Cattle and Beef Markets: Short and Long Run Challenges and Opportunities

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1 Cattle and Beef Markets: Short and Long Run Challenges and Opportunities Derrell S. Peel Breedlove Professor of Agribusiness and Extension Livestock Marketing Specialist Oklahoma State University

2 Major Beef Market Factors Cattle Inventory and Beef Production Beef Demand International Trade Feed and Input Markets Forage Conditions

3 BOXED BEEF CUTOUT VALUE Choice Lbs. Carcass, Weekly $ Per Cwt Avg JAN APR JUL OCT C-P-62 04/29/13 Data Source: USDA-AMS

4 SLAUGHTER STEER PRICES Southern Plains, Weekly $ Per Cwt Avg JAN APR JUL OCT C-P-52 04/29/13 Data Source: USDA-AMS

5 MED. & LRG. #1 FEEDER STEER PRICES Pounds, Southern Plains, Weekly $ Per Cwt Avg JAN APR JUL OCT C-P-49 04/29/13 Data Source: USDA-AMS, Compiled & Analysis by LMIC

6 FEEDER STEER vs FED STEER PRICES Lbs. Minus Slaughter Steer, S. Plains, Weekly $ Per Cwt Avg JAN APR JUL OCT 2013 C-P-53 04/29/13 Data Source: USDA-AMS, Compiled & Analysis by LMIC

7 MED. & LRG. #1 STEER CALF PRICES Pounds, Southern Plains, Weekly $ Per Cwt Avg JAN APR JUL OCT C-P-49A 04/29/13 Data Source: USDA-AMS, Compiled & Analysis by LMIC

8 SLAUGHTER COW PRICES Southern Plains, 85-90% Lean, Weekly $ Per Cwt Avg JAN APR JUL OCT C-P-35 04/29/13 Data Source: USDA-AMS

9 Mil. Head 140 JANUARY 1 TOTAL CATTLE INVENTORY U.S., Annual = 89.3 Million Head -1.6 Percent Data Source: USDA-NASS C-N-01 02/04/13

10 Mil. Head 40 JANUARY 1 BEEF COW INVENTORY U.S., Annual 2013 = 29.3 Million Head -2.9 Percent Cyclical Expansion Cyclical Liquidation Drought Liquidation Cyclical Expansion Input Shock- Recession Liquidation Drought Liquidation Data Source: USDA-NASS C-N-02 01/29/12

11 Mil. Head JANUARY 1 FEEDER CATTLE SUPPLIES Residual, Outside Feedlots, U.S Data Source: USDA-NASS C-N-30 02/04/13

12 Mil. Head 7.0 HEIFERS HELD AS BEEF COW REPLACEMENTS January 1, U.S % Data Source: USDA-NASS C-N-38 02/04/13

13 Mil. Head BEEF PRODUCTION vs. CATTLE INVENTORY Inventory on January 1, U.S. Commercial Beef Production Bil. Pounds Total Cattle Inventory Data Source: USDA-AMS, Compiled & Analysis by LMIC M-S-23 08/10/12

14 Cattle Slaughter, Annual Million Head Data Source: USDA-NASS, Compiled & Analysis by LMIC M-S-03A 01/29/13

15

16 U S ALL HAY STOCKS December 1 Mil. Tons Data Source: USDA-NASS, Compiled & Forecasts by LMIC G-NP-22 01/11/13

17 Hay Price, $/ton $ $ $ $ $ $ $90.00 $70.00 $ All Hay Alfalfa Other Hay

18 Percent 70 US RANGE AND PASTURE CONDITION Percent Poor and Very Poor, Weekly Avg May Jul Sep Data Source: USDA-NASS, Compiled & Analysis by LMIC G-NP-30 05/06/13

19 Percent 45 SOUTHEAST REGION RANGE AND PASTURE CONDITION Percent Poor and Very Poor, Weekly Avg May Jul Sep Data Source: USDA-NASS, Compiled & Analysis by LMIC G-NP-36 05/06/13

20 Percent 80 CORNBELT REGION RANGE AND PASTURE CONDITION Percent Poor and Very Poor, Weekly Avg May Jul Sep Data Source: USDA-NASS, Compiled & Analysis by LMIC G-NP-34 05/06/13

21 Percent 90 GREAT PLAINS REGION RANGE AND PASTURE CONDITION Percent Poor and Very Poor, Weekly Avg May Jul Sep Data Source: USDA-NASS, Compiled & Analysis by LMIC G-NP-32 05/06/13

22 Percent 80 SOUTHERN PLAINS REGION RANGE AND PASTURE CONDITION Percent Poor and Very Poor, Weekly Avg May Jul Sep Data Source: USDA-NASS, Compiled & Analysis by LMIC G-NP-33 05/06/13

23 Percent 75 WESTERN REGION RANGE AND PASTURE CONDITION Percent Poor and Very Poor, Weekly Avg May Jul Sep Data Source: USDA-NASS, Compiled & Analysis by LMIC G-NP-31 05/06/13

24 Mil. Pounds 550 BEEF PRODUCTION Federally Inspected, Weekly Avg JAN APR JUL OCT Data Source: USDA-AMS & USDA-NASS M-S-18 04/29/13

25 Thou. Head CATTLE SLAUGHTER Federally Inspected, Weekly Avg JAN APR JUL OCT Data Source: USDA-AMS & USDA-NASS C-S-08 05/03/13

