Agricultural News
Bump in U.S. Boxed Beef Sales, Imports Still Running Thirty Percent Higher Than Last Year
Mon, 24 Aug 2015 16:28:10 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 August 22. The daily spot Choice box beef cutout ended the week last Friday at $244.90 which was 18 cents higher compared to previous Friday but it had been around two higher midweek. There were 683 loads sold for the week in the daily box beef cutout which 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 $240.97 which was $3.21 higher.
There were 6,369 total loads sold which was 523 loads higher than the previous week. The formula sales were at 3,539 loads, which was 70 loads higher than last week and was 56 percent of the total loads sold this week.
Exports as reported on the boxed beef report represent primarily muscle cuts and they were at 695 loads, which was 236 loads higher. Sales to our North American Free Trade Agreement neighbors totaled 127 loads and 568 loads were shipped overseas.
The outfront sales which won't be delivered for at least 22 days were 922 loads which was 260 loads higher than last week.
Taking a look at the weekly average primal cut prices. The Choice middle meats, which are the loins and ribs, were both seven higher indicating increased grilling demand as we approach this holiday. The choice chuck and the round were zero to three higher which is again quite a bit below the rally that we saw last summer.
The cow cutout ended the week $1.75 lower at $222.54 and the 90 percent trimmings were $1.14 lower at $282.93 compared to the previous Friday. The Labor Day weekend has always been a very good grilling weekend for hamburgers and sausage products which are a big part of cow meat products but we are about done with the Labor Day production period.
The latest report of imported meat passed for entry into the US for August 15, showed that week we imported 26,916 metric tons of fresh beef which was up 4,600 metric tons and equates to 59 million pounds imported for that one week. Year-to-date for the first 33 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 increases. Australia was still at 56 percent higher, and New Zealand was up 19 percent.
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