It’s pretty difficult to talk cattle markets without also talking about beef, and this episode of RealAgriculture’s Beef Market Update is no exception.
With continued market highs, the conversation between Anne Wasko of Gateway Livestock Exchange and RealAgriculture’s Shaun Haney quickly turns to comparisons between current cattle prices and those seen during the early stages of COVID-19, when packer closures drove a dramatic price spike.
Wasko notes that the difference between the two periods lies in the more gradual climb to today’s high prices. She also points out that consumers have changed the way they purchase not only beef, but groceries overall. More meals are being prepared at home, and ground beef continues to be a popular option. “It’s easy to do, to use, to keep, to buy… ground beef continues to see exceptionally strong demand.”
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Looking at market numbers, U.S. fed cattle prices in Texas and Kansas were steady to $3 higher this week. While the live cattle futures market began the week on shaky ground, it rebounded to hit new contract highs by Wednesday, Wasko explains. Wholesale beef prices also climbed by about a dollar as the market heads into the second quarter.
North of the border, Canada is also seeing record highs across all classes of cattle. This week, Alberta’s fed cattle market reached $11 per hundredweight. Packer interest remains strong, feedlots are current, and carcass weights on steers are down 31 pounds from the same time last year.
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