Weekly Meat Market Update 6-19

Author: Marvale Jones

Date: June 19, 2017

Last week’s slaughter was at 662,000 head with the live cash trading at a weekly weighted average of $136.07/Cwt. This week’s slaughter is projected to be around 625,000 head with packer’s bidding the live cash trade of $128/Cwt. to $134/Cwt. Buyers have slowed their interest and staying close in as possible. This has potentially started the turn on rib and loin meat.
 
Top end cuts continue to pull premiums on very light supply. Rounds are offered at steady levels, with briskets being widely mixed after the steep increases of recent weeks. Chucks are seen offered at reduced pricing and are under downside pressure. Ground beef asking prices are also priced on both sides of steady.
Loins – Soft
Rounds – Steady to Lower
Chucks – Just Steady to Lower
Grinds – Just Steady
Ribs – Steady to Lower

 

Rounds
Prices remained about steady to slightly lower on all round meats to end last week. Expect prices to remain steady into next week.

Insides- Prices held mostly steady to slightly lower last week due to decreased demand. This week prices are holding about steady due to increasing supplies and slower demand.

Flats- Prices held about steady to slightly lower last week with some slight increases as the week ended. Decreasing demand and increasing supplies will continue to see prices hold about steady.

Eyes- Eyes prices remained steady to slightly lower to end last week due to increasing supplies. Expect steady to slightly lower prices this week due to slower demand and increasing supplies.

Peeled Knuckles- Peeled Knuckles prices remained steady to slightly lower last week as demand has slowed and supplies are increasing. This week prices are holding about steady.

 

Loins
Prices remained about steady to slightly lower on all middle meats to end last week due to increasing inventories. Expect prices to start to remain about steady once again this week.

Strips- Strip prices moved slightly lower last week. Expect prices to remain about steady into next week due to slower demand and lower live cattle prices.

Short loins- Markets were about steady to slightly lower for Choice and stronger on Select Short loins. Expect these trends to continue due to increasing supplies and slower demand.

Top Butts- Top Butt prices remained about steady to end last week. Expect steady to slightly higher prices next week due to slightly stronger demand as processors are taking advantage of lower cattle prices.

Ball Tips- Prices were steady to slightly lower last week due to increasing supplies. This week prices have moved slightly higher as supplies are short of demand due to an uptick in demand from processors due to lower prices.

Tri Tips- Prices held about steady to end last week due to increasing supplies and slower demand. Expect prices to move slightly higher next week due to limited supplies and stronger processor demand.

Tenderloins- Prices remained about steady last week due to increased demand at lower prices. Expect prices to remain steady or lower slightly due to lower cattle costs.

 

Ribs
Prices last week remained about steady to slightly lower on all sizes of Choice and Select Ribeyes. Expect prices to continue to move lower briefly before rising once again for the 4th of July holiday.

Ribeyes- Prices on all Choice and Select Ribeyes moved slightly lower due to increasing supplies and slower demand. Expect prices to start to rise as processors and retailers get ready for 4th of July business and retail ads.

BI Ribeye’s and 109 Ribs- Prices on all Bone-In Ribs remained about steady to slightly lower last week. Expect prices to increase slightly due to better demand at retail level as we move closer to the 4th of July holiday.

 

Chucks
Prices remained steady to slightly lower last week on all chuck meat due to slower demand and increasing supplies. All Thin Meats held about steady to slightly lower as well.

Chuck Rolls- Chuck Rolls prices were about steady to slightly lower last week as demand has slowed and supplies are increasing. Expect steady to higher prices next week as retailers feature first of the month ad features.

Clods- Markets held about steady to slightly lower last week due to slow demand. This week prices are holding about steady.

Chuck Tenders- Prices last week remained about steady to slightly lower. Expect prices to work back higher into next week due to greater demand and limited supplies at current price levels.

Teres Major- Prices moved slightly lower late last week. This week prices have moved slightly higher due to tighter supplies and increasing demand.

 

Thin Meats and Grinds
Flanks- Flank prices remained steady to slightly lower last week as demand has slowed. Expect steady to higher prices next week as demand should pick up moving forward.

Flap Meat- Flap Meat prices remained steady to slightly lower last week. This week prices have moved slightly higher due to tightening supplies and better demand.

Briskets- Brisket prices held mostly steady as supplies remain in check but demand has slowed. This week prices have moved slightly higher due to good demand at current prices.

Skirt Meat- All skirt prices remained steady to slightly higher last week with Outside Skirts being particularly strong. Expect prices to remain strong on all Skirts due to limited supplies.

Special Trim, Blade Meat and Pectoral Meat- Prices were slightly lower last week due to slow demand and increasing supplies. This week prices are holding about steady to slightly higher due to better demand at current price levels.

Grinds- Ground beef prices were about steady to last week as demand slowed and supplies are increasing on all blends. This week prices are holding about steady. Expect prices to remain steady for the next couple of weeks before they move sharply higher for 4th of July retail ads.

 

Pork
Last week’s harvest was at 2.192 million head on live cash cost of $59.13/Cwt. weighted average. This week’s kill is project to be around 2.192 million head as well with live cash cost at $60.32/Cwt. weighted average.
 
Ham supply is now in balance and demand has improved following the discounting that occurred in past weeks. Bellies and trimmings hold a firmer outlook with supplies thin to short and seasonal demand continuing to warrant higher asking prices. The loin and butt markets are expected to remain largely unchanged with weekly inventories having cleared and packer looking to hold the cutout value at steady to up money. Seasonal interest in spareribs is expected to result in further price increases over the coming weeks.
Hams – Just Steady
Bellies – Steady
Loins – Steady
Butts – Steady
Ribs – Steady to Higher

Loins- Bone-in Loin and Boneless Loin prices remained about steady last week. This week loin prices are holding just steady once again due to slow demand and adequate supplies.

Butts- Butt prices were steady to end last week as demand has slowed and supplies are increasing. Expect steady to lower prices into next week as well.

Ribs- Sparerib prices were steady to slightly higher last week on all sizes. This week prices have increased slightly due to stronger seasonal demand.

Trim- Prices ended the week about steady to slightly higher on leaner trim and lower on fat trim. This week prices are holding about steady but expect prices to lower slightly moving into next week as supplies grow.

Picnics- Market is steady on Boneless Picnics and steady on Cushion Meat.

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