Over the latter half of February, beef prices steadied out and decreased for certain cuts.  

However, prices have been increasing in March primarily due to uncertainty surrounding the looming Canadian & Mexican tariff decision that was pushed out until April 2nd.  

Heifer retention has started, but once herd expansion reaches higher levels, we should expect much tighter cattle supplies. 

With live cattle prices paid by beef packers at high levels, beef companies are losing money and continue to be challenged to achieve profitability.  

Heavier cattle carcass weights have helped to offset the reduced cattle supply. 

With cattle being on feed longer, grading for choice, premium, and prime should remain strong for the foreseeable future. Availability for lower grades such as select continues to be limited, which has led to higher prices. 

• Ground beef pricing remains elevated primarily due to the high cost of lean trim & end cuts used as grind material.  

• Ribeye & tenderloin pricing, which decreased significantly in February, has rebounded and been increasing in March.    

• Striploin pricing has remained high as retailers have continued to feature this in their grilling steak ads.  

• Chuck flat pricing will be decreasing in March and more significantly in April as packers have faced significant pushbacks from the retail and food service segments.  

• Chuck Roll pricing has been trending downward but there remains strong demand in the entire chuck complex due to retailers booking products for future ads and processors using end cuts for their grind supplies.    

• Sliced beef short rib pricing continues to remain at elevated levels due to limited availability of raw material.  

• Oxtail prices have been increasing slightly due to the limited cattle supplies.

Despite high beef prices and inflationary pressure, beef demand remains strong amongst consumers. 

With tight cattle supplies and continued strong consumer demand, beef prices will remain elevated as we approach the spring and summer months.  

HPAI bird flu cases increased significantly in January & February and remain an ongoing area of concern for poultry producers. 

Besides disease related issues, lighter live bird weights and inclement weather have affected the availability of all chicken meat parts.  

While there have been discussions surrounding vaccinations, the poultry industry remains reluctant due to the negative impact for producers exporting overseas.  

Despite ongoing bird health issues, the overall demand for all chicken parts remains strong and consistent.    

• BI Thighs – Availability for BI Thighs continues to be limited as retailers continue to feature poultry heavily.    

• BL SL Thighs – BL SL Thigh prices continue to increase due to higher demand and lighter live bird weights affecting chicken supplies. 

• Legmeat – Chicken leg meat pricing continues to increase due to strong domestic demand. 

• Breastmeat – Breastmeat prices have increased most significantly of all chicken parts with retail and foodservice demand supporting higher prices.  

• Wings – Wing prices have held steady and firmed up recently due to the start of March Madness.  

• Turkey – Turkey prices have been on the rise due to increased HPAI bird flu cases and the upcoming closure of two turkey plants. For the remainder of the year, we should expect higher prices due to the reduced turkey supply.    

Poultry Outlook – With ongoing high beef prices, poultry remains the preeminent protein of choice for consumers seeking value and affordability. However, the chicken industry is facing uncertainty given the upcoming Mexican and Canadian tariff decision approaching on April 2nd.   

With increasing beef and chicken prices, pork demand is expected to increase more significantly in both retail and food service segments. 

Despite strong export and domestic demand, there remains a more than adequate inventory of hogs in the supply chain. 

With the EU (European Union) not producing excess pork for export due to burdensome regulatory requirements, the U.S. has filled the void to other export markets.  

• Butts– Boneless butt prices remain stable, supported by steady export bookings to Japan and South Korea.   
• Hams– Ham demand remains strong but could potentially be affected by tariffs as Mexico is the top importer of U.S. hams. Ham prices could potentially be impacted should importers book inventory ahead of tariff increases.  
• Back Ribs- Rib prices have stabilized recently but may increase as we approach the warmer spring & summer months when people start grilling. 
• Bellies- Stronger domestic belly demand has been supporting higher prices. For bellies imported from Europe, potential higher prices lie ahead should tariffs take effect next month.  

Pork Outlook – With high beef prices and rising poultry demand, pork demand is poised to increase due to stable pricing and ample supply. 

Snow Crab (Opilio)

• Due to the second extension hold on the tariffs. Pricing for the 2025 Season is delayed until after April 2nd. 

• Canadian Season is set to begin fishing this week. 

• Total Quota is about 5-10% less this season at around 200 million pounds. 

• Southern Gulf of St. Lawrence has reduced their quota by 25%-30%, whereas Newfoundland’s quota may increase by 20%. 

Coldwater Lobster Tails

• Canadian Spring Season is set to begin May 1st and closes the end of June. 

• Spring Season pricing is unclear until the tariff situation has been finalized 

• Currently Tails are stable in pricing. 

• All Lobster Meats are short in supply, with pricing increased by 30%. 

Mahi Mahi

• Peruvian Season is near completion.  It will close at the end of the month. 

• As of right now, Peru has caught 16% of last years total catch. 

• Peru is the single largest frozen Mahi exporter in the world. 

• Taiwan season is set to begin in April.   

• Indonesia supply is in higher demand, but usually 4oz and smaller portions are available. 

• Pricing has already begun to rise as the supply of Mahi is limited. 

Vannmei White Shrimp (India)

• Prices and supply remain stable. 

• Next harvest is set to begin in April.