The USDA’s Economic Research Service’s monthly retail meat prices showed the price consumers paid for beef continued to rise, outstripping gains seen in pork or broiler chicken prices.
A price comparison between the three major meats consumed in the US, done by the Livestock Marketing Information Center in Denver showed the retail price of all fresh beef rose 6.2% in February to $8.32 a pound. At the same time, the monthly retail pork price rose 1.6% to $4.84 a pound, and retail broiler prices rose 5.1% to $2.05 a pound.
GROUND BEEF JUMPS
For beef, the February price for all uncooked ground beef reached $5.96 a pound, showing an 8.8% increase over February a year ago.
Last week, the AMS put the wholesale price of 90% lean ground beef at $3.82 a pound, according to the LMIC. This was up from $3.35 a pound a year earlier and up from the 2019-2023 average of $2.47 a pound.
And ground beef hasn’t hit its annual seasonal stride yet, a market analyst said. The product usually peaks about the last week of May, although last year’s top came the first week of August at $3.76 a pound.
Retail prices for beef roasts in February showed an 8.8% increase over a year ago with prices approaching $8.00 a pound.
Choice steak retail prices recorded a 7.6% increase from 2024, reaching $8.49 a pound, with choice sirloin steaks being priced at $11.90 a pound, marking an increase of 1.6% year over year.
MODEST PORK PRICE INCREASES
Relative retail pork price increases were modest, the LMIC said. Bacon prices rose by 3.6% to $6.80 a pound while bone-in and boneless pork chops increased by 1.4% and 4.1%, respectively to $4.46 and $4.56 per pound.
Hams were an exception, showing a 2% price decrease from a year ago at $4.43 a pound.
The lower retail price of hams stood out from other prices in AMS price data because the weekly wholesale price has been higher than the same week in 2024 and in the previous five-year average all year. Weekly wholesale prices for this item have a seasonal tendency to rise unevenly into summer.
WHOLESALE/RETAIL CHICKEN PRICE GAP NARROWS
The gap between wholesale and retail chicken prices narrowed for February, the LMIC reported. The retail chicken composite price increased by 2.4% year over year to $1.22 a pound.
Within the retail price mix, fresh shole chicken prices increased by 5.1% to $2.05 a pound, chicken legs rose by 2.3% to $1.79 per pound, and boneless chicken breasts declined 0.6% to $4.08 a pound.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers This week ranged from $208.99 per cwt to $213.42, compared with last week’s range of $199.50 to $210.11 per cwt. FOB dressed steers, and heifers went for $321.59 per cwt to $321.76, compared with $311.12 to $323.01.
The USDA choice cutout Monday was up $1.65 per cwt at $327.10 while select was up $3.96 at $313.58. The choice/select spread narrowed to $13.52 from $15.83 with 56 loads of fabricated product and 22 loads of trimmings and grinds sold into the spot market.
The USDA-listed the weighted average wholesale price for fresh 90% lean beef was $383.52 per cwt, and 50% beef was $117.77.
The USDA said basis bids for corn from feeders in the Southern Plains were unchanged at $1.20 to $1.32 a bushel over the May corn contract, which settled at $4.64 1/2, up $0.00 1/4.
The CME Feeder Cattle Index for the seven days ended Friday was $286.99 per cwt, down $0.79. This compares with Monday’s Mar contract settlement of $286.60, up $0.12 and Apr’s $285.25, up $0.27.