Prices across most U.S. regions increased week-over-week.The largest increase in prices occurred in the Northeast, as continued cold temperatures and snow accumulation were setting records, particularly in the New England states. Prices were elevated at most trading hubs with the exception of the Midwest, where prices originally spiked on Wednesday last week and then moderated by the end of the report week.
That makes 11 record highs in the past 12 months for Choice beef and 20 record highs in the past 21 months for the All ‐ Fresh beef price series that includes Select and store ‐ grade beef items. The average retail price of a pound of pork was $3.989, down 0.1% from the previous month but still 6.1% higher than one year ago. The retail pork price has been higher, year ‐ on ‐ year, in every month since March 2013.
Corn futures rallied Thursday. The latest news seems generally supportive of corn prices, with a South Korean firm making a big overnight purchase, an IGC forecast for a 5% drop in global production in 2015/16 and support spilling over from the soybean market.