Large backlog of cattle remain
- According to Len Steiner with Steiner Consulting Group, the number of cattle on feed 150-days or more on July 1st will be about 950,000 head.
- If this number is accurate, that means the industry has only reduced the 150-day cattle by 30,000 head from June 1st.
- The Cattle on Feed report comes out this Friday, and if Steiner’s 950,000 head estimate is correct, it would be a 40% increase over the same month a year ago.
- Last month’s Cattle on Feed report put the number of cattle with 150-days or more on feed at 971,000 head, a number that was 42% higher than the same month in 2019.
- Steiner estimates June slaughter to be up 0.8 percent but July slaughter will be down 0.5 percent due to one fewer slaughter days.
- Earlier this month, the USDA reported the average carcass weight 35 lbs. heavier than a year ago. This is equivalent to 21,000 more fed cattle coming to market this year compared to last.
- The average retail beef price in June was estimated at $7.56/lb., slightly less than May but still 23% higher than year ago prices.
Meat-eating boosts muscle health better than plant-based diet as we age, new study suggests
- A new study coming out of the United Kingdom has show that plant-based proteins will not boost muscle health as much as eating meat as we get older.
- The number of vegans in the UK has tripled since 2006. Many have went vegan for health purposes, animal welfare or environmental reasons.
- The study found that transitioning from an animal-based protein diet to a plant-based diet is likely to be detrimental to muscle health as we age.
- Muscles must be kept strong by amino acids that can be found in animal proteins.
Boxed beef prices and market update
- Choice boxed beef: $ 200.47 (-0.33)
- Select boxed beef: $190.31 (-0.99)
- For the first time this year, over 50 percent of the country is in some kind of drought designation. This hasn’t occurred since the week ending September 18th, 2018 when the country was coming off a historical drought.
- Weekly cattle slaughter was reported at 650,000 hd., down 1.1 percent from the previous week and down 0.8 percent from last year.
- Weekly live cattle weights were reported at 1,366 lbs., up 36 lbs. from last year.