Home Crop Monitoring Beef Market Update: Consumption up in Canada

Beef Market Update: Consumption up in Canada

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On earlier episodes of the Beef Market Replace, you’ve heard Anne Wasko, of the Gateway Livestock Alternate discuss concerning the cattle hangover that is happening in the fed cattle market. Properly, we’ve received some excellent news: we’re on our manner out.

Wasko says though the U.S. is getting on its toes too, the Canadian market for fed cattle is getting extra present, faster than the U.S.

“We are ducking out from underneath it, with smaller and more current supplies ahead. Carcass weights are down, too,” says Wasko.

As we sit at mid-June already, we actually are moving into prime BBQ season, eating places are starting to reopen, and a few social gatherings are allowed throughout the nation, which is creating an excellent demand story. Nevertheless, Wasko does remind us that in relation to demand and consumption information, it has at all times lagged.

“We just got some consumption data from StatsCan last week, and it’s for 2020, but I think some of the same fundamentals — that I’ll just remind listeners of, are carrying on here in 2021 — but in 2020, Canadian beef demand was up five and a half per cent from 2019,” says Wasko.

This wasn’t a lot of a shock as we went via COVID-19, and noticed how robust costs have been on the counter. Historical past additionally reveals that when customers have that further spending money — that they weren’t utilizing on the eating places — they have an inclination to spend it on a reduce of beef to prepare dinner up at house.

“The demand story is very positive — third best demand index in recent history — only behind 2015 and 2016. So the consumption data that StatsCan released last week, also for 2020, also supported that good news story. And one was that per capita beef consumption, in Canada, was actually up 0.3 per cent versus 2019, and that goes up against what everyone is talking about, that people are eating less meat. And when it comes to staying home, and having more money in our pockets because we’re not spending, we’ll spend it on beef,” says Wasko. “The beef story was a super story all around.”

Right here the complete dialog under:

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