Fed cattle beef supplies have been much better than prior year since early April. Wait, what? Yes,...
In a twist, the USDA recently updated its 2024 U.S. beef output estimate, revealing a slight uptick from the previous year. However, even with this increase, wholesale beef prices have climbed, in the face of a challenging environment for the foodservice and grocery industries. What’s driving this trend? A nearly 3% jump in domestic per capita beef consumption, bringing it to its highest level in over 15 years.
For those tracking the stats (and who doesn’t enjoy doing so during NFL and college football playoff season?), last year’s beef consumption in the U.S. was the highest since the Pittsburgh Steelers clinched their second Super Bowl title back in 1976 (cue the Homer call!). This achievement comes despite a 4.9% spike in retail beef prices, which set an all-time record. Want to learn how Datum FS can help you anticipate commodity volatility? Learn more by exploring this website or fill out the form below. Thanks for reading.
