The record-high beef prices of 2014, averaging nearly $6 per pound, are the starting point for increases this year, says USDA – “Average annual retail beef prices in 2015 are expected to be slightly higher than they were in 2014.” The Livestock, Dairy and Poultry Outlook says the drop in fuel prices will give consumers more cash for groceries. “In 2015, an abundance of pork and poultry may limit any beef price increases. The beginning of 2015 is expected to follow a similar market trend as that of 2014 – an expectation of a tight cattle inventory and the continuation of record-high prices.”
“Average prices for major dairy products reached record highs in 2014,” says the report, with cheddar cheese at $2.16 and butter at $2.14 per pound for the year, reflecting high milk prices. The all-milk price averaged a record $23.97 per 100 pounds of milk in 2014, due in part to robust exports. “With higher beginning stock levels expected for 2015 and recent price declines, price forecasts have been lowered for 2015,” said USDA. The wholesale cheese price was forecast for $1.63 a pound and butter for $1.66 a pound for the year. The all-milk price would average $18.15 per 100 pounds.
Grocery shoppers were more willing to buy chicken breasts, and their interest in steak, hamburger, pork chops and ham was down between 1 to 10 percent in a monthly survey by Oklahoma State University, says CattleNetwork.