U.S. Beef Imports Soften During April - Ed Czerwein ExplainsMon, 02 May 2016 22:30:15 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 30. 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 $211.45, which was $8.86 lower compared to the previous Friday. There were 724 loads sold for the week in the daily box beef cutout, which was about 11 percent of the total volume.
The comprehensive or weekly average Choice cutout, which includes all types of sales including the daily spot cutout, was $214.11, which was $4.11 lower.
There were 6,489 total loads sold, which was 35 loads lower than the previous week. The formula sales were at 3,333 loads, which was 141 loads higher than last week and it was about 51 percent of the total loads sold for the week.
Exports as reported on the boxed beef report represent primarily muscle cuts and were at 917 loads, which was 160 loads higher. 223 loads were sold to our NAFTA neighbors and 694 loads were shipped overseas.
The out-front sales, which won’t be delivered for at least 22 days, were at 1,134 loads, which was 224 loads lower than last week. The biggest out-front sales this week was almost 4 million lbs of round products whose average out-front prices were $13-$26 below the average formula prices and also 1.5 million lbs of brisket at $6-$8 below the average formula prices.
Taking a look at the weekly average primal cut prices. The Choice chuck was $1 higher and the round primal was $6 lower. The Choice middle meats - the rib and loin - were $6-$8 lower this week.
The daily cow cutout was about $1.20 higher at $175.28 and the 90 percent trimmings were about $1.30 higher at $220.76 compared to the previous Friday. The 90 percent trimmings have not changed much; they’re trading in the $216-$220 range during the past two months.
The latest report of imported meat passed for entry into the U.S. for week ending April 23 showed that week we passed for import 21,179 metric tons of fresh beef, which was about 200 metric tons lower than the previous week and 5,000 metric tons below last year. The year-to-date total tonnage was 14 percent below last year. Australia was down 28 percent and New Zealand was down 15 percent compared to last year, but Canada was up 4 percent and Mexico was up 15 percent. April has been down over 22,000 metric tons of fresh beef compared to last year.
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