26 STEER DRESSED WEIGHT Federally Inspected, Weekly Pounds Avg JAN APR JUL OCT Data Source: USDA-AMS & USDA-NASS C-S-18 05/03/13

27 BEEF COW SLAUGHTER Federally Inspected, Weekly Thou. Head Avg JAN APR JUL OCT Data Source: USDA-AMS & USDA-NASS C-S-34 05/03/13

28 TOTAL COW SLAUGHTER Federally Inspected, Weekly Thou. Head Avg JAN APR JUL OCT Data Source: USDA-AMS & USDA-NASS C-S-14 05/03/13

29 Bil. Pounds 3.0 U S BEEF AND VEAL EXPORTS Carcass Weight, Annual Data Source: USDA-ERS & USDA-FAS, Compiled & Analysis by LMIC I-N-06 04/28/13

30 MAJOR U S BEEF EXPORT MARKETS Carcass Weight, Annual Mil. Pounds Avg. 2006/ Japan Canada Mexico Korea I-N-18 05/01/13 Data Source: USDA-ERS & USDA-FAS, Compiled & Analysis by LMIC

31 MAJOR U S BEEF IMPORT SOURCES Carcass Weight, Annual Mil. Pounds Australia New Zealand Canada Mexico Avg. 2006/ Data Source: USDA-ERS & USDA-FAS, Compiled & Analysis by LMIC I-N-36 05/01/13

32 U S BEEF AND VEAL IMPORTS Carcass Weight, Annual Bil. Pounds I-N-12 04/28/13 Data Source: USDA-ERS & USDA-FAS, Compiled & Analysis by LMIC

33 United States: Beef Trade Projected 1,000 METRIC TONS Exports 2009 Imports

34 CATTLE IMPORTS FROM MEXICO Annual Thou. Head Data Source: USDA-ERS & USDA-FAS, Compiled & Analysis by LMIC I-N-17 05/01/13

35 U S CATTLE IMPORTS FROM MEXICO Monthly Thou. Head JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Avg Data Source: USDA-ERS & USDA-FAS I-N-03 05/03/13

36 CORN ACREAGE Acres Planted (million) Data Source: USDA-NASS, Compiled & Analysis by LMIC

37 Bu. Per Acre NATIONAL AVERAGE CORN YIELD Crop Year Data Source: USDA-NASS, Compiled & Forecasts by LMIC G-NP-04 03/28/13

38 U S ANNUAL CORN PRODUCTION Crop Year Bil. Bushels Data Source: USDA-NASS, Compiled & Forecasts by LMIC G-NP-07 03/28/13

39 $ Per Bushel 8.00 NATIONAL AVERAGE CORN PRICE Crop Year, Received by Farmers Data Source: USDA-NASS, Compiled & Forecasts by LMIC G-NP-03 03/28/13

40 Mil. Head 12.0 CATTLE ON FEED US Total, Monthly 11.5 Avg. 2007/ JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC C-N-10 04/19/13 Data Source: USDA-NASS

41 $ Per Cwt CHOICE STEER PRICE vs BREAKEVEN Cattle Feeding, S. Plains, Monthly Latest Data: April 2013 Steer Price Breakeven Projected Breakeven Data Source: USDA-AMS & USDA-NASS, Compiled & Analysis by LMIC C-P-21 05/06/13

42 $ Per Head AVERAGE RETURNS TO CATTLE FEEDERS Feeding 725 Lb. Steers, S. Plains, Monthly Latest Data: April Data Source: USDA-AMS & USDA-NASS, Compiled & Analysis by LMIC C-P-22 05/06/13

43 2013 Cattle Market Expectations Cattle and beef prices pushed higher by limited supplies Beef production down by % Beef demand will limit price increases Question is How much higher? Moderation in feed prices Higher cow and heifer prices (if no drought) Breeding cow and heifer demand

44 Corn Price Crop year average, $9.00 $8.00 $7.00 $6.00 $5.00 $4.00 $3.00 $2.00 $1.00 $ , 2013 Projected

45 It is often said: The Beef Industry Can Survive High Corn Prices Better Than the Pork and Poultry Industries True statement? What are the implications for the beef industry?

46 Feedlot Cost of Gain Kansas, $/cwt

47 Cost per Pound of TDN, Cents/lb. $18.00 $16.00 $14.00 $12.00 $10.00 $8.00 $6.00 $4.00 $ Corn Hay Source: Nevil Speer. Based on corn at 88% and hay at 55% TDN

48 Permanently Higher Grain Prices is a Game Changer for the Beef Industry Change from grain intensive to forage intensive to maintain competitiveness Must emphasize ruminant advantages Enhanced role for stocker production Influence on production systems Animal genetics (change animal size?) Type and use of technology? Better forage management New forages? New forage systems? Industry infrastructure (location and capacity) Different feeding industry? Regional shifts in cattle feeding, cow-calf and stocker production

49 $ Per Cwt ANNUAL AVERAGE CATTLE PRICES Southern Plains lb Steer Calves lb Feeder Steers Fed Steers Data Source: USDA-AMS, Compiled & Analysis by LMIC C-P-06 05/01/13

50 Cattle Sector Implications Cow-calf Good profit potential; cost management key Rebuilding strategy and costs Producer transition Stocker Good value of gain Feedlots and packers will continue to struggle Loss of capacity likely Production challenges bigger than marketing challenges

51 The Weekly Newsletter From OSU Animal Science and Agricultural Economics Send to

52

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