Boxed Beef Cutout Values Keep Dropping- Now Down Thirty Four Dollars Since End of AugustTue, 29 Sep 2015 09:45:55 CDT
Each Monday, USDA Market News Reporter Ed Czerwein, based in Amarillo, compiles a summary of the boxed beef cutout activities of the previous week. Here is the weekly boxed beef trade for the week ending September 26, 2015.
The daily spot Choice box beef cutout ended the week last Friday at 212.23 which was 14.07 lower and that was on top of the four previous weeks of falling cutouts. This daily cutout has dropped 34 dollars since it started its decline the last week of August. There were 970 loads sold for the week in the daily box beef cutout and that was the largest number this year. It was about 14 percent of the total volume.
The Comprehensive or weekly average Choice cutout which includes all types of sales including the daily spot cutout was 221.49 which was 11.17 lower.
There were 6958 total loads sold which was 180 loads higher than the previous week. The formula sales were at 3376 loads which was 107 loads lower than last week and are 49 percent of the total loads sold.
Exports as reported on the weekly box beef report were at 734 loads which was 11 loads higher than the previous week. 127 loads were sold to our NAFTA Neighbors and 607 loads were shipped overseas
The most recent out-front sales were at 1089 loads which was 85 loads lower than last week. The Out front sales represent product that has been purchased to be delivered 22-90 days in the future. The largest out front sales this week were almost 1.5 million pounds of loin and rib products whose average prices were 11 to 45 dollars below the current average formula prices. Also about 1.2 million pounds of round products with prices mostly $9-15 below the formula prices.
Taking a look at the primal cuts, the choice chuck, and round primals were 6-7 lower and the middle meats which are loins and ribs took a very big drop and were 19-20 lower.
The cow cutout was at $215.57 and the Select cutout was $209.80 on Friday as the Select cutout continued its freefall. The Cow Cutout ended this week $3.64 lower and the ninety percent trimmings were $5.39 lower at $271.63 last Friday. During most of the past year the nineties have traded close to $3.00 but have started to follow the rest of the beef trade lower along with the normal seasonal increased slaughter cow numbers during the fall run.
The latest report of Imported meat passed for entry into the US for Sep 19 showed that week we imported 23,309 metric tons of fresh beef which is up about 4500 metric tons and equates to 51 million pounds imported for that one week. Year to date- for the first 38 wks of this year we are running 28 % higher fresh beef imports than last year and Australia is up 49 %, providing the biggest individual chunk of the imports and New Zealand is up 20 % and are the second largest country.
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