CZ Cattle Market Analytics analyst Ed Czerwien from Amarillo, TX, provides the following fed cattle recap for the week ending Oct. 23, 2021.
Fed cattle recap:
The feedlot cattle trades for WE Oct 23 were mostly steady to 1 higher and the cash sales volume was lower than the previous week.
The Five-area formula sales volume totaled 226,034 head compared to about 235,000 the previous week. The Five-area total cash steer and heifer volume was 62,027 head compared to about 79,000 head the previous week.
Nationally reported forward contracted cattle harvested was about 48,000 head this week and packers have 199,000 head for October. The nationally reported 15-30 day delivery purchases this week were 16,902 head along with about 17,000 head for the previous week.
Now looking at the prices. The weekly weighted average cash steer price for the five-area region was $124.39, which was $0.55 higher compared to the previous week and last year the same week it was $105.07 which was about $2.50 lower that week last year. The same week in 2014 it was $168.79 even though the daily Choice cutout now was about 34 dollars higher than 2014. Also, recently the cutout had dropped 62 dollars lower, so it was almost $100 higher for a while, but the average cash fed cattle prices have been only up to $125.74 this year but in 2014 it topped out above $170.00.
This week the current five area weighted average live steer formula price was $125.93 and the live formula heifer price was $126.02.
The weighted average Five-area cash dressed steer price was $195.83 which was $0.13 higher. The five-area weighted average formula price which is steers and heifers was $200.13 which was $0.10 lower.
The estimated weekly total FIS cattle harvest for week ending Oct 23 was reported at 661,000 head and compared to 645,000 head the same week last year.
The latest average National steer carcass weight for WE Oct 09 was 921 lbs which was 5 lbs higher than the previous week and compared to 928 lbs the same week last year which was 4 lbs higher than the previous week last year.
Choice-Select spread on Friday Oct 22 was at 18.71 compared to 19.62 the previous week and that compared to 16.09 spread last year.
Boxed beef recap:
The daily spot Choice box beef cutout ended the week on Friday Oct 22 at $281.82 which was $1.58 higher compared to previous Friday but now still about $62 lower during the last 9 weeks. Last year it was $207.49 on the same Friday, which was about $2.50 lower. During 2014 it was $247.41 on the same Friday so about 34 dollars higher now. The end of this week the daily Choice Chuck and Round primal were steady to 2 higher. The daily Choice Loin primal was 1 lower and the Rib was 12 higher, so it has started the prime rib fall rally after dropping about 136 lower. The weekly total for the daily cutout was 639 loads and about 9% of the weekly total loads sold.
The weekly average Choice cutout which includes all types of sales including the daily Choice cutout was 279.05 which was $2.30 lower but still much higher than all previous years now.
The total sales were 7340 total loads sold for the week which was 895 loads higher than the previous week and was helped by big export loads this week
The out-front sales which get delivered after 21 days were 1836 loads which was 794 loads higher than last week.
The exports as reported on the Box Beef report were 1384 loads which was 692 loads higher compared to the previous week. This week 130 loads were sold to our NAFTA neighbors and 1254 loads were going overseas.
Formula sales were at 3537 loads which was 89 loads higher than last week and about 48% of the total loads sold this week.
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 Rib primal was 11 lower and the Loin primal was 3 lower. The weekly average Choice Chuck was steady and Round primal was 1 lower.
The daily cow cutout ended the week on Friday Oct 22 was $ 0.79 lower at $230.90 and the 90% trimmings were at $275.84 which was $ 1.33 lower compared to the previous Friday.
The latest report of Imported meat passed for entry into the U.S. for week ending Oct 16 showed 21,426 metric tons of fresh beef which was about 100 higher than the previous week and about 3300 higher than last year. The year to date total for these imports is 8 % lower than last year so it continues to be much lower. The top 4 countries are Canada which is number one and is 11 % higher than last year, Mexico is the second highest but 6 % lower than last year, New Zealand is 3 % lower, and Australia which is 42 % lower.
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