Fed cattle recap:
The feedlot cattle trades for WE May 15 were steady to 2 higher and the cash sales volume was smaller than the previous week.
The Five-area formula sales volume totaled 220,488 head compared to about 233,000 the previous week. The Five-area total cash steer and heifer volume was 59,378 head compared to about 75,000 head the previous week.
Nationally reported forward contracted cattle harvested was about 78,000 head this week and packers have 247,000 head for May. The nationally reported 15-30 day delivery purchases this week were 18,260 head along with 24,000-40,000 head for many previous week.
Now looking at the prices. The weekly weighted average cash steer price for the five-area region was $119.73, which was $1.37 higher compared to the previous week and last year the same week it was $112.31 which was about $7.80 higher that week last year. The same week in 2015 it was $160.80 even though the daily Choice cutout now was still 50 dollars higher than 2015.
This week the current five area weighted average live steer formula price was $120.85 this week and the live formula heifer price was $120.88.
The weighted average Five-area cash dressed steer price was $190.49 which was $1.96 higher. The five-area weighted average formula price which is steers and heifers was $191.98 which was $0.96 lower.
The estimated weekly total FIS cattle harvest was reported at 640,000 head and compared to 519,000 head the same week last year which was when the packing plants were shut down yet.
The latest average National steer carcass weight for WE May 01 was 891 lbs which was 5 lbs lower than the previous week and compared to 893 lbs the same week last year which was 2 lbs higher than the previous week last year.
Choice-Select spread on Friday was at 23.75 compared to 15.61 the previous week and that compared to 15.26 spread last year.
Boxed beef recap:
The daily spot Choice box beef cutout ended the week on Friday May 14 at $316.94 which was $11.06 higher compared to previous Friday. Last year it was $434.32 on the same Friday which was about $26 lower so it had started to drop much lower last year. However, in 2015 it was $264 the same Friday so, it is now still about 50 higher than 2015 when fat cattle prices were much higher than they are now.
The end of this week the daily Choice Chuck and Round primal were 9 to 16 higher. The daily Choice Rib and Loin primal were 7 to 16 higher. The weekly total for the daily cutout was 488 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 300.66 which was $11.57 higher. However, like previously said the weekly average is following the daily cutout slowly which is always normal because many but not all formula sales are priced off of the previous week’s daily spot prices.
The total sales were 6420 total loads sold for the week which was 122 loads higher than the previous week but still continuing to keep the four-week moving average of total weekly loads sold lower yet.
The out-front sales which get delivered after 21 days were 1350 loads which was 180 loads higher than last week. The largest out-front sales this week included about 2.5 million lbs of Choice chuck rolls that were 31 dollars lower priced than the same current formula prices.
The exports as reported on the Box Beef report were 992 loads which was 344 loads higher compared to the previous week. This week 68 loads were sold to our NAFTA neighbors and 924 loads were going overseas.
Formula sales were at 3460 loads which was only 4 loads lower than last week and about 54 percent of the total loads sold this week. The formula sales included about 2.3 millions lbs of Choice ribeye products along with about 1.8 million lbs of Choice loin strips so steak products are continuing to have good volume.
Taking a look at the major primal cuts which impact the cutout value and the weekly average numbers include all of the different types of sales. The weekly average Choice Chuck and Round primal were 3 to 11 higher and both are still lower than last year during the panic buying but higher than previous normal years yet.
The weekly average Choice Rib primal and the Choice Loin were 16 to 25 higher and no doubt helped by the grilling season along with big demand from restaurants.
The daily cow cutout ended the week on Friday May 14 was $ 1.93 higher at 205.16 and the 90% trimmings were at 250.83 which was $ 1.28 higher compared to the previous Friday. Always remember both of these continue to climb higher during the summer however, last year saw that tremendous jump higher during the medical epidemic due to some packing plants shut down along with great demand for home cooking.
The latest report of Imported meat passed for entry into the U.S. for week ending May 08 showed 20,093 metric tons of fresh beef which was about 1500 lower than the previous week and about 700 lower than last year. The year to date total for these imports is 8 % lower than last year. The top 4 countries are Canada which is number one and is 14 % higher than last year, Mexico is the second highest but 7 % lower than last year, New Zealand is 6 % lower, and Australia which is 44 % lower.
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