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Wells Fargo's Fourth of July food report shows sirloin steak at $10.75 per pound, up 2.9% from a year ago, and US grocery prices up 5.8% overall. Beef supplies are tight while chicken has responded quickly to competition.
Consumers plan to spend an average of $93.34 per person on holiday food.
Tight US cattle supplies keep beef prices high, which supports demand for chicken and pork as substitutes and reinforces the cattle market's firm tone.
cbsnews.comSarah Ewall-WiceJun 28, 2023Not 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.
