U.S. Summer Beef Sales Decrease by 0.3%

U.S. summer peak season beef sales have decreased by 0.3% compared to the previous year. Analysts suggest that consumers are adjusting their purchasing quantities and items due to high prices. According to market research firm Circana, beef sales have declined over a 13-week period up to mid-July, which is typically a strong demand period for barbecues. The U.S. Bureau of Labor Statistics reports that beef and veal prices increased by 9.4% year-over-year in the July Consumer Price Index. The slowdown in consumer spending is not limited to beef; while U.S. food and beverage retail sales increased by 1.7%, the number of units sold decreased by 0.8%. The meat sector also saw a decline in sales, with consumers shifting towards relatively cheaper protein alternatives instead of beef. The U.S. Department of Agriculture announced that as of July 1, the number of cattle and calves raised is 94.2 million. Supply shortages are contributing to rising prices, and the USDA has stated that it will gradually resume imports of Mexican cattle starting August 24. Following this news, the stock prices of JBS and Tyson Foods rose. However, R-CALF USA has warned of the risk of disease spread due to the reopening of the border.