Boxed Beef Trade Continues to Break RecordsMon, 28 Jul 2014 14:55:12 CDT
Weekly boxed beef trade for week ending July 26
The daily spot choice box beef cutout ended the week last Friday at $257.38 which was $8.93 higher than the previous week continuing to break records. There were 786 loads sold for the week in the daily box beef cutout, and was about 12 percent of the total volume.
The comprehensive or weekly average choice cutout which includes all types of sales was $248.09 which was $2.35 higher, and makes a new all-time high again but was about $9.30 below the Friday daily choice cutout.
The total reported box beef volume of 6,523 loads was 61 loads less than the previous week. Box beef sales volume has held up extremely well at these higher prices following the fourth of July holiday. Cool weather in much of the Midwest this summer helped corn pollination and no doubt also helped keep the grills going in many areas.
Exports picked up and were at 850 loads which was 191 loads higher than last week. The formula sales were almost the same as the previous week and were at 3,355 loads which was about 51 percent of the total loads sold and only 42 loads more than last week.
The out-front sales continue to be well below previous years and were 831 loads which was 142 loads less than the previous week and well below the 1,275 average from most of July last year. But once again this means most retail stores are running hand to mouth with their buying which has helped support the skyrocketing prices.
The cow cutout which is a major source of ground beef products ended the week unchanged and those ninety percent trimmings were only 87 cents lower. The cow cutout along with 90 percent trimmings have jumped quite a bit in the last six weeks but appear to be topping out. This tremendous rally beginning June 1 has really impacted the finished cattle cutout since it also helped push the round and chuck prices higher as they have been used for ground beef. The cow product rally has also provided support for the fifty percent trimmings which is the single largest cut from finished cattle and fifties jumped roughly 30 dollars in the last 3 weeks.
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