USDA All Fresh Retail Beef Prices - Updated December 2024

USDA All Fresh Retail Beef Prices have begun coming down from their September record high, averaging $8.06/lb for November, according to USDA reports released recently.

November prices continued a slow decline to $8.06/lb, but they are still up 🔼16% above the 5-year average for November and up 🔼2% YoY. Compared to October, prices declined 🔽-0.2%, or just 2 cents/lb over October prices. These beef prices remain high, continuing well above 2023 record price highs.

As seasonal prices tend to decline at the end of the year coming off summer high demand, it was expected that prices may drop, even given the tight U.S. supplies and record imports of beef.

The temporary stay on importing live cattle from Mexico due to the detection of New World Screwworm this past month in the Chiapas region of southern Mexico may impact the already tighter supplies, which could alter this trend slightly by limiting production from imported live cattle. The USDA is not expecting to lift the temporary ban before the holidays, according to a recent Reuters report.