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 October 17. The daily spot Choice box beef cutout ended the week last Friday at $211.69. That was $8.69 higher compared to the previous Friday. There were 726 loads sold for the week in the daily box beef cutout compared to over 1,000 loads last week. It was about 11 percent of the total volume.
The comprehensive or weekly average Choice cutout which includes all types of sales including the daily spot cutout was $207.20. That was only 31 cents lower but still a decline compared to the big jump in the daily spot cutout and last year at this time the cutout was $246.71.
There were 6,382 total loads sold. That was 1,199 loads lower than the previous week and a very big drop in volume as prices increased in the daily spot trade. The formula sales were at 3,391 loads which was 23 loads higher than last week and was 53 percent of the total loads sold this week.
Exports as reported on the Box Beef report represent primarily muscle cuts and they were at 568 loads. That was 25 loads lower than the previous week. North American Free Trade Agreement neighbors bought 121 loads and 447 loads were shipped overseas.
The out-front sales which won’t be delivered for at least 22 days were 1030 loads. That was 620 loads lower than last week and a big drop compared to the previous week. It represented about half of the total drop in volume.
Taking a look at the weekly average primal cut prices. The Choice middle meats, which are the rib and loin, were three to six lower reversing the jump in the rib prices last week. The Choice chuck and round primals were one to two higher and are starting to follow the normally seasonal increase in price during the fall as roasts return to the family menu items.
The Cow Cutout was 5.73 lower at $190.27 on Friday. Those 90 percent trimmings ended the week $9.09 lower compared to the previous Friday at $232.37 but it has dropped about $50 in the last six weeks.
The latest report of imported meat passed for entry into the US for week ending October 10 showed that week we imported 19,974 metric tons of fresh beef which was about 1000 metric tons lower and equates to about 43 million pounds imported for that one week. Year-to-date for the first 41 weeks of this year we are running 26 percent higher fresh beef imports than last year and continues to drop each week lately. Australia was 45 percent higher and New Zealand was still up 20 percent.
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