The Wall Street Journal (WSJ) is reporting meat prices are falling at supermarkets as the backlog in processing has almost diminished, benefiting consumers, but hurting meatpackers and producers.
Prices for ground beef and pork loins have returned to pre-pandemic levels with the prices of chicken wings and prime rib cheaper now than they were before the pandemic began, according to data from Nielsen. WSJ cites the reduction in price is due to rising production and lower overall demand from restaurants and exports.
The weight put on by cattle as a result of the backlog resulted in more cattle receiving Prime beef ratings. The percentage of U.S. cattle assigned the rating in the spring jumped above 12 percent, about twice the five-year average, according to data from CoBank.
According to WSJ, “Some meat executives warned that the industry remains vulnerable to the pandemic’s impact on its workforce, and shortages could return.”
