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Americans Continue To Demand Beef Amidst Record Prices

Across the board cattle and beef prices have surpassed record levels. Speaking at the Oklahoma Cattlemen's Association annual convention, Livestock Marketing Information Center Director Jim Robb says from an economist view its a combination of the supply and demand side coming together.

"The domestic consumer demand has stayed surprisingly strong and we've had some support in the beef complex from the trials and tribulations in the pork industry and the moving up of pork and hog prices," Robb said. "Then the export demand has been surprising good at these very high prices that foreign demand has stayed very strong and very robust for beef, in fact we are getting year over year increases still in beef exports."

At the OCA meeting, Robb talked with Radio Oklahoma Network Farm News Director Ron Hays about the market situation. On the supply side, the industry has shrunk numbers significantly in recent years from ongoing drought in the south as well as the Midwest. In the short term Robb says packers are needing animals, which pushes cattle and in turn beef prices higher. He says there are strong fundamentals under the market and at some point the market will peak, but no one knows when that will take place.

While beef prices have moved to record levels, demand has not been effected. Robb says part of that is Americans having a craving for beef and in looking at the meat case, pork and chicken prices have also increased.
 

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