Ed Czerwien, USDA Market News reporter in Amarillo, TX, provides us with the latest outlook on boxed beef prices and the weekly cattle trade.
A big drop in the cutout prices spurred a large increase in volume with 8,245 total loads sold, which was 1,807 loads higher than the previous week. The volume increase was driven by the out-front sales (and not current deliveries), which were 1,647 loads higher at 2,407 loads. Out-front sales are made up of two components: 22-90 day delivery items and forward contracts. The biggest component this week was the longer term forward contracts which were 1,440 loads. We have not seen numbers this big since February of 2009 and 2010.
You might also like: