Agricultural News
Beef Cutout Values End Last Week Trending Higher With Grilling Season Kindling Move Higher
Mon, 14 Mar 2016 21:27:49 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 his report of weekly boxed beef trade for week ending March 12th. The daily spot Choice box beef cutout ended the week last Friday at $224.05 which was $3.08 higher compared to the previous Friday. There were 757 loads sold for the week in the daily box beef cutout which was almost 13% of the total volume.
The Comprehensive or weekly average Choice cutout which includes all types of sales including the daily spot cutout was $217.97 which was $3.45 higher apparently signaling the grilling season rally as retailers order to build inventories ahead of or early in the grilling season. Also recent warm weather has started the grilling in some areas.
There were 6006 total loads sold which were 434 loads lower than the previous week. The formula sales were at 3132 loads which was 172 loads lower than last week and it was about 52 percent of the total loads sold this week.
Exports as reported on the Boxed Beef report represent primarily muscle cuts and totaled 517 loads which was 153 loads lower than a week ago. Keep in mind that most weeks in 2013 and 2014 we were between 800-1000 loads per week. One hundred ten loads were sold to our NAFTA Neighbors and 407 loads were shipped overseas.
The out-front sales which won't be delivered for at least 22 days were 973 loads which was 222 loads lower than last week.
Taking a look at the weekly average primal cut prices, the Choice Chuck and the Round Primal were $3 to $5 lower. The Choice middle meats- including the rib was $11 higher this week and the loin was $15 higher. Both of these items normally enjoy a seasonal rally as we approach the grilling season and they have jumped quite a bit lately which also widens the Choice- Select spread. Fifty % trimmings which are the single largest cut from the cutout was $37 higher for the week and $56 higher in 2 weeks and is used for making ball park hotdogs and sausage products. It was in the $50 range two weeks ago and doubled in value to $113 last Friday.
The daily Cow Cutout was 67 cents higher and 90 % trimmings were 26 cents higher compared to the previous Friday. The cow cutout was $172.07 and those ninety percent trimmings ended the week at $216.77 on Friday.
The latest report of Imported meat passed for entry into the US for week ending March 5 showed that week we passed for import 19,439 metric tons of fresh beef which was about 1000 metric tons lower than the previous week and 2000 metric tons below last year. The Year to date Total Tonnage is 12 % below last year. Product from Australia was down 26 % and New Zealand was down 7% compared to last year but Canada was up 4 % and Mexico was up 17%.
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