Choice Beef Cutout Values Jump Eight Dollars Per Hundred in Latest WeekMon, 23 May 2016 21:55:53 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 May 21. 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 Fri at $225.96 which was $7.40 hgr compared to previous Friday but it had dropped a little at the end of the week. There were 488 loads sold for the week in the daily box beef cutout which was only 8% of the total volume
The Comprehensive or weekly average Choice cutout which includes all types of sales including the daily spot cutout was $215.47 which was $8.32 higher on the heels of the daily spot jump and also quite a few formulas were based on last week’s big jump and formula sales have much more volume than the daily spot trade.
There were 5784 total loads sold which was 1063 loads lower than the previous week. That was a big drop but many retail operations would have already gotten their Memorial day product the previous week and won’t reorder until they see just how good holiday sales were.
The formula sales were at 3517 loads which was 45 loads higher than last week. It was about 61 percent of the total loads sold this week and when you compare that to the 488 daily spot loads you can see why the formula sales have such a tremendous impact on the average prices for the week.
Exports as reported on the Boxed Beef report represent primarily muscle cuts and were 579 loads which was 420 fewer loads. 112 loads were sold to our NAFTA Neighbors and 467 loads were shipped overseas.
The out-front sales which won’t be delivered for at least 22 days totalled 710 loads which was 744 loads lower than last week but that was a normal seasonal spike last week and seasonal drop this week.
Taking a look at the weekly avg primal cut prices. The Choice chuck and round primals were both about $6 higher. The Choice middle meat- including the rib and loin were both about $15 higher and the Daily spot Choice rib had jumped 39 dollars in 8 working days and the Choice loin followed the same situation and both of them have helped to widen the daily Choice Select spread.
The daily Cow Cutout was about $1.50 higher at $173.73 and 90 % trimmings were about $2.25 higher at $218.14 compared to the previous Friday and they have traded in a very narrow range the last couple of months.
The latest report of Imported meat passed for entry into the US for week ending May 14 showed that week we passed for import 21,068 metric tons of fresh beef which was about 200 metric tons lower than the previous week and 5000 metric tons below last year. The Year to date Total Tonnage was 15 % below last year. Australia was down 31 % and New Zealand was down 17 % compared to last year but Canada was up 6 % and Mexico was up 13%.
The fresh beef imports in the last 9 wks down about 43,000 metric tons compared to last year which has helped to reduce the cold storage inventories, which were down about 3% from last month and down 7%compared to last year.
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