U.S. Meat Prices: Broilers Gain Most, Inflation Accelerates on Rising Feed Costs
IndexBox has just published a new report: ‘U.S. – Meat And Poultry – Market Analysis, Forecast, Size, Trends and Insights‘. Here is a summary of the report’s key findings.
In January 2022, U.S. meat prices grew tangibly compared to January 2021: beef prices soared by 30%, pork by 11%, turkey gained 18%, and broiler prices skyrocketed by 62%. Prices are set to accelerate due to rising feed costs, spurred by low hay stocks.
According to IndexBox estimates based on USDA data, U.S. wholesale prices for boxed select beef cutouts reached $270 per cwt, rising by 6% from December 2021 to January 2022. Over the same period, pork cutouts prices grew by 3% to $89 per cwt, while broiler prices picked up 7% to $133 per lb. By contrast, turkey prices decreased by 1.5% to $128 per lb.
Compared to January 2021, wholesale beef prices grew by 30% in January 2022. Pork prices rose by 11%, while turkey prices increased by 17%, while broiler prices saw a massive jump over the last year, surging by 62%.
IndexBox forecasts that meat and poultry prices will moderately grow in the coming months due to the expected rise in feed cost. In particular, U.S. hay stocks hit a 10-year low in December 2021, as the production sharply reduced due to continuing drought in the U.S. Western regions.
U.S. Meat and Poultry Exports
Meat and poultry exports from the U.S. amounted to 7.1M tonnes in 2020, increasing by 7.5% on 2019 figures. In value terms, meat and poultry exports expanded slightly to $16.4B (IndexBox estimates).
Mexico (1.5M tonnes), China (1.3M tonnes) and Japan (625K tonnes) were the main destinations of meat and poultry exports from the U.S., together accounting for 49% of total exports.
In value terms, Japan ($3.1B), China ($2.7B) and Mexico ($2.4B) constituted the largest markets for meat and poultry exported from the U.S. worldwide, with a combined 50% share of total exports.
Source: IndexBox Platform