Texas A&M College shares report to assist customers anticipate protein costs
28 August 2024
3 minute learn
A brand new report from the Texas A&M School of Agriculture and Life Sciences Division of Agricultural Economics will assist customers perceive and put together for anticipated modifications within the value of key cuts of beef, pork and rooster for summer season and past.
The Texas A&M College Meals Worth Predictor examine integrates historic knowledge, present market developments and predictive fashions to supply an in depth projection of future retail meat costs. Timed with grilling season, this report assists customers in successfully planning for summer season barbecues.
The lead creator for the report is Simon Somogyi, Ph.D., director of the Weston Agrifood Gross sales Program and Dr. Kerry Litzenberg Gross sales and Economics Endowed Chair within the Division of Agricultural Economics. Co-authors included David Anderson, Ph.D., professor and Texas A&M AgriLife Extension Service specialist – livestock and meals product advertising; Yong Liu, Ph.D., assistant professor; and Weifang Liang, a doctoral pupil – all within the division.
The staff analyzed market knowledge utilizing statistical fashions to foretell value modifications for numerous meat merchandise. The examine centered on floor beef, chuck roast Alternative, steak sirloin Alternative, all pork chops and boneless rooster breast – all typical cuts of meat consumed through the conventional grilling season. Whereas a chuck roast is just not thought-about a typical grilling reduce, its costs present some perception into different objects corresponding to floor beef and a few steak cuts, corresponding to flat iron steaks.
Meals Worth Predictor for meats
The Texas A&M College Meals Worth Predictor reveals a modest enhance in most meat costs for this summer season. Notable developments embody modest will increase in beef and pork costs and a lower in rooster breast costs. Worth modifications that occurred from September by February included:
- Floor beef: up 0.45%
- Chuck roast: up 4.68%
- Sirloin steak: up 0.77%
- Pork chops: down 3.93%
- Boneless rooster breast: down 2.93%
Based on the report, meat value modifications anticipated from Might to October are:
- Floor beef, 100% beef: up 0.1% to 0.7% or $5.13-$5.19 per pound.
- Chuck roast Alternative: up 0.7% to 1.3% or $7.21-$7.34 per pound.
- Steak sirloin Alternative: up 0.1% to 0.6% or $11.72-$11.78 per pound.
- Pork chops: up 0.1% to 1% or $4.24-$4.28 per pound.
- Boneless rooster breast: down 2.93% or $4.06-$3.91 per pound.
Worth expectations are averaged throughout the U.S. The report notes retail costs are closely influenced by retail location, value discounting and different market variables.
A few of the key observations for the report are:
- The anticipated slight enhance in beef costs, notably for floor beef and chuck roast, could be attributed to the seasonal surge in demand and lowered beef manufacturing.
- The development in decrease rooster costs is essentially attributable to efficiencies gained in poultry manufacturing, growing manufacturing and decrease feed prices.
- The slight uptick in sirloin steak costs is a response to a shift in client preferences towards increased high quality cuts, fueled by an bettering financial system and lowered beef provides.
- The modest enhance in pork chop costs aligns with the anticipated seasonal enhance in demand mixed with barely constrained provide ranges.
- Higher profitability and decrease feed prices ought to preserve rooster provides plentiful.
“These report estimates will present U.S. customers with a greater understanding of the elements that affect meat costs and assist them estimate future meat prices, permitting households to finances extra successfully,” Somogyi stated.
