Jim Robb, director of the Livestock Market Information Center, says the retail beef business was a bright spot in a somewhat dismal Advance Monthly Retail Trade Report released April 13. The U.S. Department of Commerce report provides a broad economic view of retail and food service companies.
The report is used as a barometer of the overall economy, and although several sectors have struggled recently, the restaurant and food service sectors were up nearly 5 percent from last year and grocery store sales rose nearly 4 percent.
Robb says the beef industry is gaining ground when it comes to market share. According to USDA’s recent beef prices, “choice beef was actually down year-over-year about $.09/lb but was up month-to-month compared to February.”
“We start to put the puzzle together in terms of the volume, and it looks like some of the featuring and the consumer interest is pretty good in the beef complex, especially in the grocery store,” Robb says.
The Livestock Market Information Center is a consortium of land grant universities, USDA agencies and livestock organizations that provides economic analysis and market projections for the livestock industry.
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