Meat Market Update | Tyson fire spurs boxed beef salesMeat Market Update | Tyson fire spurs boxed beef sales
No one wants to have empty shelves before Labor Day, especially now that Tyson's Kansas plant is closed indefinitely. The daily Choice cutout jumped $10 on Monday and Tuesday as retailers secured product.
The daily spot Choice box beef cutout ended the week last Friday at $216.37, which was $1.64 higher compared to previous Friday. The same day last year it was $206.61, so continues about $10 higher year over year. The daily Choice rib primal was over $6 higher and the loin primal was about $4 higher; both over $26 higher than last year.
The daily Choice cutout jumped up about $10 on Monday and Tuesday and was $226.36 on Tuesday, August 13. That big jump was just a little ahead of the normal upcoming Labor Day rally and likely was impacted by the big fire at a major packing plant, which no doubt encouraged retailers to get more product ahead of when they will typically need it for Labor Day.
There were 7,025 total loads sold for the week which was 182 loads higher than the previous week, even though the prices were higher. During the last six weeks sales volume was much higher than last year. Combine this volume with higher prices and it is definitely an indication of solid consumer demand.
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