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Purdue economist Jayson Lusk reports that grocery trips rose 39% and spending rose 61% in the week ending March 22 versus a year earlier, as restaurant closures shifted food purchases to retail. Pork sales rose 101%, beef 95% and chicken 70%, and wholesale meat prices rose sharply.
Stronger retail meat demand is supporting wholesale pork, beef and chicken prices even as food-service demand falls. The shift is expected to persist in the short run.
ag.purdue.eduSarah E Zahn, Morgan FrenchApr 13, 2020Not 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.
