Beef prices climbed to record levels in August and remained there throughout the month, setting a new monthly high for the second month in a row according to data from the USDA.
Retail beef values increased by an average of 3.7 cents per pound in August, moving to $5.394 per pound according to the USDA Economic Research Service. Increases were noted in the categories of wholesale value, gross farm value and net farm value which all moved about four cents higher during the month.
Total beef prices spreads declined by a penny and marginal losses were seen in the wholesale to retail and farm to wholesale spreads.
Data was collected based on Bureau of Labor Statistics and USDA Agricultural Marketing Service Data. Although prices reached record highs in August, a decline in beef prices has been observed since before the Labor Day holiday.
Retail beef prices in August were almost 45 cents higher than a year earlier and 37 cents above the 2012 average.