LMIC Analysis Shows Grocery Store Meat Prices Trending Lower

According to the latest analysis released on Friday by the Livestock Marketing Information Center, Grocery store meat prices were moving lower during July, generally, reflecting larger supplies available to consumers in recent months. Fresh beef prices were down six percent from a year ago, chicken prices were down three percent and pork prices were close to unchanged. The beef price in July 2015 was a record high value and since that time has declined in nine out of the twelve months.

Grocery store chicken prices peaked in October 2013 and annual average prices have trended lower since then. Pork prices in July 2015 were nine percent lower than in July 2014, due to a surge in pork production last year and have resisted any significant declines since then. Pork supply this year has been running close to year earlier volumes, lending support to stable retail pork values.

The seven cent decline in fresh beef prices was the biggest month-to-month decline since last December. From July to August last year, fresh beef prices at retail declined six cents and a decline similar to this could be possible again, give the declines in beef prices at the wholesale trade level. Choice beef carcass prices during the spring quarter were down 14 percent from the same quarter of 2015 and carcass price so far this summer are below the values that were in place at the end of this June.