Market Update From the West Coast Meatheads
Beef
When the trading week opened, most marketers anticipated that holiday interest would continue to push wholesale spot market values higher for ribs and tenderloins. As the week came to a close, prices for the moment seemed to stabilize.
Retail buyers as the week progressed showed some uneasiness with adding more beef inventory as turkey and hams start to take center stage.
Rib primal values surged higher this week. Choice Rib Primal value moved $21.61/cwt higher or 6.98%. The Select Primal Value moved $14.99/cwt higher, a 5.58% gain.
Peeled tenderloins and a few thin meats from the loin section of the carcass saw values firm, leading to modest primal cutout gains.
In the Angus market, recent pullback with grading of market-ready cattle has somewhat tightened available supply of Angus Beef, especially with middle meats. End cuts and some thin meats continue to trade amid a weaker undertone.
Pork
The ham market continues to be fully supported, especially boneless hams. Availability of bone-in hams is somewhat limited and boneless well short of full needs. Buying remains consistent both domestically and abroad.
Bellies were unchanged, but are showing a weak bias in the face of strong production and seasonal influences. Trim usage continues to be active, with market values fully maintained to higher. Sellers are reporting a less burdened loin picture and Thursday’s steady trading was reflective of that fact. Butts continue to find support from buying interest both domestically and abroad, led by demand for boneless product. Spareribs were unchanged, however, and remain available from most points of sale.
Chicken
Whole birds and WOGs are rated full steady to firm. Demand is active among retail buyers and foodservice distributors. Prices continue to trend higher. Breast meat is mostly steady. Asked and paid values are within close range of our listed quotations.
Several package deals of frozen breast meat that were booked over the last couple of weeks have helped to keep supplies in check. Tenders are mixed from plant to plant and prices are testing. Breasts and fronts are better positioned.
Demand is especially active for whole breasts in the export market. Wings are well supported, particularly cut form. The back half of the bird is rated about steady at best. Almost all bone-in and boneless dark meat items are facing at least some downward pressure. Exports are no better than fair.