Consumers will pay more for beef and poultry this summer in the US

Memorial Day or Fourth of July cookouts will be more costly this year as chicken and beef prices remain high. Derrell Peel, livestock marketing specialist with Oklahoma State University Extension, said beef production from the nation’s biggest packers continues to slow. He said Tyson Foods, Cargill and other large operators continue to reduce production amid decreases in cattle slaughter and lower carcass weights. Peel said beef production averaged 6.4% lower over the past four weeks compared to a year ago and there is no sign of improvement. The U.S. Department of Agriculture reports steer slaughter is down 5.3% year over year in the past month and steer carcass weights have averaged 903 pounds, which is 16 pounds lighter than a year ago. Beef cattle slaughter was down 13.6% over the past weeks compared to a year ago. The “choice” boxed beef cutout values averaged $285.13 per hundredweight last month, up 11% from a year ago. The cutout values relate to the wholesale prices for ...