Agricultural News
Beef Cutout Prices Lower- Beef Export Volume Jumps Higher- Ed Czerwein Explains
Mon, 28 Mar 2016 19:01:03 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 the week ending March 26th.
The daily spot Choice box beef cutout ended the week last Friday at $224.36 which was $7.45 lower compared to the previous Friday but about 10 dollars lower in the last six working days. It is likely that ham sales that are important Easter week cut into beef demand. There were 620 loads sold for the week in the daily box beef cutout which was about/almost 10% of the total volume. Last year at this time we were around $250 then climbed to $265 right before Memorial day but had a couple of minor setbacks during the spring rally.
The Comprehensive or weekly average Choice cutout which includes all types of sales including the daily spot cutout was $224.49 which was only 13 cents lower.
There were 6330 total loads sold which were 263 loads higher than the previous week. The formula sales were at 3109 loads which was 309 loads lower than last week and it was about 49 percent of the total loads sold this week.
Exports as reported on the Boxed Beef report represent primarily muscle cuts and were a whopping 1010 loads which was 532 loads higher and the largest we had been for a while. 176 loads were sold to our NAFTA Neighbors and 834 loads were shipped overseas.
The out-front sales which won't be delivered for at least 22 days totalled 1341 loads which was 432 loads above last week.
The weekly average primal cut prices showed that the Choice chuck and the round primal were $2 to $3 lower. The Choice middle meats showed the rib was $5 higher this week and the loin was $3 higher. Both of these items continue to enjoy a seasonal rally this time of the year.
Fifty Percent trimmings which are the single largest cut from the cutout had leveled out the previous week after the $56 jump but lost $17 this week.
The daily Cow Cutout was $1.10 higher and 90 Percent trimmings were $1.48 higher compared to the previous Friday.
The latest report of Imported meat passed for entry into the US for week ending March 19 showed that week we passed for import 19,609 metric tons of fresh beef which was about 1200 metric tons lower than the previous week and 4000 tonnes below last year. The Year to date Total Tonnage was 12 % below last year. Australia was down 25 % and New Zealand was down 10 % compared to last year but Canada was up 6 % and Mexico was up 15%.
Click on the LISTEN BAR below to hear Ed Czerwein with his weekly commentary.
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