Meat Market Update | Cutout reports highest weekly gain on recordMeat Market Update | Cutout reports highest weekly gain on record
More meat to retailers as customers cook at home and in return, cutout prices skyrocketed. Ed Czerwien, market analyst based in Amarillo, Texas, offers a concise summary of last week's beef cutout trade.
Another huge week in terms of meat sales at stores as people went to rretailers to get food, and not restaurants. The evidence that those sales were tremendous everywhere was that these daily spot sales for the week totaled 1,175 loads, which is about twice of the normal weekly sales, especially at very high prices.
The daily spot Choice box beef cutout ended the week on Friday, March 20 at $253.75, which was $45.61 higher compared to previous Friday and the highest weekly price jump ever recorded. This week the daily Choice rib primal was $30 higher and the daily Choice loin was $35 higher, which indicates that the grilling season is starting at home, a medically safer option than going anywhere. The daily Choice chuck and round were $64-65 higher which really pushed the cutout higher.
The weekly average Choice cutout, which includes all types of sales including the daily Choice cutout was $230.27, which was $23.94 higher, but still much lower than the daily cutout.
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