The National Cattlemen’s Beef Association (NCBA) announced today that consumer beef prices will be about 12 percent lower through July 4th weekend than at Memorial Day. Three well-priced popular cuts are New York Strips, which will be down roughly 14 percent, Ground Beef, which will be down 12 percent and Ribeyes, which will be down about 10 percent. 1
Other cuts expected to be more favorably priced since Memorial Day include London Broil, which should be priced 5-6 percent less than at Memorial Day; BBQ Beef Ribs should be 5 percent less; and when marinated, Top Round Steak and Eye Round Steak are great for the grill and should be down 8-8.5 percent. 1
With higher supplies and promotional efforts from the beef industry’s checkoff program funded by the Cattlemen’s Beef Board and State Beef Councils, there also is expected to be more featured prices in the fresh-meat case. More beef is sold during the July 4th holiday than any other time of the year, so there’s additional incentive for retailers to cut prices. Overall, NCBA expects prices to continue dropping and level off throughout the summer, so consumers can expect good prices through the grilling season.
“We want people to know about the best values for their favorite protein now and during the peak summer grilling months,” said Gregg Doud, NCBA chief economist. “Consumers can enjoy a New York Strip or a burger on July 4th and expect stable to lower prices for most beef cuts through Labor Day.”
KEY JULY 4TH GRILLING AND BEEF FACTS
· July 4th is the most popular holiday for grilling, with 3 out of 4 (76%) grill owners grilling – followed by Memorial Day (58%) and Labor Day (51%) (Barbecue Industry Association 2001).
· The grilled taste of beef is the No. 1 reason Americans enjoy grilling (NPD Group 2001).
· The top grilling items in order are steak, chicken and burgers.
- Steak represents 21% of all grilling occasions
- Burgers are 13%
- Other beef dishes account for an additional 4% (NPD Group 2001).
SUMMER GRILLING PROMOTION
In an effort to encourage beef sales, the beef industry has launched its annual checkoff-funded Summer Grilling Promotion. The promotion, which runs from Memorial Day through Labor Day, is expected to increase beef demand by reminding consumers about their love of sizzling steaks or juicy burgers and offering them savings on all cuts of beef via coupon features with industry partners. The summer promotion carries the tagline: “Beef. It’s What’s For Dinner.” Partners, including A.1. Steak Sauce & Marinades, E&J Gallo/Redwood Creek and Kingsford Charcoal, have invested more than $4 million into the promotion, extending the program value from $2.4 million to more than $6 million. The Summer Grilling Promotion is funded by America’s Beef Producers through their $1 per-head checkoff program.