Agricultural News
Weekly Boxed Beef Trade Shows Higher Middle Meats Reflecting Start of Seasonal Trend Higher
Tue, 09 Feb 2016 09:36:54 CST
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 the weekly boxed beef trade for week ending February 6th- and you can listen to Ed's commentary on the trade by clicking on the LISTEN BAr below.
The daily spot Choice box beef cutout ended the week last Friday at $220.60 which was $1.75 higher compared to previous Friday but it had been $223 on Thursday. The daily Choice cutout had jumped about 5 dollars last week on the heels of the big snow storm when several plants were shut down but started to decline back down on Friday when it lost about half of the storm rally. There were 605 loads sold for the week in the daily box beef cutout which was almost 11 % of the total volume.
The Comprehensive or weekly average Choice cutout which includes all types of sales including the daily spot cutout was $216.64 which was $1.53 lower while the daily spot cutout was going higher during the impact of the storms. However this is the time of the year when we normally drop. Last year we dropped 18 dollars from the end of January to the end of February but then started the spring barbeque rally.
There were 5419 total loads sold which were 1085 loads lower than the previous week. The formula sales were at 3163 loads which was 53 loads lower than last week and it was about 58 percent of the total loads sold this week.
Exports as reported on the Boxed Beef report represent primarily muscle cuts and were 448 loads which was 393 lower. 69 loads were sold to our NAFTA Neighbors and 379 loads were shipped overseas.
The out-front sales which won't be delivered for at least 22 days took a massive drop and were only 591 loads which was 721 loads lower than last week
Taking a look at the weekly average primal cut prices- the Choice middle meats the rib was 5 higher and the loin was 4 higher. Both of these items normally start a seasonal rally as we approach the grilling season. The Choice chuck was 8 lower and the round primal was 1 higher.
The daily Cow Cutout and 90% trimmings have enjoyed normal seasonal price increase lately as cow receipts at auctions have declined after the fall run. The cow cutout was about $3.00 higher and those ninety percent trimmings ended the week at $211.43 which was over 6 higher. The 90's were $191 at Christmas.
The latest report of Imported meat passed for entry into the US for week ending January 30 showed that week we imported 22,995 metric tons of fresh beef which was about 2000 metric tons higher than the previous week and following last years tonnage increases because of normal seasonal price jumps on cow products. However the Year to date Total Tonnage was still 16% below last year. Australia was down 30% and New Zealand was down 12% compared to last year but Canada was up 3% and Mexico was up 20%. Last year we imported almost 26,000 metric tons the same week (25,944).
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