Agricultural News
Latest Boxed Beef Prices Trending Lower But Good Movement is Encouraging- Ed Czerwein Explains
Tue, 26 Jul 2016 05:49:09 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 July 23rd. At the bottom of his commentary, you can click on the LISTEN BAR to hear Ed's comments.
According to Ed Czerwein- "The daily spot Choice box beef cutout ended the week last Friday at $200.09 which was $4.62 lower compared to previous Friday. There were 733 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 $200.63 which was $3.51 lower and still very close to the daily close on Friday.
"There were 7184 total loads sold which was 566 loads higher than the previous week and one of the few weeks over 7000 loads which helps out quite a bit.
"The formula sales were at 3345 loads which was 61 loads higher than last week. It was about 47 percent of the total loads sold this week.
"Exports as reported on the Boxed Beef report were 1098 loads which was 360 loads higher compared to the previous week and there have been few times over 1000 loads lately so that is a big number at a time when we really need it. 198 loads were sold to our NAFTA Neighbors and a whopping 900 loads were shipped overseas which was another big weekly jump during the last 2 weeks for the overseas exports.
"The out-front sales which won't be delivered for at least 22 days totalled 1428 loads which was 143 loads higher than last week and a very important number because the outfront product was sold much closer to the current formula and spot prices. That is the first time that has happened in a while. One of the biggest outfront sales was about 1.4 million pounds of Choice ribeyes that were similar priced compared to the formula prices but $2-$18 above the current negotiated prices which were a little lower than the formulas. Almost 2 million pounds of round products that were priced very close to the formula and negotiated prices, some a little lower and some a little higher. Most of the other products were below the current formula prices but not as depressed as we have talked about in the past few months.
"On Friday, the daily Cow Cutout was $172.92 which was about $1.00 lower and 90 % trimming were $1 lower at $217.54 compared to the previous Friday.
"The latest report of Imported meat passed for entry into the US for week ending July 16 showed that week we passed for import 22,147 metric tons of fresh beef which was about 3500 metric tons higher than the previous week but about 3000 lower than last year. The Year to date Total Tonnage was 13 % below last year. Australia was down 33 % and New Zealand was down 9 % compared to last year but Canada was up 12% and Mexico was up 12%. Year to date we are still currently about 90,000 metric tons below last year at this time."
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