Meat & Poultry
Pork, Beef, Chicken
The average weekly price of US Pork as of October 29 decreased by 17.7% M-O-M and rose by 0.2% Y-O-Y to $1,793.49/mt. Sufficient supply, combined with seasonally weak demand, supported a weak market sentiment across the US hog market during October, leading to declining prices throughout the month.
The average weekly price of US Beef as of October 29 decreased by 3.3% M-O-M and rose by 20.6% Y-O-Y to $7,907.02/mt. The US boxed beef market entered a period of correction in early October following September’s declines. Cash cattle prices have held mostly steady with light volumes being traded, and the boxed beef industry continues to await a meaningful shift in temperatures to help stimulate fall buying interest. In an effort to bolster margins amid subdued buying interest, sellers have scaled back slaughter schedules, along with multiple facilities undergoing cooler cleanings during this slower demand window.
The average weekly price of US Chicken as of October 29 decreased by 4.1% M-O-M and declined by 16.1% Y-O-Y to $2,405.44/mt. After an early-year retreat in spot valuation, 3-3.5lb. WOGs (without giblets) found a supportive platform at $0.64/lb. from which to be marketed. However, an ongoing lull in traditional cutting and retail demand patterns left much to be desired from sellers' perspectives. Further exacerbating the marketing challenges were robust headcount figures, which left at least adequate supplies floating around the spot market. Eventually, a modest improvement in purchasing outreach helped carry spot values higher by $0.01/lb. by month's end.
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