Box Beef Movement Up Last Week - Ed Czerwein ExplainsMon, 09 May 2016 20:45:41 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 7. 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 $203.74, which was $7.71 lower compared to the previous week. There were 953 loads sold for the week in the daily box beef cutout, which was the biggest volume in a quite a while and 14 percent of the total volume.
The comprehensive or weekly average Choice cutout, which includes all types of sales - including the daily spot cutout - was $207.01, which was $7.10 lower.
There were 6,700 total loads sold, which was 211 loads higher than the previous week. The formula sales were at 3,234 loads, which was 99 loads lower than last week but still about 48 percent of the total loads sold.
Exports as reported on the box beef report represent primarily muscle cuts and were 714 loads, which was 203 loads lower. 140 loads were sold to our NAFTA neighbors and 574 loads were shipped overseas.
The out-front sales, which don’t get delivered for at least 22 days, were 1,165 loads, which was 31 loads higher than last week.
Taking a look at the weekly average primal cut prices. The Choice chuck and round primals were $5 to $7 lower. The Choice middle meats - the rib and loin - were both $9 lower this week, which is very unusual prior to Memorial Day.
The daily cow cutout was about $1.20 lower at $174.09 and 90 percent trimmings were about $1.40 lower at $219.32, compared to the previous Friday. 90 percent trimmings continue to not change much, trading in the $216 to $220 range in the past two months after the early year rally.
The latest report of imported meat passed for entry into the U.S. for week ending April 30, showed that week we passed for import 21,744 metric tons of fresh beef, which was about 500 metric tons higher than the previous week but over 6,000 metric tons below last year. The year-to-date total tonnage was 14 percent below last year. Australia was down 30 percent and New Zealand was down 17 percent compared to last year, but Canada was up 5 percent and Mexico was up 14 percent. During the last 5 weeks, we’re down over 28,000 metric tons of fresh beef compared to last year.
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