Retail Beef Prices

Retail Beef Prices Hit Historic Highs Amid Market Changes

In August, the retail beef market saw a significant rise, with the Retail Beef Price Composite reaching $7.65 per pound, the highest on record. This is a slight increase of $0.03 from July’s composite price of $7.62, marking a historic moment in beef pricing.

One of the most notable changes in the market was the price of ground chuck, which hit a new all-time high of $5.64 per pound, an increase of $0.17 from July’s price of $5.47. This rise highlights the growing demand and tightening supply in certain beef cuts. Ground beef, in general, also experienced an increase, with prices rising $0.08 from $5.50 in July to $5.58 in August.

Interestingly, while several cuts saw price increases, lean and extra lean ground beef bucked the trend. Prices for this cut dropped by $0.25, falling from $7.17 in July to $6.92 in August. Despite this decline, lean ground beef remains one of the more expensive cuts, reflecting consumer preferences for healthier options, albeit at a slightly more affordable price point now compared to previous months.

Other cuts saw varied changes. The price of all uncooked ground beef rose by $0.07 to $5.87 in August, continuing the upward trend. Chuck roast, choice boneless, on the other hand, saw a minor decrease, falling $0.09 to $7.69.

Additionally, premium cuts like sirloin USDA choice boneless steaks experienced a decrease, with prices falling $0.19 from $11.73 in July to $11.54 in August, while round USDA choice steaks increased by $0.17, bringing the price to $8.23 per pound.