Beef supply numbers are rising to levels we have not seen for several months. After April and early May’s meat processing plant closures and slowdowns things began to turn around, “We began to see more and more plants coming online, we began to see more resilient speeds.” said USDA livestock analyst, Shayle Shagam.
He added USDA has announced that beef plants are currently turning out product at only a 2% slower pace than this time a year ago. During May, wholesale beef prices skyrockets, and retail for the month May.
“But if we look at the choice beef composite retail price is about $7.58 a pound up from $6.17 in 2019” Shagam said, an increase of 19% from this time last year.
But he noted, it may take some time before consumers see prices decrease at their local stores. Wholesale beef prices have been moving down, dropping more than 50% since mid-May. Shagam said when July 4th gets close, supermarkets lower prices for things like grilling meats to get shoppers in to buy their other cookout items.
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