BEEF The cash value on traded cattle has actually increased this week pushing the market close to the record highs of mid-November. And the cutout values have risen as well. We are seeing some weakness in the rib and tender complex, but end cuts and grinds have gained considerable strength leading to the overall gains. Indications are that grinds will continue their upward climb though January and into February before we see any signs of decline. As for the end cuts the packers will continue to push them upward until they hit resistance. PORK Steady as she goes. As said in earlier reports this market is really at the mercy of the export trade. At present it does not appear that exports will match last year leading us to believe that we will see a depressed market moving through the first quarter of 2012.
LAMB Still pretty much the same - domestic market steady, imported market floundering a little - mostly due to an abundance of the least desirable sizes in racks. The NZ market is steady with the exception of 20+ size racks. The Australian market is steady for extra heavy racks - 26/up, but very weak on sizes below 26.
VEAL Slaughter levels well below the 5 year average are continuing to push this market to new highs every week. All cuts are well above the 5 year average price levels and will continue to rise.
CHICKEN WINGS-WINGS-WINGS - where will they stop is anyone’s guess. They continue to rise at a penny a day, with shortages reported by all packers. The rest of the market is well balanced with the exception of tenders which are in short supply and thus have seen quite a jump this week. As we head into the prime football watching season there is no reason to think the wing market will do anything but continue to climb - as much as $2.00 + wings just seems crazy they have become such a staple on so many menus that it is hard to imagine a drop in demand even at these prices
HAPPY NEW YEAR