Boxed Beef Prices Slip After Fathers Day Deliveries are Complete- Ed Czerwein ReportsTue, 21 Jun 2016 05:58:18 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 June 18th. 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 $221.83 which was $5.84 lower compared to previous Friday. Monday and Tuesday prices were very good and topped out above $228 on Tuesday then fell down due primarily to the fact that Fatherís day products were already delivered. There were 731 loads sold for the week in the daily box beef cutout which was 10% of the total volume.
"The Comprehensive or weekly average Choice cutout which includes all types of sales including the daily spot cutout was $214.56 which was $1.59 lower and was pushed lower by the slipping daily Choice cutout as well as the big out front sales that were lower.
"There were 7073 total loads sold which was 433 loads higher than the previous week and up over 1000 loads compared to two weeks ago. This is the largest weekly volume since mid October of last year.
"The formula sales were at 3476 loads which was 29 loads lower than last week. It was about 49 percent of the total loads sold this week.
"Exports as reported on the Boxed Beef report were 953 loads which was 187 loads higher. 165 loads were sold to our NAFTA Neighbors and 788 loads were shipped overseas.
"The out-front sales which wonít be delivered for at least 22 days, were 1524 loads which was 531 loads higher than last week and a very big number. The biggest outfront sales included almost 2.5 million pounds of round products $1-23 below the average form price and almost half million pounds of chuck products that were priced $1- 5 over avg form. However there were over 1.5 mil lbs of middle meats Loin and rib products that were priced $41-136 below current form average prices but thatís coming off of really high grilling demand prices. However, there is normally a slipping in the prices for these major steak products as we get into the hot 'Dog Days' of summer.
"Taking a look at the weekly average primal cut prices. The Choice chuck was $2 lower and round primal was $7 lower. The Choice middle meats the rib was $4 lower and loin was $2 lower since the grilling rally for Fathers day is over. The grilling demand for these Choice rib and loin products recently supported one of the highest Choice-Select spreads on record.
"The daily Cow Cutout was about $2.80 lower and 90% trimming were over $5 lower at $215.41 compared to the previous Friday. Again, delivery of ground beef products for Fatherís day was over but the Fourth of July has always been a good hamburger and sausage holiday.
"The latest report of Imported meat passed for entry into the US for week ending June 11 showed that week we passed for import 23,475 metric tons of fresh beef which was about 4000 metric tons higher than the previous week and about 700 higher than last year. The Year to date Total Tonnage was 13 % below last year. Australia was down 32 % and New Zealand was down 10 % compared to last year but Canada was up 9 % and Mexico was up 14%. Year to date we are still currently about 73,000 metric tons below last year at this time."
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