Market Update from the West Coast Meatheads
Beef
The boxed beef markets were slow coming out of the holiday weekend with sporadic trade throughout. Total cutout values edged slightly higher which was actually better than expected when trade resumed early on. Ribs bounced around current levels before ending marginally higher. There seemed to be a level of support after recent losses. Buyers looking to capitalize on the good grilling weather found value in strip loins this week. Probably the most looked for item in the boxed beef market; strips helped the loin complex overcome losses by some thin meats. Top butts were the most notable weak item.
Angus Beef
Trade into and coming out of the holiday weekend was slower than expected and sporadic at best. Bad weather in large areas of the country, including the Southeast produced limited consumer demand. Even where weather was better, movement was rated average at best. The reduced kills have helped balance the market somewhat. The majority of trade was steady with last week’s quotes. Ribs softened as less grill usage and replenishment. Insides started garnering support given the planned ads in the fall weather. Top butts realized the most pressure given the abundance of product from across sellers. Ball-tips and tri-tips softened slightly.
Pork
The loin and sparerib components flashed mild weakness, while butts were seasonally supported. Interest in procuring loin products like bone-in and boneless loins was limited, leading to discounting. However, there was interest in loin credit items like sirloins, Blade ends, and tenderloins which led to full steady to firm trading. Items from the picnic were a mixed bag. Butts are being seasonally supported; sellers are reporting a brisk interest which has resulted in a three percent increase in the component. Sparerib values are declining in seasonal form; the component has fallen 2.25 percent.
Chicken
Whole breasts, breast meat and tenders remain weak and unsettled. Whole birds and WOGs are rated about steady at best. Bone/in dark meat is testing lower in spots. Thigh meat and leg meat are in close balance and prices are generally supported. Medium and jumbo wings remain the only items that are exhibiting strength.