Agricultural News
Middle Meats Rally as Grilling Season Arrives- Ed Czerwein Offers Boxed Beef Analysis
Tue, 07 Apr 2015 05:41:27 CDT
Ed Czerwien, USDA Market News Reporter based in Amarillo, writes and produces a Weekly Boxed Beef Trade Analysis. You can hear his comments about the weekly numbers by clicking on the LISTEN BAR at the bottom of this page.
Weekly boxed beef trade for week ending Apr 04
The daily spot Choice box beef cutout ended the week last Friday at 255.57 which was 4.77 cents higher. There were 601 loads sold for the week in the daily box beef cutout. It was about 10 % of the total volume.
The Comprehensive or weekly avg Choice cutout which includes all types of sales including the daily spot cutout was 251.14 which was 4.16 higher. The normal seasonal grilling season has definitely started in most areas which has helped to improve prices especially for steak type middle meats.
There were only 5803 total loads sold which was 197 loads lower than the previous week. The formula sales were at 3199 loads which was 62 loads lower than last week and are about 55 percent of the total loads sold. The tremendous rise in prices has slowed sales down quite a bit.
Exports as reported on the weekly box beef report were at 575 loads which was 100 loads lower than the previous week. 92 loads were sold to our NAFTA Neighbors and 483 loads were shipped overseas. These exports are no doubt directly influenced by the value of the dollar which has skyrocketed during the last 5 months and usually has a reverse impact on the exports. High dollar values make our products even higher to foreign users, which normally slows down the volume.
The out-front sales were at 799 loads which was 41 loads lower than last week. These reported outfront sales were mostly brisket and round products which totaled almost 2 million lbs and there average prices were 1-5 dollars below current spot and formula prices. There was also almost half million lbs ribeyes that were priced a whopping 54 dollars below the current negotiated or spot market.
Taking a look at the primal cuts, the choice chuck, and round primals were both 1 higher and the middle meats which are loins and ribs were 9-10 higher and are continuing their big seasonal price rallies as we begin the grilling season.
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The cow cutout was at 231.36 and the Select cutout was 249.29 on Friday putting the spread at almost 18 dollars. The Cow Cutout was 40 cents lower and the ninety percent trimmings were 55 cents lower.
The latest report of Imported meat passed for entry into the US for Mar 28 showed that week we imported 21,583 metric tons of fresh beef which was a about 2000 less than last week and equates to about 47 million lbs imported for that one week. Yer to date for the first 13 wks of this year we are running 41 % higher fresh beef imports than last year and Australia is up 89 %, and New Zealand is up 27 % and are the second largest country.
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