Dr. Derrel Peel Says we will Have Plenty of Beef for Independence Day
Oklahoma Farm Report
29 Jun 2020
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 talks about having plenty of beef for Independence Day.
In anticipation of July 4, estimated beef production for the week ending June 27 was 562.3 million pounds, up 5.3 percent year over year. This was based on estimated weekly slaughter of 680,000 head, 1.5 percent over year ago levels and includes an estimated Saturday slaughter of 82,000 head, up 39 percent year over year. The large Saturday slaughter was scheduled for last week since the holiday this week is on Saturday. The actual slaughter and beef production data for the week ending June 13, confirmed that beef production exceeded year ago production levels by 0.7 percent, the first year over year weekly beef production increase since the first week of April.
After the disappointing shortages and high beef prices during Memorial Day, the improved beef situation for this grilling holiday is a great relief. Grocery stores should be well stocked in time for July 4 and retail prices are adjusting down rapidly. For individual stores, it may depend on their particular supply arrangements. Retail price adjustments are following rapid decreases in wholesale beef prices. Choice boxed beef prices increased from a pre-COVID-199 level of $208.14/cwt. on March 13 to a daily peak of $475.39 on April 12 and back to $207.17/cwt. last Friday, June 26.
Other meat is plentiful as well...
more, including table