by Kim Souza (ksouza@talkbusiness.net)

Beef prices typically increase following Memorial Day with more summer grilling demand but prices this year are trending higher than a year ago, according to Derrell Peel, livestock marketing specialist with Oklahoma State University Extension.

Peel said the seasonal increase in boxed beef cutout prices is higher than usual this year, with the weekly average “Choice” boxed beef prices rising 63.8% from early January to early June. Prices were higher across the board with loin cuts increasing 93%, rib meat up 60%, round rising nearly 44% and chuck cuts up 39% from the same period last year.

Year-to-date, values range from a 17% increase in rib meat for cuts like cowboy steaks and prime rib roasts to a 110.8% rise in short plate meat which includes skirt steak used in fajita and short ribs. Peel said the slight decrease in prices toward the end of June do not indicate weakening demand, but rather that food service operators had largely replenished their supply by early June.

https://talkbusiness.net/2021/07/sizzling-summer-beef-demand-pushes-prices-higher/

Wholesale “choice” boxed beef prices are up 40.7% through the end of June, compared to a year ago. (photo courtesy of Oklahoma State University Extension)