BEEF TRENDS

Beef Trends - MARCH 24, 2023

All current beef pricing trends are based on USDA data as of March 22, 2023. Last week’s trends refer to the USDA market for the week ending March 17, 2023.

Live cattle sold mostly between $1.63 and $1.64/lb. last week. Live cattle are expected to remain steadily priced this week, according to analysts.

Last week’s slaughter was about 651K head, which was up from the previous week, and is expected to remain steady going forward, according to analysts.

For grading in the week ending March 11, 85% of cattle graded as Choice or higher, and 11.8% graded out as Select, with the remaining 3.2% being Ungraded.

Although prices remained soft last week on some cuts, analysts expect the beef markets to remain steady overall, as beef demand increases for the spring and summer grilling season.

GRINDS

GROUND CHUCK:

Ground Chuck declined last week, and has continued to trade down this week through three days. Analysts still expect the market to strengthen during the spring and summer months, as seasonal demand increases.

GROUND BEEF 81/19:

81/19 Ground Beef traded up last week, but has declined this week through three days.

GROUND Beef 73/27:

73/27 Ground Beef traded down last week, but is seeing a slight increase after three days of trading this week.

ROUNDS

PEELED KNUCKLES:

The Peeled Knuckles market was down last week. This week, Select grade is seeing a slight increase, while Choice continues to trade down through three days. Analysts expect the Peeled Knuckles market to be steady to weaker in the short term.

INSIDE ROUNDS:

Choice Inside Rounds traded up last week, while Select grade was down. This week, that same trend has continued through three days. Analysts expect the Inside Rounds market to rebound during spring.

BOTTOM ROUND FLATS:

Bottom Round Flats continued to trade down last week, and have continued to do so this week through three days. Analysts expect the market to hold steady in the short term, then increase moderately during spring.

EYES OF ROUND:

Both grades of Eyes of Round traded up slightly last week. This week, both grades have declined through three days. Analysts expect the market to be steady to up going into late spring and summer.

LOINS

STRIPS:

The Strip Loin market dropped back in price again last week on softer demand, according to analysts, and has continued to decline this week through three days. Analysts expect the strip loin market to rebound, and be steady to up going into late spring and summer.

TOP BUTTS:

Choice Top Butts traded up last week, but that trend has reversed this week, and they are trading down through three days. Select grade was flat last week, but is up slightly this week so far. Analysts expect the market to trade sideways in the short term.

TENDERLOINS:

The Tenderloin market traded down again last week but both grades have increased this week through three days. Analysts expect that there may be some slight price decreases in the short term, followed by strength going into spring and summer.

RIBS

RIBEYES:

Both the Light and Heavy Ribeye markets traded up last week. This week, Choice grade has declined, while Select grade continues to trade up through three days. Analysts expect the Ribeye market to be somewhat choppy in the short term, then increase moderately during spring.

CHUCKS

CHUCK ROLLS:

The Chuck Roll market continued to trade down last week, and is down this week through three days. Analysts expect the market to continue to trade sideways over the next couple of months.

TERES MAJORs:

Both grades of Teres Majors showed increases last week but this week both grades are showing a decline through three days, with limited trading. Analysts expect the market to hold steady in the short term, then increase during early spring.

BRISKETS:

Both grades of Briskets declined last week. This week, both grades are up slightly through three days. Analysts expect the market to hold steady in the short term.

THIN MEATS

BALL TIPS:

Both grades of Ball Tips were up last week. This week, Choice grade has continued to increase, while Select grade is down on limited trading through three days. Analysts expect the Ball Tips market to continue to trade up moderately during spring.

FLAP MEAT:

The Flap Meat market was up last week. This week, both grades have declined through three days. Analysts expect the flap meat market to remain steady going into summer.

FLANK STEAK:

Choice Flank Steak traded up again last week, and that same trend has continued this week through three days. Analysts expect the market to hold steady in the short term, then see steady increases during spring and summer.

SKIRT STEAK:

Outside Skirts traded up last week last week. This week, the market has decreased slightly through three days. Export activity has started to pick up, leading to the strength in market, according to analysts.