Weekly boxed beef trade for week ending July 09.
The daily spot Choice box beef cutout ended the week last Friday at 209.35 which was 62 cents higher compared to previous Friday. There were 579 loads sold for the week in the daily box beef cutout which was 10% of the total volume
The Comprehensive or weekly average Ch cutout which includes all types of sales including the daily spot cutout was 204.95 which was 2.70 lower.
There were 5794 total loads sold which was 981 loads lower than the previousious week. However this was a typical holiday week when plants were shut down part of the week. Also buyers dragging their feet to reorder until they see just how good sales have been as we move into the dog days of summer. Very Hot weather normally slows grilling down in some areas so buyers become more cautious.
The formula sales were at 3098 loads which was 252 loads lower than last week. It was about 53 percent of the total loads sold this week.
Exports as reported on the Bx Bf report were only 435 loads which was 250 loads lower compared to the previous week and close to half of where it was 2 weeks ago. 179 loads were sold to our NAFTA Neighbors and only 256 loads were shipped overseas.
The out-front sales which won’t be delivered for at least 22 days and were 983 loads which was 295 loads lower than last week. The biggest outfront sales included about 2.5 mil lbs of Ch Ribeye products 19-68 below the average form prices and about 1.2 mil lbs of Choice round products that were priced stdy to 5 lower than average form prices.
Taking a look at the weekly average primal cut prices. The Choice chuck was 1 lower and round primal was 3 higher. The Ch middle meats the rib was 7 lower and loin was 3 lower since the grilling rally really slowed down. Middle meats following the normal seasonal decline since The daily spot Choice rib topped out at 372.00 on Mon Jun 13th and plummeted to around 317 by Fri Jul 08. The rib and loin make up about 34% of the carcass so they have a big impact.
—– On Fri the daily Cow Cutout was 171.57 which was about 2.40 lower and 90% trimming were almost 5 lower at 214.72 compared to the previous Friday. But this big drop took place on Fri only, after being closer to stdy but a little lower during the week.
The latest report of Imported meat passed for entry into the US for week ending Jul 02 showed that week we passed for import 22,284 metric tons of fresh beef which was about 1000 metric tons higher than the previous week but about 4000 lower than last year. The Year to date Total Tonnage was 12% below last year. Australia was down 32% and New Zealand was down 9% compared to last year but Canada was up 11% and Mexico was up 15. Year to date we are still currently about 80,000 metric tons below last year at this time.