USA: Beef demand is holding steady

The all-fresh retail beef price in October was $7.25/lb., down slightly from $7.32/lb. in September and down 4.0 percent from the record high of $7.55/lb. one year ago. In 2022, the all-fresh retail beef price has remained in a narrow range from $7.37/lb. to $7.25/lb. and has averaged $7.33/lb. through October, up from the 2021 annual average of $6.95/lb. Figure 1 includes all-fresh retail beef prices since January 2018 and shows the sharp increase in prices in 2021 and steady prices thus far in 2022. Related: White House hones in on U.S. food and ag security Beef demand considers retail beef prices as well as the quantity of beef consumption. Total commercial beef production is projected for 2022 at a record level of 28.3 billion pounds. After adjusting for beef trade, per capita retail beef consumption is projected at 59.3 pounds, up year over year from 58.9 pounds per capita in 2021. The fact that retail beef prices this year are averaging higher at the same time as ...