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Retail beef prices rose 3% in May from April and were 5% above a year earlier. Weekly beef cutout values are at historically high levels, approaching summer 2021 levels, and feeder and calf prices in Georgia are up roughly 50% year over year.
The author notes some anecdotal shift toward chicken, while a recession is widely predicted.
Strong wholesale and retail beef prices support higher live and feeder cattle prices into the grilling season. Any consumer switch to chicken or a recession-driven pullback in demand would be a downside risk.
u.osu.eduSmith atJun 21, 2023Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
