Weekly US Cattle Outlook - Beef exports up

US - Weekly Cattle Outlook, 20th July 2007 - Weekly review of the US cattle industry, written by Glenn Grimes and Ron Plain.
calendar icon 23 July 2007
clock icon 3 minute read

Beef exports during May were up 6.9 percent from a year earlier. Beef exports to Japan in May were up 65 percent from April. Beef exports to Canada during May up 26.49 percent from May of 2006.

Beef exports from January-May of this year were up 15.78 percent from 12 months earlier. Exports to Japan for January-May were up almost 400 percent, to Canada up 34.52 percent, down to Mexico 12.82 percent up sharply to South Korea because exports last year were banned because of BSE, up 6.49 percent to Caribbean, down 4.05 percent to Taiwan and up 140.71 percent to other from a year earlier.

Beef imports during May were up 10.53 percent from last year and up 1.04 percent for January-May compared to 2006.

Most of the increased in beef imports were from Central America and Mexico for January-May compared to 12 months earlier.

Net beef imports for the United States for January-May declined from 8.31 percent of production in 2006 to 8.25 percent for these five months of 2007.

Most of the increases in fed cattle demand for January-May of 2007 came from higher retail prices domestically and narrower marketing margins.

Live feeder cattle imports from Mexico for January-May were down 18.07 percent, cattle imports from Canada for these five months were up 13.3 percent and total live cattle imports were down 3.58 percent from 2006.

Trade estimates are for the July first cattle inventories in the United States to be down slightly. The cow herd is also expected to be down about 0.5 percent from 12 months earlier. The 2007 calf crop is also expected to be down slightly.

The average of the trade estimate is for the number of cattle on feed July first to be down less than 1 percent from last year. Placements of cattle on feed during June are forecast to be down nearly 10 percent from last year. Fed cattle marketing during June are expected to be down 3.4 percent from June of 2006.

Cash steer and heifer feeder prices at Oklahoma City this week were steady to $1 per cwt lower than seven days earlier. Steer and heifer calves at Oklahoma City were mostly steady.

The price range by weight groups for medium and large frame number one steers at Oklahoma City were :400-500 pounds $125.50-145 per cwt, 500-600 pounds $115-132 per cwt, 600-700 pound calves $110-120.50 per cwt, 700-750 pound calves $107.25-111.25 per cwt, 600-700 pound yearlings $114.50-125.50 per cwt, 700-800 pounds $109-115 per cwt and 800-1000 pounds $104.75-114.50 per cwt.

Fed cattle prices this week through Thursday showed the weighted average live price for the five market area at $88.96 per cwt down $0.79 per cwt from last week. The weighted average carcass price for negotiated carcasses for the five market area was down 1.80 cwt at $140.05 per cwt from last week.

Slaughter this week under Federal Inspection was estimated at 678 thousand head up 2.4 percent from a year earlier.

The cattle on feed report for feedlots with a one time capacity of 1000 head or more for July first came in some more positive then the trade estimates. The number on feed July first was down 1.4 percent, placements on feed during June were down 14.9 percent and fed marketing during June were down 1.6 percent from 12 months earlier.

The July first cattle inventory came in very close to trade expectations. The total cattle inventory July first was down 0.4 percent, the total cows and heifers that have calved was down 0.2 percent and the calf crops for 2007 was estimated to be down 0.4 percent from a year earlier.

A more detailed summary of both reports will be in next weeks letter.

TheCattleSite News Desk

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