June 8

6/8 – Consumers continue to hit supermarkets hard for ground beef, helping send beef 90s lean trimmings prices soaring. 90s averaged a record high $3.10 per pound last week, up 48% from $2.09 a year ago. Beef supplies are lower in the face of increased demand. 90s imports from Australia are down 1% year-to-date, U.S. cow slaughter is about even with a year ago and beef production in May was down 22% vs 2019. Fortunately, beef 50s have plummeted to $.75, after hitting record highs near $3 in mid-May, as output recovered over the past few weeks. Prices for both 50s and 90s will remain firm ahead of Father’s Day (6/21) and through July 4th. Pork trimmings (hot dogs, sausage, pizza toppings) are also hot commodities. Pork 72% lean trimmings averaged $1.22 last week vs $.93 last year (up 31%); 42% trimmings averaged $.63 compared to $.55 last year (up 15%).