CZ Cattle Market Analytics analyst Ed Czerwien from Amarillo, TX, provides the following fed cattle recap for the week ending April 10, 2021.
Fed cattle recap:
The Five-area formula sales volume totaled 228,190 head compared to about 233,000 the previous week. The Five-area total cash steer and heifer volume was 96,775 head compared to about 67,000 head the previous week.
Nationally reported forward contracted cattle harvested was about 55,000 head this week and packers have 272,000 head for April. The nationally reported 15-30 day delivery purchases this week were 33,039 head along with about 36,000 head the previous week.
Now looking at the prices. The weekly weighted average cash steer price for WE 04/10/21 for the five-area region was 122.01, which was $3.93 higher compared to the previous week and last year the same week it was 105.00 which was about $6.10 lower that week last year. The same week in 2015 it was 164.34 even though the daily Choice cutout was 12 dollars higher than that year right now. This week the current five area weighted average live steer formula price was 118.59 this week and the live formula heifer price was 119.41.
The weighted average Five-area cash dressed steer price was 195.30 which was $5.94 higher. The five-area weighted average formula price which is steers and heifers was 188.17 which was $2.48 higher.
The estimated weekly total FIS cattle harvest was reported at 641,000 head and compared to 529,000 head the same week last year which was when the packing plant shutdowns were starting for the medical epidemic.
The latest average National steer carcass weight for WE Mar 27 was 899 lbs which was 2 lbs lower than the previous week and compared to 891 lbs the same week last year which was 7 lbs lower than the previous week last year.
Choice-Select spread on Friday was at 8.10 compared to 5.88 the previous week and that compared to 15.60 spread last year.
Boxed beef recap:
The daily spot Choice box beef cutout ended the week on Friday Apr 9 at 272.17 which was $19.32 higher compared to previous Friday. Last year it was 223.93 on the same Friday which was $6.51 lower after jumping much higher during the panic retail buying ahead of the packing plant shutdowns for the medical epidemic. However, last year then skyrocketed much higher during the packing plant shutdowns, topping out at 475 in early May which was a very abnormal high when panic retail buying continued.
The end of this week the daily Choice Chuck and Round primal were 3 to 11 higher but lower than last year when the big employment layoffs forced people to buy more of these cheaper products. The daily Choice Rib and Loin primal were 36 to 42 higher which is normal during the grilling season and much higher than last year now. The daily fifty percent trimming price has climbed almost 50 higher during the last 4 weeks which has also helped the cutout go higher now with bigger demand to make sausage and hot dogs for ball parks as well as grilling.
The weekly total for the daily cutout was 543 loads and about 8 % of the weekly total loads sold.
The weekly average Choice cutout which includes all types of sales including the daily Choice cutout was 254.97 which was $16.25 higher but about 17 lower than the Friday daily Choice cutout.
The total sales were 6865 total loads sold for the week which was 153 loads higher than the previous week.
The out-front sales which get delivered after 21 days were 1655 loads which was 146 loads higher than last week.
The exports as reported on the Box Beef report were 956 loads which was good yet, but 116 loads lower compared to the previous week and about 800 lower than two weeks ago which is normal when prices skyrocket higher. This week 156 loads were sold to our NAFTA neighbors and 800 loads were going overseas.
Formula sales were at 3487 loads which was 90 loads higher than last week and about 51 percent of the total loads sold this week. The formula sales included about 2 millions lbs of Choice ribeye products along with 1.1 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 7 to 12 higher and both are lower than last year during the panic buying but higher than previous normal years.
The weekly average Choice Rib primal and the weekly average Choice Loin were both 26 higher which really helped the cutout get much higher. They climbed higher last year during the packing plant shutdowns, but this year they already climbed higher than last year now which is driven more by big grilling demand along with restaurants opening back up.
The daily cow cutout ended the week on Friday April 09 was $ 1.46 higher at 190.71 and the 90% trimmings were at 233.86 which was $ 0.93 higher compared to the previous Friday.
The latest report of Imported meat passed for entry into the U.S. for week ending Apr 03 showed 20,781 metric tons of fresh beef which was about 400 higher than the previous week but about 2800 lower than last year. The year to date total for these imports is 9 % lower than last year. The top 4 countries are Canada which is number one and is 9 % higher than last year, Mexico is the second highest but 8 % lower than last year, New Zealand is 4 % higher, and Australia which is 46 % lower.
Comments