Ed Czerwein Reports Higher Boxed Beef Sales, Imports Still Running Strong in Latest ReportMon, 10 Aug 2015 20:07:35 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 report for the week ending August 8th. The daily spot Choice box beef cutout ended the week last Friday at $236.34, which was $3.09 higher compared to previous Friday. There were 682 loads sold for the week in the daily box beef cutout. It was almost 11 percent of the total volume.
The comprehensive or weekly average Choice cutout which includes all types of sales, including the daily spot cutout was $233.03, which was $1.09 higher.
There were 6,292 total loads sold, which was 20 loads higher than the previous week. The formula sales were at 3,401 loads, which was 21 loads higher than last week and was 54 percent of the total loads sold again this week.
Exports as reported on the Boxed Beef report represent primarily muscle cuts and they were at 494 loads which was 53 loads lower. Sales to our North American Free Trade Agreement neighbors totaled 89 loads and 405 loads were shipped overseas.
The outfront sales, which won’t be delivered for at least 22 days were 1,011 loads which was 49 loads higher than last week. The biggest out front sales items were priced very close to the current formula average prices with most from a few dollars higher to a few dollars lower.
Taking a look at the weekly average primal cut prices, the Choice middle meats which are the loins and ribs were steady on the loin and 3 higher on the rib. The choice chuck and the round were both two to three higher.
The cow cutout ended the week down only 18 cents at $221.48 and the 90 percent trimmings were $1.45 lower at $280.75 compared to the previous Friday. However the cow cutout had been ten lower and the 90 percent trimmings were down over 20 on Tuesday, when a bunch of product was sold at very low prices, then it came back by Friday. The cow meat had been getting weaker in recent weeks starting to follow the boxed beef cutout lower and 90 percent trimmings were about $295 a month ago, dropping to 280.
The latest report of imported meat passed for entry into the US for August 01, showed that week we imported 21,623 metric tons of fresh beef and equates to 47 million pounds imported for that one week. Year-to-date for the first 31 weeks of this year we are still running 30 percent higher fresh beef imports than last year and that is on top of last year’s jump in imports. Australia was 56 percent higher and New Zealand was up 19 percent.
Click on the LISTEN BAR below to listen to Ed's comments about the weekly boxed beef trade.
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