BEEF TRENDS

Beef Trends - June 28, 2024

All current beef pricing trends are based on USDA data as of June 26, 2024. Last week’s trends refer to the USDA market for the week ending June 21, 2024.

Live cattle sold mostly between $1.90 and $1.91/lb. last week. Live cattle are expected to remain steadily priced this week, according to analysts.

Last week’s slaughter was about 623K head, which was up slightly compared to the previous week, and is expected to remain steady going forward, according to analysts.

For grading in the week ending June 15, 82.6% of cattle graded as Choice or higher, and 14.1% graded as Select, with the remaining 3.3% being Ungraded.

GRINDS

GROUND CHUCK:

Ground Chuck was up last week, but has decreased this week through three days of trading. Analysts expect the Ground Chuck market to hold steady through early July, and report that supplies remain adequate.

GROUND BEEF 81/19:

81/19 Ground Beef traded up last week, and has continued to increase this week through three days of trading. Similar to Ground Chuck, analysts expect the market to hold steady through early July.

GROUND Beef 73/27:

73/27 Ground Beef traded up last week, but has decreased this week through three days of trading. Analysts expect this market to hold steady in the short term.

ROUNDS

PEELED KNUCKLES:

The Peeled Knuckles market was up last week, and has continued to increase this week through three days of trading. Analysts expect the market to hold steady in the short term.

INSIDE ROUNDS:

The Inside Rounds market was mixed last week, with Choice grade increasing, while Select grade was flat. This week, both grades have increased through three days of trading. Analysts expect the market to decline in July.

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 hold steady in the short term, then decline during late summer.

EYES OF ROUND:

The Eyes of Round market increased last week, and has continued to increase this week through three days of trading. Analysts expect the market to hold steady in the short term, then decline in early July.

LOINS

STRIPS:

The Strip Loin market decreased last week, and has continued to fall this week through three days of trading. Analysts expect the market to keep falling in the short term.

TOP BUTTS:

The Top Butts market increased last week. This week, the market has been mixed through three days of trading, with Choice grade increasing. Analysts expect the market to hold steady in the short term.

TENDERLOINS:

The Tenderloin market fell last week. This week, the market has been mixed through three days of trading, with Choice grade increasing. Analysts expect the market to decline through July.

RIBS

RIBEYES:

Both the Light and Heavy Ribeye markets increased last week. This week, the market has decreased, except for Choice Heavy Ribeyes, which have increased through three days of trading. Analysts believe there may be some slight downside risk in the short term.

CHUCKS

CHUCK ROLLS:

The Chuck Rolls market increased last week, and has continued to increase this week through three days of trading. Analysts expect the market to hold steady in the short term, then decrease during late July.

TERES MAJORs:

The Teres Majors market was mixed last week, with Choice grade decreasing and Select grade holding flat. This week, both grades have decreased through three days of trading. Analysts expect the market to hold steady through July.

BRISKETS:

The Briskets market increased last week, and has continued to increase this week through three days of trading. Analysts expect the market to hold steady in the short term.

THIN MEATS

BALL TIPS:

The Ball Tips market increased last week, and has continued to increase this week through three days of trading. Analysts expect the market to hold steady in the short term, before dropping back in early July.

FLAP MEAT:

The Flap Meat market was mixed last week, with Choice grade decreasing. This week, both grades have increased through three days of trading. Analysts expect the market to be choppy in the short term.

FLANK STEAK:

The Flank Steak market was mixed last week, with Choice grade increasing. This week, both grades have increased through three days of trading. Analysts believe there still may be some moderate upside in the short term.

SKIRT STEAK:

Outside Skirts increased last week, but have declined this week through three days of trading. Analysts believe that the market will continue to head lower through summer.