The monthly USDA Economic Research Service Meat Price Spread data for March showed retail beef prices remained elevated while pork and chicken retail prices hit record highs.
A newsletter for Extension staff from the Livestock Marketing Information Center said March retail beef prices averaged $7.67 a pound, up $1.20, or 18.6%, from a year earlier. The price was driven by a record ground beef price of $4.76 per pound, up 17.7%, or $0.72, from 2021.
Chuck and round roasts were $6.99 and $6.30 a pound, respectively, up 14.8% and 11.9%, the LMIC said. Stew beef was the second highest on record at $7.16 a pound, up 24.3%, but below the record of $7.36 in December 2021.
Sirloin steaks increased 16.7% from last year to $10.66 a pound but were a dollar below the record level of $11.65 set in October 2021, the letter said.
PORK PRICES RECORD HIGH
March retail pork prices set a new record high of $4.84 a pound, an increase of 16.1%, or $0.67, from last year, the LMIC said. In 2021, retail pork prices initially reached a record of $4.32 a pound in April. For the next eight months, prices set new record highs before a slight decline between December 2021 and February 2022 when prices averaged $4.75 a pound.
The strong pace of retail pork prices was reflected in pork cuts, the newsletter said. Bone-in chops set a record price of $4.68 per pound (up 15%); boneless hams also set a record, up 7.5% to $5.15 per pound.
Boneless ham prices have set records for the last three straight months. Bacon prices were $7.20 per pound, a 23.1%, or $1.35, rise from the prior year.
CHICKEN PRICES NEAR RECORD HIGH
In March, the retail broiler price was the second highest on record at $1.72 a pound, an 11.7%, or $0.18, increase from a year ago, the LMIC said.
The retail broiler composite price set a record in March at $2.32 per pound, rising 15.5% ($0.31) from last year, the newsletter said. Strength in this value was linked to record-setting prices for bone-in chicken legs and boneless chicken breast.
Bone-in chicken legs increased 16.9% ($0.27) to a record price of $1.83 per pound, the LMIC said. Boneless chicken breast set a record of $3.87 per pound in March, up 17.6%, or $0.58.
Eggs were $2.04 a dozen, 25.9% above a year earlier but well below the record high of $2.97 during the 2014/15 highly pathogenic avian influenza outbreak.
Milk prices reached the second highest level in March to $3.92 a gallon, up 17% from last year and just below the record of $3.96.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers this week ranged from $141.54 to $147.00 per cwt, compared with last week’s range of $139.77 to $147.00. FOB dressed steers, and heifers went for $220.50 to $222.53 per cwt, versus $219.04 to $227.96.
The USDA choice cutout Wednesday was up $0.19 per cwt at $259.74, while select was up $0.34 at $247.68. The choice/select spread narrowed to $12.06 from $12.21 with 92 loads of fabricated product and 39 loads of trimmings and grinds sold into the spot market.
The USDA reported that basis bids for corn from feeders in the Southern Plains were unchanged at $1.55 to $1.65 a bushel over the Jul futures and for southwest Kansas were steady at even the Jul, which settled at $7.94 1/4 a bushel, up $0.01.
The CME Feeder Cattle Index for the seven days ended Tuesday was $155.75 per cwt down $0.02. This compares with Wednesday’s May contract settlement of $162.25, down $0.15.