August 6 Weekly Update

So far, it’s been a summer of cheap meat. Most July prices were significantly below a year ago, helped out by July corn prices that averaged 7.7% lower than last year. July chicken prices (compared to year ago) were all down: -23% for bnls sknls breast; -34% for wings; -23% for leg quarters; -17% for bnls sknls thighs. In pork, July ham prices (20-23 lb) were 28% below a year ago and bellies (9-13 lb derind) were 11% lower. The belly market has disintegrated. Friday’s 1.86/lb close compares to $3.19 a year ago. Beef prices have been a bit more mixed. In ground beef, 90% lean trimmings were 6% below last year in July, while 50% trim was 27% below 2017. However, middle meats were higher, with strip loins 8% above a year ago in July and inside skirt up 29%. Eggs also continued to be a problem for buyers, with NY large averaging 47% above a year ago in July.