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CME: Beef Prices Fared Better in W32, Showing Improvements

06 August 2018

US - In a weekly recap, Steiner Consulting Group, DLR Division, Inc. reports that daily belly primal values fell $33.29 per cwt since last Friday, settling at $104.88 on Friday. The weekly average was 22 per cent below last week and 44 per cent below last year.

Seasonally, bellies have rallied this year, although not as aggressively as last year. A third straight week of decline points to the end of the seasonal rally. Other primal values were mixed, loins saw a small decrease from last week, while hams increased slightly.

Base hog prices continued to slip again this week. The Iowa-Minnesota Direct prices fell nearly 10 per cent. National base carcass prices fell 6 per cent, making the week down 18 per cent on the year so far.

Beef prices fared better this week showing improvements. Choice rib primal increased 2 per cent, while round and chuck both increased less than half a percent from last week. Live cattle prices were down in the 5 area, trailing 1.5 per cent from the week before, and 6 per cent from the year before.

Slaughter levels for federally inspected hogs increased 16.8 per cent this week from the prior week and are up nearly 4 per cent from the year before. Year-to-date hog slaughter for this week is up 2.5 per cent from the prior year and weights have moderated to be in line with the previous year.

Federally inspected cattle slaughter fell 2 per cent this week and was down just over half a per cent from the week before. Year-to-date cattle slaughter is up nearly 3 per cent, with year-to-date average dressed weights up slightly. This fall dressed weights are likely to increase.

Third and fourth quarter average dressed weights are expected to be 7 pounds higher than last year, adding to the growing supply of beef. This is in comparison to the first and second quarters adding 4 and 5 pounds to 2017 figures, respectively.

The weekly summary of prices and production summarized in today’s DLR can be found below.

Daily Livestock Report - Copyright © 2008 CME. All rights reserved.

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