Over the last 14 years, USDA-reported average retail beef prices have risen more rapidly than retail prices for either pork or chicken, according to monthly data kept and compiled by the Livestock Marketing Information Center in Denver.
Retail prices for pork also have risen over the period, but the bulk of the changes came in two periods, from January 2010 through January 2014 and from January 2020 through January 2023.
Chicken prices also are up overall, but most of the changes came in 2021 and 2022, the records showed.
The question then becomes; are consumers reaching a breaking point where they will do more substituting like buying less-expensive beef cuts or buying more chicken or pork? This can be followed closely with; if they have reached this point, is this a long- or short-term phenomenon?
RETAIL BEEF PRICES MIXED
February retail meat prices showed mixed results for beef, pork and chicken, the LMIC said. The month’s choice retail beef price was $8.08 a pound, nearly identical to January but 6.5%, or $0.49 a pound, higher than last year.
The all-fresh retail beef price was $7.83 per pound, a marginal increase from last month and an 8.3% increase, or $0.60 per pound, increase over last year, the LMIC said. Ground beef was $5.13 a pound, up 7.4% from last year.
Chucks and rounds posted increases of 10.2% and 7.6%, respectively, over last year to $7.51 and $6.71 per pound, the LMIC said. Steaks posted a record high of $11.72 a pound, up 13.9% ($1.43 per pound) from last year.
RETAIL PORK PRICES UP
February’s retail pork price was $4.76 a pound, down less than 1% from the previous month and the previous year, the LMIC said. Over the last 12 months, the retail pork price has ranged from $4.68 to $5.04 per pound with an average of about $4.80.
Retail bacon prices fell less than 1% to $6.56 per pound in February, the lowest in six months, the LMIC said. Pork chops were down 2.3% to $4.16 per pound while hams were 3.4% higher to $4.52.
CHICKEN PRICES MIXED
Retail whole bird broiler prices were $1.95 a pound in February, down $0.03 from January but 3.0% higher than last year, the LMIC said. The broiler composite price fell about $0.05 per pound from the prior month to $2.37 in February, which was a 1.8% decline from last year.
Leg prices fell 4.9% to $1.75 per pound, the lowest in more than two years when they were $1.73 in January 2022, the LMIC said. Boneless chicken breast prices were $4.11 a pound, down 6.0% from last year.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers this week ranged from $185.74 per cwt to $190.19, compared with last week’s range of $185.00 to $191.26 per cwt. FOB dressed steers, and heifers went for $292.35 per cwt to $294.74, compared with $287.48 to $294.53.
The USDA choice cutout Tuesday was down $0.11 per cwt at $313.22 while select was up $0.13 at $303.18. The choice/select spread narrowed to $10.04 from $10.28 with 115 loads of fabricated product and 23 loads of trimmings and grinds sold into the spot market.
The daily weighted average USDA listed wholesale price for fresh 90% lean beef was $333.65 per cwt, and 50% beef was $111.28.
The USDA said basis bids for corn from feeders in the Southern Plains were unchanged at $1.50 to $1.65 a bushel over the May corn contract, which settled at $4.39 1/2 a bushel, up $0.03 1/2.
The CME Feeder Cattle Index for the seven days ended Monday was $251.02 per cwt, up $0.16. This compares with Tuesday’s Mar contract settlement of $250.67, down $0.52.