Ed Czerwein Says Beef Cutout Prices Are Lower After Previous Week's RallyMon, 25 Apr 2016 23:17:38 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 April 23. At the bottom of his commentary, you can click on the LISTEN BAR to hear Ed's comments.
The daily spot Choice box beef cutout ended the week last Friday at $220.31, which was $4.82 lower compared to the previous Friday. There were 786 loads sold for the week in the daily box beef cutout, which was about 12 percent of the total volume.
The comprehensive or weekly average Choice cutout, which includes all types of sales including the daily spot cutout was $218.22 which was only $.45 lower.
There were 6,524 total loads sold, which was 478 loads higher than the previous week. The formula sales were at 3,192 loads, which was 39 loads higher 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 757 loads, which was 45 loads higher. 123 loads were sold to our NAFTA neighbors and 634 loads were shipped overseas.
The out-front sales - which won’t be delivered for at least 22 days - were 1,328 loads which was 390 loads higher than last week. The biggest out-front sales this week was about 3.75 million lbs of round products whose out-front prices were $15 to $21 below the average formula prices.
Taking a look at the weekly average primal cut prices. The Choice chuck and the round primal were both steady to $4 higher. The Choice middle meats - the rib and loin - were $4 to $7 lower this week.
The daily cow cutout was about $.60 lower at $174.07, and 90 percent trimmings were about $.60 lower at $219.45 compared to the previous Friday. Hey have not changed much in the past three weeks after a good jump after the fall run was over.
The latest report of imported meat passed for entry into the U.S. for week ending April 16 showed that week we passed for import 21,446 metric tons of fresh beef, which was about 400 metric tons lower than the previous week and 6,000 metric tons below last year. The year-to-date total tonnage was 13 percent below last year. Australia was down 28 percent and New Zealand was down 14 percent compared to last year, but Canada was up 5 percent and Mexico was up 15 percent. So far in April, we’re down over 16,000 metric tons in the last three weeks compared to last year.
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