By David Anderson
The recent Consumer Price Index (CPI) that reported retail beef prices hitting new record highs has prompted a lot of questions about when consumers might see lower prices. Of course, we know tighter beef supplies and very good consumer demand are driving prices higher. But beef prices and different cuts have seasonal wholesale market price trends that suggest prices could decline from recent highs.
Ribeye steaks exhibit a seasonal pattern that peaks with the onset of grilling season, but they tend to decline after Memorial Day. They hit their annual peak price in late Fall as a holiday demand driven item. This year is no exception in that wholesale beef ribeyes peaked in price at $14.18 per pound, $5.09 per pound higher than last year, in May. They have since declined to $10.50 per pound, only slightly ahead of last year.