Market Update From the West Coast Meatheads
October 23, 2017
The main basis of support seen in the boxed beef market during this week could be directly linked to rib sales. Buyers were seeking rib product in advance of the upcoming seasonal/holiday push higher.
Sellers continued to show confidence with current pricing of the rib. End cuts were steady/lower as far as wholesale values for the week were concerned. Trade volumes remained somewhat suppressed.
The Angus Beef Market remained relatively steady when monitoring the spot market sentiment. The steady tone was realized based upon a mix of both advancing wholesale trading levels, blended with discounts for potential immediate shipments. Angus rib values edged higher this week, but the pace of gains appeared to have slowed. End cuts such as the chuck roll, flat, and inside rounds realized a few price reductions. Angus ground beef values closed mixed on our weekly report.
Ongoing support from “Pork Month” related sales and interest from overseas helped elevate much of the fresh pork complex this week. Gains were mostly very modest however, with robust production still keeping price movement in check.
It’s been another lackluster week in the chicken market. Supplies were deemed at least adequate to cover needs, which were fair. Trading levels for most items settled, but the undertone remained soft as supplies (head counts and weights) continued to advance.
Whole birds and WOGs were mostly steady. Breast meat traded within reasonable range of our quotations, but certainly no better than what’s listed. Tenders received a little better call. Wings were not being discounted as deeply as they were a few weeks back, but buyers still tried to bid lower. Bone-in dark meat was barely steady and testing lower in spots as exports have slowed down some. Thigh meat and leg meat was fair, but even they became more available, as of late.