USA: Demand influences

Published 2023년 1월 17일

Tridge summary

The article highlights the robust demand for beef at retail and foodservice levels, offering an explanation for its current advantage over pork and chicken. It notes that retail prices for beef have been decreasing since hitting record highs in 2021, while pork and chicken prices have been on the rise. The demand for high-quality beef has remained strong, as shown by sales figures at Costco and Walmart. However, the cattle industry is expected to face a challenging 2023 due to tighter supplies, caused by severe drought and high input costs, leading to a decrease in the cattle herd and a significant decline in beef production. In contrast, pork and poultry production is projected to increase, ensuring a varied protein supply for consumers. Additionally, the article touches on the significance of beef exports, particularly to China/Hong Kong, and a slight recovery in pork exports in the later months of 2021, though there has been an overall decline in pork export volumes and values over the year.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Beef demand at retail and foodservice is robust. Beef currently has an advantage over pork and chicken at retail as average retail prices in the second half of last year trended below year-ago levels, while pork and chicken prices trended higher. Pork prices even hit a record $5.05 per lb in October, up 4.8% from a year earlier. Beef prices are currently at their most competitive in relation to the competing meats since 2017. But that is likely to change this year. US consumer demand for beef, pork and chicken was strong before the onset of the COVID-19 pandemic in early 2020. But it got even stronger as US consumers stayed at home and cooked a lot more. Beef was the biggest winner of all the meats, as consumers sought a meat treat in exchange for not being able to eat out at most dine-in restaurants for many months. Beef retail prices eventually reached record-high levels in October 2021. The US Department of Agriculture’s All Fresh beef price averaged $7.55 per lb and its Choice ...

Source: Meat+Poultry