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Meat Market Update | Cutout drops $100; back to 2019 prices

Ed Czerwien, market analyst based in Amarillo, Texas, offers a concise summary of last week's beef cutout trade.

The daily spot Choice box beef cutout ended the week on Friday, June 6 at $261.48, which was $101.86 lower compared to previous Friday. It then continued to drop lower and was $247.00 on Tuesday, June 9, getting very close to the previous years' prices after being much higher for a short while due to COVID-19. Last year at this time, it was $222.31.

The weekly average Choice cutout which includes all types of sales, including the daily Choice cutout, was$ 311.68 which was $56.08 lower. It follows the daily cutout, but just a little slower, which is why it is still higher than the current daily Choice cutout. However, this week’s drop of over $100 will push the weekly average much lower next week.

The good news again this week was there were 6,766 total loads sold for the week which was 1,081 loads higher than the previous week. As the slaughter cattle numbers increase they are selling a lot more product.

The exports report was fantastic with 1,234 loads. That was 137 loads higher compared to the previous week. There were 202 loads were sold to our NAFTA neighbors and 1032 loads went overseas. 

TAGS: Marketing
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