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Meat Market Update | Rib rally is driving force behind prices

Ed Czerwien, market analyst based in Amarillo, Texas, offers a concise summary of last week's beef trade.

The daily spot Choice box beef cutout ended the week last Friday at $218.04, which was $2.38 higher compared to previous Friday, and still continues well over last year. On the same day last year it was $207.93 which was $5 higher that week. It then continued to climb higher and was $220.93 on Tuesday, October 22, which was already higher than last year’s fall high. It is also higher than even 2015. During this week, the daily Choice loin primal was $2 higher by Friday, but the rib primal was $10 higher than the previous Friday. It is now six weeks in a row of increases for the rib. The rib rally has always been the main driving force in this fall cutout rally.

The weekly average Choice rib primal was $15 higher and was in no doubt helped by the formula sales, along with the daily price increases, that have skyrocketed the graph ahead of all previous years. Last year’s top price for the entire year, including the grilling season, was actually set very soon so this fall rally is much bigger the last few years.

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