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CME: Beef Prices Up by Less Than Tenth of a Percent

14 December 2018

US - The Department of Labor released consumer price data for November on Wednesday, reports Steiner Consulting Group, DLR Division, Inc.

The measure of prices for all items was unchanged from October and was up 2.2 percent from a year earlier.

Food prices were up 0.2 percent from the prior month, the biggest month-to-month increase since June and were up 1.4 per cent from a year earlier.

All meat prices were lower by a tenth of a percent from the prior month based on lower prices for pork and poultry while beef prices were up by less than a tenth of a percent.

USDA-Economic Research Service (ERS) publishes calculated average prices for grocery store beef sold in fresh form, as well as a calculation based solely on Choice grade product.

The Choice grade indicator is oriented to steaks and roasts from cattle grading Choice, while the "All fresh" calculated average price encompasses ground beef coming from all cattle.

The "All fresh" price in November dipped below a year earlier, roughly paralleling trends in wholesale beef trimmings prices in recent months that have been under pressure due to increases in cow slaughter.

Choice grade retail beef prices have been higher than a year ago since August. Consumer demand for higher quality steak cuts has been very good since mid-year, resulting in a higher price for this product at the wholesale level.

Average wholesale prices for rib steaks and rib roasts in November were up 6 percent from a year earlier.

Prices for choice grade chuck product at wholesale were the same price as last November. The Choice beef retail price in November was up 2 percent from a year earlier.

Daily Livestock Report - Copyright © 2008 CME. All rights reserved.

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