Retail beef prices were strong in November in spite of increased meat supplies, said Oklahoma State University Extension Livestock Marketing Specialist Derrell Peel in a letter to Extension agents.
November average choice retail beef price was $5.91 a pound, up from $5.84 in October and 1.8% above the November 2017 price of $5.81, according to USDA data compiled by the Livestock Marketing Information Center.
However, the all-fresh beef retail price dropped to $5.60 a pound from the October price of $5.68. The all-fresh price also was down 0.5% from the November 2017 price of $5.63.
For the year to date, the choice and all-fresh retail beef prices have averaged 0.2% and 0.7% above the same month last year, Peel said.
Retail beef prices have remained strong despite increased supplies of beef and other meats, Peel said. The ratio of retail beef price to broilers and to pork has averaged slightly higher in 2018 compared with 2017.
RETAIL PORK PRICES DROP
Retail pork prices dropped in November to $3.70 a pound from the October level of $3.73 and were down 2.2% from the November price of $3.79 one year ago, Peel said. So far this year retail pork prices are down 1.1% year over year, Peel said.
The retail broiler composite price in November was $1.85 a pound, down from $1.89 in October and down 1.0% from the November 2017 price of $1.87.
RETAIL BROILER PRICES STEADY
For the year to date, retail broiler prices are unchanged from last year, Peel said.
However, the November average retail price for fresh, whole chicken was $1.50 a pound, up from $1.44 in October and up from $1.45 in November a year ago.
The composite retail chicken price in November was $1.85 a pound, down from $1.89 in October and down from $1.87 in November 2017.
DATA INCLUDES ONLY GROCERY PRICES
Retail meat prices do not capture prices for food eaten away from home. According to USDA, 53.8% of total food expenditures in 2017 were for food away from home, up from 50.9% just five years earlier in 2012.
Over the period from 2012 to 2107, at home food expenditures increased 12.2% while expenditures for food away from home increased by 26.1%, Peel said
The fastest growing segment of at home food expenditures was in the category that includes farmer’s markets followed by mail order and home delivery, Peel said.
Farmer’s markets represented 0.8% of at-home food expenditures in 2017 while the mail order/home delivery category accounted for 3.0% of total at-home food expenditures, he said.
Most major away-from-home food categories showed growth of more than 25% since 2012, Peel said. This includes food expenditures at full and limited service restaurants, hotels, drinking establishments and recreational places.
CATTLE, BEEF RECAP
A total of 97 head of fed cattle sold Wednesday at the Fed Cattle Exchange video auction at an average price of $119 per cwt, up $1.17 from a week earlier.
Cash cattle traded last week at $118 to mostly $$119 per cwt, steady with the previous week. Dressed-basis trade was at $187 to mostly $188 per cwt, steady to up $1.
The USDA choice cutout Monday was up $1.71 per cwt at $212.67, while select was up $0.62 at $203.76. The choice/select spread widened to $8.91 from $7.82 with 72 loads of fabricated product sold into the spot market.
No delivery notices were served for Dec live cattle.
The CME Feeder Cattle index for the seven days ended Friday, was $146.20 per cwt, down $0.71. This compares with Monday’s Jan settlement of $145.37, down $2.20.