You can tell the holidays are around the corner; Prime Rib type beef is reaching higher prices.

Ed Czerwien, Market Reporter

October 7, 2020

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Beef continues to be in need by consumers and they are paying more for it. Check out what Ed Czerwien found in the beef markets when he compared week to week and year to year at this point.

The daily spot Choice box beef cutout ended the week at 218.88 which was only 46 cents lower compared to the previous Friday.  Last year, it was 211.96 on the same Friday so, quite a bit higher now.  The weekly total for the daily cutout was 705 loads which was about 10 % of the weekly total loads sold. 

The weekly average Choice cutout which includes all types of sales including the daily Choice cutout was 216.31 which was $2.56 higher. 

The good news this again week was there were 7207 total loads sold for the week which was 1455 loads lower than the previous week but still over 7000 which is always good volume.  So, the many weeks over 7000 loads indicates retail demand has been good as people must still continue to eat, but more at home.

Now, as we examine the major primal cuts, we notice some increases. The weekly average Choice rib primal was 12 higher and the Choice loin primal was 2 higher. However, like previously mentioned the Choice Rib always goes much higher ahead of the Prime Rib type cooking for Thanksgiving and Christmas parties, which has definitely already started and that usually helps to push the Feedlot cattle prices higher.

Related:What can the beef industry expect in Q4 of 2020?

 

About the Author(s)

Ed Czerwien

Market Reporter

Ed Czerwien is a market analyst in Amarillo, Texas. From the heart of Cattle Feeding Country, Ed follows the cattle and wholesale markets to keep beef producers up-to-date on the market moves that affect them. He previously worked with USDA as a Market News reporter. Ed is now semi-retired and continues to work with cattle trade analysis.

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