Weekly fed cattle recap for week ending March 27, 2021:
The feedlot cattle trades for WE Mar 27 were mostly 1 to 2 higher and the cash sales volume was higher than the previous week.
The Five-area formula sales volume totaled 242,509 head compared to about 214,000 the previous week. The Five-area total cash steer and heifer volume was 84,561 head compared to about 70,000 head the previous week.
Nationally reported forward contracted cattle harvested was big again with about 58,000 head this week and packers have 249,000 head for March along with 272,000 head for April. The nationally reported 15-30 day delivery purchases this week were 35,441 head along with about 19,700 head the previous week. The packers have big numbers with many weeks of big 15-30 day delivery and forward contracts.
Now looking at the prices. The weekly weighted average cash steer price for the five-area region was 115.59, which was $1.36 higher compared to the previous week and last year the same week it was 119.31 which was about $9.40 higher that week last year. The current five area weighted average live steer formula price was 116.61 this week and the live formula heifer price was 117.35. Formula prices are always impacted by premiums and discounts for many items which impacts the actual weighted average price. Last year showed that when feedlot cattle were backed up producing very heavy weights, the steer carcass weights got so high that steak items like ribeye and loin strips got so big they were harder to sell which was why the heifers that are always lighter brought higher prices.
The weighted average Five-area cash dressed steer price was 184.87 which was $3.54 higher. The five-area weighted average formula price which is steers and heifers was 183.82 which was $0.20 higher.
The estimated weekly total FIS cattle harvest was reported at 646,000 head and compared to 685,000 head the same week last year.
The latest average National steer carcass weight for WE Mar 13 was 904 lbs which was 4 lbs higher than the previous week and compared to 901 lbs the same week last year which was 2 lbs lower than the previous week last year. It just climbed 5 pound after dropping 20 lbs during the 2 weeks that were impacted by those big storms.
Choice-Select spread on Friday Mar 26 was at 10.04 compared to 5.60 the previous week and that compared to 13.58 spread last year.
Weekly boxed beef recap for week ending March 27, 2021:
The daily spot Choice box beef cutout ended the week on Friday Mar 26 at 237.66 which was $7.67 higher compared to previous Friday. Last year it was 252.84 on the same Friday which was only $0.91 lower after jumping $45.61 higher the previous week, so still much higher last year ahead of the packing plant shut downs for the medical epidemic. The end of this week the daily chuck and round primals were both 4 higher. The daily Choice rib and loin primal were 10 to 14 higher as we are approaching the grilling season. The weekly total for the daily cutout was 538 loads and about 7 % of the weekly total loads sold.
The weekly average Choice cutout which includes all types of sales including the daily Choice cutout was 231.28 which was $3.96 higher. .
The total sales were very good with 7878 total loads sold for the week which was 920 loads higher than the previous week and helped again by the exports.
The out-front sales which get delivered after 21 days were 2441 loads which was 697 loads higher than last week. The largest out-front sales this week included about 2.4 million lbs of Choice loin products that were 67-85 dollars per cwt higher priced than the same current formula prices so the grilling season sales are starting with much higher prices.
The exports as reported on the Box Beef report were 1791 loads which was very good again and 725 loads higher compared to the previous week. This week 90 loads were sold to our NAFTA neighbors and 1701 loads were going overseas. The first quarter export volume is now the highest than any year.
Formula sales were at 3372 loads which was 55 loads higher than last week and about 43 percent of the total loads sold this week. The formula sales included about 1.8 millions lbs of Choice ribeye products along with 1.2 million lbs of Choice loin strips so steak products are continuing to have big volume.
Taking a look at the major primal cuts which impact the cutout value. The weekly average Choice Chuck and Round primal were steady to 2 higher, but always remember that last year they jumped quite a bit higher during the early medical problem. The massive working problems and layoffs during the medical epidemic had pushed retail sales for these cheaper products.
The weekly average Choice Rib primal was 4 higher and the weekly average Choice Loin was 9 higher. However, both of these are in the time of the year when the barbeque season rally takes place, so they should continue to improve even more soon.
The daily cow cutout ended the week on Friday March 26 was $ 0.89 higher at 187.89 and the 90% trimmings were at 231.32 which was $ 1.48 higher compared to the previous Friday.
The latest report of Imported meat passed for entry into the U.S. for week ending Mar 20 showed 19,694 metric tons of fresh beef which was about 1700 lower than the previous week and about 2200 lower than last year. The year to date total for these imports is 7 % lower than last year. The top 4 countries are Canada which is number one and is 12 % higher than last year, Mexico is the second highest but 6 % lower than last year, New Zealand is 13 % higher, and Australia which is 45 % lower.
Comments