<\/p>\n<\/a>Livestock<\/u> –
\nThe attached chart shows a breakdown of the USDA\u2019s beef feature activity index over the past two years.\u00a0 The activity index is a measure of the total frequency of feature activity accounting for the total number of stores for the advertised beef item.\u00a0 For example, a retailer with 500 outlets featuring 5 beef items would have an index score of 2,500.<\/p>\n
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I find it interesting to see the recent surge in beef features.\u00a0 If I took the date range back further, you\u2019d see the activity index is at its highest level since 2011.\u00a0 The surge in features does make sense when you look at the recent beef\/pork ratio, as shown below.\u00a0 You can see just a little more than a month ago the ratio hit its lowest level in the past two years.\u00a0 The ratio has bounced back out again now so I\u2019d probably be willing to bet this surge in beef features might be somewhat temporary, but its something to watch in the coming weeks\/months.\u00a0 That being said, just how long beef prices remain this strong is questionable.\u00a0 We\u2019ve mentioned before it seems like boxes could be nearing a top at these levels.<\/p>\n
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