Agricultural News
Boxed Beef Values Rebound, Imports at Lowest Level for the Year
Mon, 02 Nov 2015 19:06:40 CST
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 October 31. The daily spot Choice box beef cutout ended the week last Friday at $220.04 which was $2.87 higher compared to previous Friday but it did drop on Friday again. There were 582 loads sold for the week in the daily boxed beef cutout compared to 638 loads last week. It was only nine percent of the total volume.
The comprehensive or weekly average Choice cutout which includes all types of sales including the daily spot cutout was $215.91 which was $2.92 higher.
There were 6,362 total loads sold which was 121 loads lower than the previous week. The formula sales were at 3,660 loads which was 173 loads higher than last week and was 57 percent of the total loads sold this week.
Exports as reported on the boxed beef report represent primarily muscle cuts and they were at 776 loads which was 32 loads higher than the previous week. North American Free Trade Agreement neighbors bought 133 loads and 643 loads were shipped overseas.
The out-front sales which won't be delivered for at least 22 days were 871 loads which was 181 loads lower than last week.
Taking a look at the weekly average primal cut prices. The Choice middle meats which includes the rib which was a whopping $17 higher following the normal seasonal increase for the holiday party season which peaked out last year by the end of November. The loin was steady. The Choice chuck and round primals were both one higher and are slowly following their normally seasonal increase in price during the fall.
The cow cutout was 1.87 lower at $181.46 on Friday. Those 90 percent trimmings ended the week 1.99 lower compared to the previous Friday at $220.77 but it has dropped over $60 since the beginning of September.
The latest report of imported meat passed for entry into the US for week ending October 24 showed that week we imported 16,583 metric tons of fresh beef which was about 1,800 metric tons lower and about the lowest for this year. Year-to-date for the first 43 weeks of this year we are running 24 percent higher fresh beef imports than last year. Australia was 40 percent higher and New Zealand was still up 20 percent. Australia was 64 percent higher at the beginning of the summer and has dropped almost continuously since then. Like we said last week the $60 drop in the domestic 90 percent trimmings recently has helped reduce fresh beef imports because a very high percentage of the imports are trimmings.
Click on the LISTEN BAR below to listen to Ed's comments about the weekly boxed beef trade.
WebReadyTM Powered by WireReady® NSI
Top Agricultural News
More Headlines...
