Agricultural News
Boxed Beef Sales and Exports Rebound After Memorial Day Weekend
Mon, 08 Jun 2015 18:41:05 CDT
On a regular basis, Ed Czerwein of the U.S. Department of Agriculture Market News Office in Amarillo, Texas offers a review of the previous week's boxed beef trade.
Here is the weekly boxed beef trade for week ending June 6th. The daily spot choice box beef cutout ended the week last Friday at $244.65 which was 10.34 lower compared to last Friday and 20 lower compared to before the Memorial day weekend. There were 903 loads sold for the week in the daily box beef cutout during this holiday shortened week. It was about 13 percent of the total volume.
The comprehensive or weekly average Choice cutout which includes all types of sales including the daily spot cutout was $251.33 which was 7.31 lower and one of the biggest weekly losses recorded because it is always moderated somewhat by the formula trade.
There were 6,894 total loads sold which was 1,123 loads higher than the previous week. The formula sales were at 3,342 loads which was 122 loads higher than last week but was only 48 percent of the total loads sold.
Exports as reported on the boxed beef report represent primarily muscle cuts and they were at 768 loads which was 38 loads higher. Trade to our North American Free Trade Agreement neighbors totaled 162 loads were sold and 606 loads were shipped overseas.
The outfront sales were at 1,205 loads which was 437 loads higher than last week. The largest outfront sales items were brisket with about 4 million lbs whose average prices were about 15 below the formula average prices. Also almost a million lbs of round products that were priced $4 - $23 below the current formula prices and over a half million lbs of chuck rolls that were priced $7-17 below the current formula prices.
Taking a look at the weekly average primal cut prices. The choice chuck was about steady and round primal was four lower. The choice loins and ribs were 9 to 21 lower and the loin lost the most again this week. The major driving factors in the cutout rally prior to Memorial day had been the tremendous rise in the choice loin and rib prices which were supported by the demand for grilling steaks, but those prices are falling quite a bit now.
The cow cutout was $1.28 lower and the 90 percent trimmings were 1.43 lower compared to the previous Friday, staying just a little below three per lb for most of the past ten months.
The latest report of imported meat passed for entry into the US for May 30 showed that week we imported 19,385 metric tons of fresh beef which was about 2,500 metric tons lower than the previous week but still equates to over 42 million lbs imported for that one week. Year-to-date for the first 22 weeks of this year we are still running 35 percent higher fresh beef imports than last year and that is on top of last years jump in imports. Australia was 65 percent higher and New Zealand was up 27 percent.
Click on the LISTEN BAR below to listen to Ed's comments about the weekly boxed beef trade.
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