CZ Cattle Market Analytics analyst Ed Czerwien from Amarillo, TX, provides the following fed cattle and boxed beef recaps for the week ending Jan. 16, 2021.
Weekly boxed beef trade recap for week ending Jan 16:
The daily spot Choice box beef cutout ended the week on Friday Jan 15 at 212.92 which was $ 6.12 higher compared to previous Friday. Last year it was 214.17 on the same Friday which was $ 4.13 higher. This week the daily Choice loin primal was 12 higher but the chuck and round primals were steady to 4 higher. However, the daily Choice rib primal was 12 higher this week which did help push the cutout higher, after it quit dropping lower which is normal now. The weekly total for the daily cutout was 715 loads and about 10 % of the weekly total loads sold.
The weekly average Choice cutout which includes all types of sales including the daily Choice cutout was 208.98 which was $4.18 higher. The rib primal quit dropping lower which helped the cutout jump higher which is normal now.
There were 7500 total loads sold for the week which was 227 loads higher than the previous week.
The out-front sales which get delivered after 21 days were 1965 loads which was 475 loads higher than last week. The largest out-front sales this week included about 2.2 million lbs of Choice round products that were 7-21 dollars per cwt lower priced than the same current formula prices.
The exports as reported on the Box Beef report were 912 loads and that was 93 loads higher compared to the previous week. This week 152 loads were sold to our NAFTA neighbors and 760 loads were going overseas
Formula sales were at 3467 loads which was 73 loads lower than last week and about 46 percent of the total loads sold this week.
Taking a look at the major primal cuts. The weekly average Choice Chuck and Round primal were steady to 4 higher. The weekly average Choice loin primal was 6 higher. The weekly average Choice rib was 11 higher and did start to improve after the normal late December and early January drop which is normal now.
The daily cow cutout ended the week on Friday was $ 1.57 higher at 176.51 and the 90% trimmings were at 216.05 which was $ 2.16 higher compared to the previous Friday.
The latest report of Imported meat passed for entry into the U.S. for week ending Jan 09 showed 16,795 metric tons of fresh beef which was about 3400 higher than the previous week and about 3200 lower than last year. The year to date total for these imports is now 13 % lower than last year.
Weekly Fed cattle recap for week ending Jan. 16:
The feedlot cattle trades for WE Jan 16 were mostly 1 to 3 lower and the cash sales volume was higher than the previous week.
The Five-area formula sales volume totaled 237,017 head compared to about 234,000 the previous week. The Five-area total cash steer and heifer volume was 83,733 head compared to about 66,000 head the previous week.
Nationally reported forward contracted cattle harvested was about 48,000 head this week. The nationally reported 15-30 day delivery purchases this week were 35,677 head along with about 27,000 head the previous week.
Now looking at the prices. The weekly weighted average cash steer price for WE 01/16/21 for the five-area region was 109.52, which was $1.75 lower compared to the previous week and last year the same week it was 124.03 which was about $0.40 lower that week last year. The current five area weighted average live steer formula price was 114.24 this week but the live formula heifer price was 115.06.
The weighted average Five-area cash dressed steer price was 173.06 which was $2.73 lower. The five-area weighted average formula price which is steers and heifers was 179.81 which was $1.22 higher.
The estimated weekly total FIS cattle harvest was reported at 651,000 head which compared to 633,000 head the same week last year.
The latest average National steer carcass weight for WE Jan 02 was 920 lbs which was 7 lbs higher than the previous week and compared to 912 lbs the same week last year which was 7 lbs higher than the previous week last year.
Choice-Select spread on Friday was at 9.84 compared to 10.11 the previous week and that compared to 1.42 spread last year.
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