US Pork Demand Has „Uncharacteristically Declined” In Peak Grilling Season
Agribusiness television network RFD-TV reported signs of pork demand slowing among US consumers. Ag analysts told them this was unusual because of the summer grilling season.
USDA’s Outlook Board Chair says it is unusual to see a slowdown in demand, especially during summer grilling season. In turn, that means lower hog prices. USDA has lowered its hog price forecast this year by $2.12, landing at $59.13 per hundredweight. Next year is not looking much better and they say it could come in nearly $0.40 lower for next year’s forecast.
RFD added:
The Pork Board joined us recently on Market Day Report and says they are working to bring in new consumers after seeing a generational divide among buyers of US pork.
Demand for #pork is showing some weakness, which analysts say is unusual for this time of year. USDA’s Outlook Board Chair says it is unusual to see a slowdown in demand, especially during summer grilling season.https://t.co/PgQDxDOpq2
— FarmPolicy (@FarmPolicy) July 23, 2024
The slowdown in demand comes as the latest United States Department of Agriculture data shows the retail price per pound for pork chops lingers near a record high of $4.40. In other words, pork is too expensive for some consumers, and the likely outcome is demand destruction.
Weeks ago, we were the first to report USDA prices for retail ground beef per pound soared to a new record high – in a note titled „What Snapped? US Ground Beef Retail Prices Jump Most Since Covid Meatpacking Crisis.”
Elevated meat prices at the supermarket are no surprise for consumers who have been financially crushed by high food inflation. The CPI food at home index and CPI food away from home index are still at record highs. Folks have seen limited to no relief at supermarkets or restaurants under Biden’s first term.
Food inflation is sticky.
Global food prices are beginning to turn higher after falling from the early 2022 record peak.
Tom Bailey, senior consumer foods analyst at Rabobank, recently warned, „The consumer is waving the white flag on food inflation.”
Bidenomics is a failure, and the majority of Americans understand this by their empty wallets. The shadow government pulling the strings behind the Democratic Party is entirely out of touch with reality and failing to vibe with a majority of voters. People suffer greatly from inflation and will vote with empty wallets come November.
Tyler Durden
Wed, 07/24/2024 – 05:45