The market throughout the week was mostly steady/flat. Although ribs continued to find support as buyers sought product for both spot and forward delivery, some price concessions occurred with chuck rolls and flats. Trading interest was not stellar, as buyers resisted buying for other than immediate needs.
Choice Rib values continue to climb, with the Choice Rib Primal Cutout gaining another $14.65/cwt, or 4.43%. Bone-in ribs have found support from the buying sector.
The Angus Beef market’s tone is steady with a slight negative bias. While ribs continue to find increased value, chucks and rounds are now struggling for steady. Thin meats such as the ball-tip and tri-tip have found renewed support, leading to increased spot market value. Top butts and ground beef values slipped lower, as demand remains soft.
In fresh pork, trade was scattered and mostly directionless across loins, butts and spareribs. Throughout the week the struggle has been between relatively strong demand and record production, which when combined has resulted in generally sideways trade or a widening of price ranges. With that said, several cuts did manage to successfully average higher than last week with export interest and Pork Month related movement helping overcome the headwinds of record production.
Some chicken items have settled while others continue to test lower. Harvest is advancing as head counts and weights trend higher; demand is soft across most listed lines. Whole birds and WOGs are barely steady.
Whole breasts and fronts have stabilized, some, but industry observers are still cautious in their approach. The same can be said for boneless breast meat. Tenders and jumbo wings are receiving very little call asked and paid values are unsettled. Medium and small wings are hanging in there for now, but even they too are experiencing some push back. Bone-in dark meat is about steady to barely steady; thigh meat and leg meat are deemed fully adequate to cover needs which remain active in spots, but sellers are discounting to keep clean.