BEEF TRENDS

Farmer's Report

Beef Trends - July 19, 2024

All current beef pricing trends are based on USDA data as of July 17, 2024. Last week’s trends refer to the USDA market for the week ending July 12, 2024.

Live cattle sold mostly between $1.92 and $1.93/lb. last week. Live cattle are expected to remain steadily priced this week, according to analysts.

Last week’s slaughter was about 601K head, which was up compared to the previous week, and is expected to remain steady going forward, according to analysts.

For grading in the week ending July 6, 83.1% of cattle graded as Choice or higher, and 13.7% graded as Select, with the remaining 3.2% being Ungraded.


GRINDS

GROUND CHUCK:

Ground Chuck was up last week, and has continued to increase this week through three days of trading. Analysts expect the Ground Chuck market to hold steady in the short term, and report that supplies remain adequate.

GROUND BEEF 81/19:

81/19 Ground Beef traded down last week, but has increased this week through three days of trading. Similar to Ground Chuck, analysts expect the market to hold 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 also 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 up last week. This week, Choice grade has continued to increase, while Select grade has decreased through three days of trading. Analysts expect the market to remain steady in the short term.

BOTTOM ROUND FLATS:

The Bottom Round Flats market decreased last week, and has continued to decrease 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 decline in the short term.


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

TENDERLOINS:

The Tenderloin market fell last week, and Choice grade has continued to decline this week through three days of trading. Analysts expect the market to decline through July.


RIBS

RIBEYES:

The Light and Heavy Ribeye markets decreased last week, and have continued to decrease this week through three days of trading. Analysts believe there may continue to be some slight downside risk in the short term.


CHUCKS

CHUCK ROLLS:

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

TERES MAJORs:

The Choice Teres Majors market increased last week. This week, the market for both grades has declined through three days of trading. Analysts expect the market to hold steady through July.

BRISKETS:

The Briskets market fell last week, and has continued to decline this week through three days of trading. Analysts expect the market to continue to decline in the short term.


THIN MEATS

BALL TIPS:

The Ball Tips market increased last week, and both grades have 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 late July.

FLAP MEAT:

The Flap Meat market was up last week, and has continued to increase this week 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, Choice grade has decreased, while Select grade has 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, and have continued to increase this week through three days of trading. Analysts believe that the market will head lower through summer.

The data contained in the Farmer’s Report is provided for informational purposes only, is not tailored to your specific purchasing needs, and is not intended as a substitute for any other publicly-available market data or information. The Farmer’s Report is compiled from the last-received market data provided by the United States Department of Agriculture (USDA) and/or other market sources, and is subject to change without notice. Nothing herein is the opinion of US Foods®. US Foods neither assumes any legal liability nor makes any warranty or guaranty, either express or implied, regarding the completeness, accuracy or usefulness of this information.