Beef Prices Q&A
Why are beef prices increasing? What’s impacting “record” prices as opposed to natural rise due to inflation?
Beef trade also has a significant impact on supply. The great news is that U.S. beef exports are up 20 percent. However, the weak dollar has negatively impacted our ability to attract as much import business as we have in years past, which makes us more reliable on what’s produced in this country.
Wholesale prices are up for all meats. Pork is reaching record highs at 30%. Turkey prices at wholesale are up over 20%. Beef prices are up 15% and chicken is up around 10%.
How does the current environment compare to traditional, seasonal spikes? Do you expect “record” high prices?
Beef prices at retail are actually five percent lower right now than last year (FreshLook Marketing, March 2010). Wholesale prices are up, but it’s important to keep in perspective the lag time between when those fluctuations will be reflected at retail due to their procurement and ad planning process. It takes about 8-9 weeks.
Nothing says summer like the sizzle of beef on the grill, and so expect price fluctuations as we see bumps in demand throughout the season. That makes now a smart time to stock up on your favorites for the grill. Watch for deals at your meat case and weekly ad circular and prepare to enjoy the summer month’s ahead!
For more information about opportunities at the retail case, visit the checkoff-funded BeefRetail.org.