Market Update From the West Coast Meatheads
Beef
Beef cutouts throughout the early stages of the week were posting modest gains. Then later in the week, negotiated weekly cash cattle prices advanced sharply, resulting in packers firming their stance with spot market trade prices.
Rib cutouts surged higher. Seasonal interest improving and higher cash cattle prices played a role in advancing rib and rib cutout values. Choice Rib Cutout moved $11.53/cwt higher, or 3.37%.
Loin cutouts found additional support as seasonal demand improved. As seen with other primal sections of the carcass, higher front-end supply costs played a part in advancing spot market values.
Ground beef demand for both near term and forward bookings remained solid this week. Wholesale prices edged higher as the week progressed. Ground beef processors continued to utilize whole muscle end cuts in various grinding formulations.
Angus Beef
The bulk of wholesale prices for Angus Beef found higher trading ranges, prompted in part by cash cattle values escalating. Demand for Angus middle meats remains fairly strong in advance of the earnest start of grilling season.
Both ribs and loins edged higher, as did thin meats from the loin section of the carcass. End cut values advanced in a moderate fashion. Ground beef values were unchanged from our prior week’s report.
Pork
For the second week in a row, the fresh pork complex was fairly steady over the course of the week, with no single item moving by more than 3.5 percent. Product was moving well enough across all categories to avoid steep losses and yet robust production levels and the lack of added Memorial Day related interest prevented any steep gains.
Chicken
The chicken market remains very well supported heading towards the end of the month. Most listed lines are commanding market related values if not higher as supplies are deemed to be no more than adequate. Demand is moderate to active.
Whole birds and WOGs are rated as steady. Whole breasts, fronts, chunk and trim meat continue to move with ease. Jumbo breast meat is trading in close range to our listed quotations. Tenders and wings continue to receive an active call.
Thigh meat and leg meat are rated as full steady to firm. Demand is especially active, but reports suggest supply or the lack thereof continues to play a significant role here as well. All bone-in dark meat items are moving regularly at market related levels.