Beef demand so far in 2024 has been nothing short of amazing, bolstering the strong beef cattle prices that have benefited dairies. This is despite talk in the livestock and meat industry that, at some point, consumers will run out of spending capacity and beef will be the first to suffer the consequences.
While this sentiment may eventually ring true, there is little evidence that consumers are trading down from beef to lower priced pork and poultry items at the meat counter. Furthermore, comparisons of consumer spending levels by beef quality grade at the wholesale level show strong performance among all beef quality grades and branded beef as well as growth in the ungraded trimmings and ground beef category.
Dave Weaber
September 9, 2024
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