Increased demand, drought conditions in the Western half of the U.S. and corn priced over $8 a bushel all add to what is seasonally a lean time in the supply of USDA Prime beef. Supplies are expected to increase lending hope to price relief with the onset of cooler temperatures in early Fall.
USDA Choice beef and domestic pork however has seen substantial price reductions recently. The supply side is good, and plants can extend operations as workers slowly return to the workplace in the fabrication of further processed meat products sold both in the retail and foodservice sectors. This relief could not come soon enough for restaurant operators and grocery store shoppers as this brings us one step closer to pre-pandemic market conditions.