CZ Cattle Market Analytics analyst Ed Czerwien from Amarillo, TX, provides the following fed cattle and boxed beef recaps for the week ending June 12, 2021.
Fed cattle recap:
The feedlot cattle trades for WE June 12 were mostly steady again, and the cash sales volume was higher than the previous week.
The Five-area formula sales volume totaled 222,426 head compared to about 175,000 the previous week. The Five-area total cash steer and heifer volume was 83,852 head compared to about 56,000 head the previous week.
Nationally reported forward contracted cattle harvested was about 42,000 head this week and packers have 194,000 head for June. The nationally reported 15-30 day delivery purchases this week were 32,016 head along with 16,000 head for the previous week.
Now looking at the prices. The weekly weighted average cash steer price for the five-area region was $120.03, which was $0.11 higher compared to the previous week and last year the same week it was $104.47 which was about $7.90 lower that week last year. The same week in 2015 it was $153.48 even though the daily Choice cutout now was still much higher. This week the current five area weighted average live steer formula price was $122.06 this week and the live formula heifer price was $122.65.
The weighted average Five-area cash dressed steer price was $190.69 which was only $0.01 higher. The five-area weighted average formula price which is steers and heifers was $194.73 which was $0.98 higher.
The estimated weekly total FIS cattle harvest was reported at 665,000 head and compared to 645,000 head the same week last year.
The latest average National steer carcass weight for WE May 29 was 884 lbs which was 4 lbs lower than the previous week and compared to 891 lbs the same week last year which was 3 lbs lower than the previous week last year.
Choice-Select spread on Friday Jun 11 was at 32.35 compared to 27.25 the previous week and that compared to 11.37 spread last year.
Boxed beef recap:
The daily spot Choice box beef cutout ended the week on Friday June 11 at $337.56 which was $1.42 lower compared to previous Friday topping out which is normal after the Father’s Day product is in the pipeline. Last year it was $230.64 on the same Friday, which was about $31 lower, so it had continued to drop much lower last year. The end of this week the daily Choice Chuck and Round primal were 3 lower to 4 higher. The daily Choice Rib and Loin primal were 8 lower to 3 higher. The weekly total for the daily cutout was 496 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 324.69 which was $1.38 lower. It continues much higher than all years and even last year now.
The total sales were 6402 total loads sold for the week which was 909 loads higher than the previous week which was the holiday week.
The out-front sales which get delivered after 21 days were 1020 loads which was 43 loads higher than last week.
The exports as reported on the Box Beef report were 805 loads which was 187 loads higher compared to the previous week. This week 83 loads were sold to our NAFTA neighbors and 722 loads were going overseas.
Formula sales were at 3688 loads which was 651 loads higher than last week and about 58 percent of the total loads sold this week. The formula sales included about 2.5 million lbs of Choice ribeye products along with about 1.7 million lbs of Choice loin strips so good volume yet ahead of Father’s Day.
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 both 1 higher. The weekly average Choice Rib was 4 higher but the Loin primal was 17 lower so the grilling season is topping out.
The daily cow cutout ended the week on Friday Jun 11 was $ 2.55 higher at $222.13 and the 90% trimmings were at $271.07 which was $ 0.75 higher compared to the previous Friday.
The latest report of Imported meat passed for entry into the U.S. for week ending June 05 showed 20,111 metric tons of fresh beef which was about 900 lower than the previous week and about 5200 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 12 % higher than last year, Mexico is the second highest but 10 % lower than last year, New Zealand is 5 % lower, and Australia which is 44 % lower.
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