June 19

6/19 – With Father’s Day and Memorial Day behind us, middle meats hit their seasonal highs for the year in early June and should start trending downward as soon as July 4th buying is completed. #180 choice boneless strips at $10.50 per pound are at a seasonal high, up $2.50 per pound from a month ago, but look to be back down to $8.00 by Aug. Burgers have been king this year. 90% lean beef trimmings at $2.83 have been above $2.70 since March and look to average $2.70s for summer; $2.60s for fall. In May’s WASDE, the USDA projected a 4.2% drop in beef output for 2023 and a huge 8.4% decline in 2024. But consumers’ appetite for high-priced beef is getting squeezed. The May CPI remained high, at 4.0% above a year ago, with food at home up 6.7% and food away from home 5.8% higher. Budgets are stretched and the 2nd half of 2023 will see lots of trade downs and protein substitutions.