically, the market still looks vulnerable to at least a short-term correction. With bitter cold in the forecast into the weekend and some areas with big snow amounts, some traders see the weather as a bullish force. On the other hand, traders may question the short-term consumer demand for beef with so much snow on the East Coast.