Weekly Meat Market Update 8 – 7

Author: Marvale Jones

Date: August 7, 2017

Last week’s slaughter was at 624,000 head with the live weekly weighted average of $117.16/Cwt. This week’s slaughter is projected to be around 630,000 head with the live cash cost trading in the range of $117/Cwt. to $118/Cwt. The choice grade out continues to be higher than usual causing tight supply issues on any select grade product. The spot boxed beef market presently holds an overall steady tone.
Rib offering prices now appear rather mixed with some asking up money, while others are still discounting to move inventory. Strip loins and a few thin meats continue to see prices reductions. Grinds are seen under some downside pressure.
Loins – Just Steady
Rounds – Steady
Chucks – Steady
Ribs – Steady
Grinds – Steady to Lower

 

ROUNDS
Prices were mostly steady on all round meats to end last week. Expect prices to remain steady to slightly higher into next week.

Insides- Prices remained mostly steady to end last week. This week prices have remained steady to slightly lower due to a slight increase in supplies available. Expect steady to possibly higher prices next week as business should increase going further into August for retail features.

Flats- Prices held about steady to slightly lower last week with some slight increases as the week ended. This week prices have turned slightly higher as demand has been good and supplies limited.

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

Peeled Knuckles- Peeled Knuckles prices remained about steady last week as demand has slowed and supplies are increasing. Expect possibly higher prices next week due to strong processor demand heading into August.

 

LOINS
Prices remained about steady to slightly lower on all middle meats to end last week due to increasing inventories and slower demand. Expect prices to remain steady or move slightly higher next week as demand will pick up and supplies are somewhat limited due to strong processor and retail demand.

Strips- Strip prices held mostly steady last week with some slight increases as the week ended. This week prices have held mostly steady as supplies have remained in check.

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

Top Butts- Top Butt prices remained about steady to slightly higher to end last week. Expect steady to slightly higher prices next week due to slightly stronger demand and limited supplies.

Ball Tips- Prices were steady to slightly lower last week due to increasing supplies and lower cattle prices. Expect prices to increase slightly due to strong processor and retail demand for August.

Tri Tips- Prices held about steady to end last week due to increasing supplies and slower demand. Expect prices to move slightly lower once again due to slow demand.

Tenderloins- Prices remained about steady last week due to increased supplies and slower demand. Expect prices to remain steady or lower slightly due to slow demand this time of year, however this could change quickly if processors start buying to fill future holiday needs.

 

RIBS
Prices last week remained about steady on all sizes of Choice and Select Ribeyes as packers got to prices that spurred demand. This week prices have increased slightly and will continue to increase due to better demand heading toward the Labor Day holiday.

Ribeyes- Prices on all Choice and Select Ribeyes remained about steady due to adequate supplies and slower demand. Expect prices to inch back higher as we move through the month of August and get closer to Labor Day.

BI Ribeye’s and 109 Ribs- Prices on all Bone-In Ribs remained about steady end last week. Expect prices to remain about steady or increase slightly into next week.

 

CHUCKS
Prices remained about steady last week on all chuck meat due to good export demand and tighter supplies. All Thin Meats held about steady to slightly lower.

Chuck Rolls- Chuck Rolls prices remained steady last week due to limited supplies and increase export demand. This week prices remain firm due to short supplies. Expect prices to remain steady or inch higher due to stronger demand heading into the fall season.

Clods- Markets held about steady last week due to slow demand. This week prices are holding about steady, however expect prices to stabilize and move higher into next week due to stronger processor and retail demand heading into August.

Chuck Tenders- Prices last week remained about steady. 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 remained about steady as a result of slower demand and increasing supplies.

 

THIN MEATS AND GRINDS
Flanks- Flank prices remained steady to slightly lower last week as demand has slowed. Expect steady prices next week as demand will slow but prices will start to increase as demand will start to increase heading into fall.

Flap Meat- Flap Meat prices remained steady to slightly lower last week. This week prices have held about steady due to increasing supplies and slower demand. Expect prices to start to increase due to increased demand for back to school and Labor Day business.

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. Expect prices to move slightly higher due to stronger seasonal demand into August.

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 slightly lower last week as demand slowed and supplies are increasing on all blends. This week prices are moving slightly higher as foodservice and retail business will increase for back to schools needs, as well as increased retail business for Labor Day.

 

PORK
Last week’s harvest was at 2.25 million head on live cash cost of $65.16/Cwt. weighted average. This week’s kill is projected to be around 2.6 million head with live cash cost at $63.52/Cwt. weighted average.

Bone-In Hams, Bellies and trimmings all carry barely steady to weaker undertones. Seasonal weakness from elevated levels and an increased degree of hand to mouth buying have pressured bellies and trim. In fresh pork, we continue to see the deterioration of the Loin market. Meanwhile, Butts and Spareribs are finding some support following the month-long selloff.
Hams – Just Steady
Loins – Steady to Lower
Butts – Just Steady
Ribs – Just Steady
Trim – Steady to Lower

Loins- Bone-in Loin and Boneless Loins moved lower last week due to an increase in supplies and soft domestic and export demand. Expect prices to continue to move lower once again this week.

Butts- Butt prices were steady to slightly lower to end last week as demand has slowed and supplies are increasing. Expect prices to remain about steady due to slower demand.

Ribs- Sparerib prices were steady to slightly lower last week on all sizes. This week prices are also lower due to soft demand. Expect prices to move higher as we will see an uptick in demand for Labor Day.

Trim- Prices ended the week about steady to slightly lower on trim. This week prices are holding about steady but expect prices to lower slightly moving into next week as seasonal demand will slow.

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

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