USA: Cattle market overview for the 48th week of 2021

06.12.2021

Photo is illustrative in nature. From open sources.

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The cost of Choice meat in the US market increased by $5.65 in a week, the price of Select beef increased by $3.64. Choice/Select price leverage dropped to $15.62.

In about 10 days we will have an update on retail meat inflation and we are confident that it will continue to show a double digit increase in beef prices. As noted by the US Department of Agriculture (USDA), regardless of the type of product - be it ground beef, loin steaks or ribs - retail prices for beef in November were 20-50% higher than a year ago. This is clearly seen in the example of one of the most popular products - ground beef with a fat content of 80-89%. In the four weeks ending November 26, the average price for this product was $ 4.43 per pound, up 40% from a year ago, according to the USDA .

What is even more unclear is whether there will be a sharp jump in prices in the future. Now this question is of great interest to consumers, forcing them to change their buying behavior and reduce the cost of beef.

In terms of exports, the USDA said 1,415 shipments of beef were sold to non-NAFTA markets last week. This is lower than the exports recorded in the same week last year (1580), but still more than any other comparable week before COVID-19 . China emerged as the top market for US beef in November, at least in terms of volume sold. While Chinese buyers have significantly reduced pork purchases, demand for American beef is only growing, especially since supplies from Argentina, Uruguay or Australia are severely limited.

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WEEKLY CUT CHOICE COST

AVERAGE WEEKLY LIVESTOCK PRICE

Sale of livestock, heads

Average weight

average price

11/26/2021

03.12.2021

Growth per week,%

11/26/2021

03.12.2021

Growth,%