Livestock Marketing Information Center
Current Situation and Analysis
Last Updated: 3/15/2024
WHOLESALE FRESH 90% LEAN BEEF
The wholesale 90% lean fresh market has ascended to a spectacular height of over $317 per cwt last week. The price has skyrocketed after a low bounce of $245 per cwt last December. Last week was a new all-time record high for the national price, as was the week before at $312.11 per cwt. Volumes are somewhat mixed on the all-time highs. Last week’s volumes were substantially smaller, down 30%, but the previous week was roughly double the same week’s volume last year. Formula sales on the other hand have been down between 8% and 31% in the last four weeks.
FEEDER PIG PRICES RISE
Iowa State University’s estimated returns for a wean-to-finish hog operation posted a total profit of $5.49 per head in February, the most recent month available. The last time a profit was reported for a wean-to-finish hog operation was 18 months ago in August 2022. Total costs for a wean-to-finish hog operation fell to their lowest level in three years to $155.08 per head in February, which was largely due to feed costs falling 17.4% from last year to $88.50 per head, also the lowest level in three years. February’s breakeven selling price was $76.87 per cwt, a positive sign for profitability.
RETAIL PRICES
February retail meat prices showed mixed results for the beef, pork, and chicken. The choice retail beef price was $8.08 per pound, nearly identical to January but 6.5% ($0.49 per pound) higher than last year. The all-fresh retail beef price was $7.83 per pound, a marginal increase from last month and an 8.3% increase ($0.60 per pound) increase over last year. Ground beef was $5.13 per pound, up 7.4% from last year. Chucks and rounds posted increases of 10.2% and 7.6%, respectively, over last year to $7.51 and $6.71 per pound. Steaks posted a record high of $11.72 per pound, up 13.9% ($1.43 per pound) from last year.
Livestock Monitor pdf