It appears demand for beef has remained strong despite the high prices at the meat counter.
As part of the latest RealAg Beef Market Update, Shaun Haney and Anne Wasko of Gateway Livestock Exchange discuss the recent rally in cattle futures and how demand for beef has held.
“All the proteins have moved higher. Pork is in record territory. Beef is in record territory. Chicken isn’t, but you can only eat so much chicken,” she says. “We’ve had a phenomenal year on the demand side. Retail beef, restaurant business has still been better than a year ago and improving.”
With prices at record highs, any volatility creates extra jitters or stress among participants in the cattle market, notes Wasko.
“We might be talking about the same kind of percentage moves, but when you talk about dollars per head, these are big swings. When you move a market 10 or 15 dollars per hundred in 10 days, that’s a big swing,” she says. “There’s no question markets are jittery at these new levels.”
Listen to Shaun and Anne’s latest Beef Market Update:
If you can’t see the audio player, listen here.