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Agricultural News


Lower Prices and Fewer Sales in Boxed Beef Report

Mon, 15 Jun 2015 20:48:36 CDT

Lower Prices and Fewer Sales in Boxed Beef Report 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 13th. The daily spot Choice box beef cutout ended the week last Friday at $245.72 which was $1.07 higher compared to last Friday but it had been over 247 during most of the week when they were pushing to fill orders for father's day. There were 704 loads sold for the week in the daily box beef cutout. It was about 11 % of the total volume.


The comprehensive or weekly average Choice cutout which includes all types of sales including the daily spot cutout was $244.14 which was $7.19 lower and two weeks of over $7.00 losses.


There were 6,603 total loads sold which was 291 loads lower than the previous week.   The formula sales were at 3,488 loads which was 146 loads higher than last week and was 53 percent of the total loads sold.


Exports as reported on the boxed beef report represent primarily muscle cuts and they were at 701 loads which was 67 loads lower. Sales to North American Free Trade Agreement neighbors totaled 155 loads and 546 loads were shipped overseas.


The out-front sales which won't be delivered for at least 22 days (probably after the 4th of July) were at 1,098 loads which was 107 loads lower than last week. The largest outfront sales items were Brisket with about 1.4 million lbs whose average prices were about the same as the formula average prices. Also about 2.4 million lbs of various round products that were priced 16 below to 7 above the current formula prices and over 1.2 million lbs of rib eyes and tenderloins that were priced 43-67 dollars below the averages for current formula prices.


Taking a look at the weekly average primal cut prices. The choice chuck was about 3 lower and round was 7 lower. The Choice middle meats which are the loins and Ribs were 25 to 38 lower and the loin lost the most again this week. The middle meats are really falling and are not being supported by any rally in the chuck or round like we saw last year. Those outside primals which are the chuck and round were supported last year by the big rise in the cow cutout because they were also being ground for the tremendous demand for hamburger.


The cow cutout was $2.72 lower and the ninety percent trimmings were $2.90 lower compared to the previous Friday, prices dropped for two weeks in a row which was unusual since it had been steady for about 10 months. This is on the heels of the fact that the cow harvest continues to be running behind last year. Ground beef prices have also jumped dramatically compared to last year.


The latest report of imported meat passed for entry into the US for Saturday, June 6th showed that week we imported 25,867 metric tons of fresh beef which was about 6,500 metric tons higher than the previous week and equates to over 56 million lbs imported for that one week. Year-to-date for the first 23 weeks of this year we are still running 35 % higher fresh beef imports than last year and that is on top of last year's jump in imports. Australia was 66 % higher, and New Zealand was up 25%.


Click on the LISTEN BAR below to listen to Ed's comments about the weekly boxed beef trade.

   

Listen to Ed Czerwein as he reports on the weekly wholesale boxed beef trade.
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