BEEF TRENDS

Beef Trends - May 3, 2024

All current beef pricing trends are based on USDA data as of May 1, 2024. Last week’s trends refer to the USDA market for the week ending April 26, 2024.

Live cattle sold mostly between $1.82 and $1.83/lb. last week. Live cattle are expected to remain steadily priced this week, according to analysts.

Last week’s slaughter was about 613K head, which was down compared to the previous week, and is expected to remain steady going forward, according to analysts.

For grading in the week ending April 20, 84.4% of cattle graded as Choice or higher, and 11.9% graded as Select, with the remaining 3.7% being Ungraded.

GRINDS

GROUND CHUCK:

Ground Chuck was down last week, but has increased this week through three days of trading. Analysts expect the Ground Chuck market to be steady through spring, and report that supplies remain adequate.

GROUND BEEF 81/19:

81/19 Ground Beef traded up last week, but has decreased so far this week through three days of trading. Similar to Ground Chuck, analysts expect the market to be steady in the short term.

GROUND Beef 73/27:

73/27 Ground Beef traded up last week, and has continued to increase this week through three days of trading. Analysts expect this market to be steady through spring.

ROUNDS

PEELED KNUCKLES:

Choice Peeled Knuckles were flat last week, while Select grade decreased. This week, both grades have declined through three days of trading. Analysts expect the Peeled Knuckles market to hold steady in the short term.

INSIDE ROUNDS:

Choice Inside Rounds decreased last week, while Select grade was flat. This week, Choice grade has increased, while Select grade has remained flat through three days of trading. Analysts believe the market will hold steady in the short term, then increase later in spring.

BOTTOM ROUND FLATS:

The Bottom Round Flats market increased last week, and has continued to increase this week through three days of trading. Analysts expect the market to continue to increase in the short term.

EYES OF ROUND:

The Eyes of Round market increased last week, but has decreased this week through three days of trading. Analysts expect the market declines to diminish, followed by steady increases later in May.

LOINS

STRIPS:

The Strip Loins market decreased last week. This week, both grades have increased through three days of trading. Analysts believe that the market will hold steady now through summer.

TOP BUTTS:

The Top Butts market increased last week. This week, Choice grade has increased, while Select grade has decreased through three days of trading. Analysts expect the market to hold steady in the short term.

TENDERLOINS:

The Tenderloin market continues to be volatile, as both grades increased last week, but both have decreased this week through three days of trading. Analysts expect the market to continue to remain choppy in the short term, and report that demand continues to remain soft, and supplies remain good.

RIBS

RIBEYES:

Choice Light Ribeyes increased last week, while Select Light Ribeyes and Choice Heavy Ribeyes declined. This week, all grades have increased except for Select Heavy Ribeyes, which have decreased through three days of trading. Analysts expect the market to hold steady in the short term, then increase later in May.

CHUCKS

CHUCK ROLLS:

The Chuck Rolls market decreased last week. This week, Choice grade has increased, while Select grade is flat through three days of trading. Analysts expect the market to hold steady in the short term.

TERES MAJORs:

The Teres Majors market declined again last week. This week, Select grade has continued to decline, while Choice grade has increased through three days of trading. Analysts expect the market to increase in May.

BRISKETS:

The Briskets market declined last week. This week, Choice grade has continued to decrease, while Select grade is up through three days of trading. Analysts expect the market to hold steady in the short term, with good inventory reported.

THIN MEATS

BALL TIPS:

The Ball Tips market was mixed last week, with Choice grade increasing. This week, Choice grade has decreased, while Select grade has increased through three days of trading. Analysts believe that the market will be steady through spring, with limited availability reported on Choice grade.

FLAP MEAT:

The Flap Meat market declined last week. This week, both grades have increased through three days of trading. Analysts expect the market to be steady to up through late May.

FLANK STEAK:

The Flank Steak market increased last week. This week, Choice grade has declined, while Select grade has continued to increase through three days of trading. Analysts believe the market will be steady in the short term.

SKIRT STEAK:

Outside Skirts increased last week. This week, the market has decreased through three days of trading. Analysts expect the market to hold steady in the short term.