2021: No clear path in the beef markets
The beef markets were not exempt from the Covid-19 impacts in 2020.
Kristy Foster Seachrist, BEEF Magazine†
Jan 11, 2021
There is one thing for sure in the beef markets: The crystal ball is hazy.
Or at least thatís what two analysts conveyed during a session at the American Farm Bureauís annual convention. Itís being held virtually this year.
Michael Nepvuex, an economist at the AFBF and Dr. Derrell Peel, an agribusiness professor at Oklahoma State University, shared where the 2020 beef markets took producers and what they might expect in 2021.
The coronavirus impacted every aspect of the beef market. The changes included consumers switching from eating out to shopping for their meat at the grocery store. However, Dr. Peel says data shows the cattle and beef markets ended 2020 on a positive note, which many did not think would happen.
Itís apparent that effects of the pandemic shock continue in 2021. Peel added market factors this year could include the widespread drought in the western part of the country and higher feed prices.
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