May 11

5/11 - Beef prices just keep getting higher. In particular, beef 50s trimmings, which had dipped to $.24/lb a month ago, are now $2.86 - 253% above last year’s $.81 level. Top (inside) rounds at $6.43 are more than 3 times last year’s $2.02; brisket is $5.71 vs. $2.77. Beef output is running roughly 35% below a year ago and prices will remain high until production rebounds – and that might not be for months. Rolling plant closures and re-openings are the new norm. Despite supply disruptions and strong exports, ham and chicken prices are running mostly below a year ago, while bellies, ribs and pork trimmings have moved sharply higher. March pork exports were 36% above a year ago; broiler exports up 15%. However, March shipments were mostly pre-COVID bookings and are likely to fall sharply in April/May with producers struggling to fill domestic demand.