US Imported Beef Market A Weekly Update

Size: px
Start display at page:

Download "US Imported Beef Market A Weekly Update"

Transcription

1 US Imported Beef Market A Weekly Update Prepared Exclusively for Meat & Livestock Australia - Sydney Volume 19, Issue 10 March 8, 2019 Prepared by: Steiner Consulting Group SteinerConsulting.com service@steinerconsulting.com Market Highlights for the Week: US domestic lean boneless beef prices continued to climb this week, in line with the normal seasonal increase and at the highest level since last July. According to USDA-AMS, combined beef imports from Australia and New Zealand through the end of February were about 13,000 MT or 18% lower than the same period a year ago. Cattle slaughter in Australia and New Zealand has been trending higher but offerings in the US market remain somewhat limited, in part because more beef is currently traded direct. Boneless beef in cold storage at the end of January was 4.1% higher than a year ago. But inventories in Central US, where packing plants are located, were lower than a year ago. All the increase was in the Middle Atlantic region, possibly due to end users adding to their positions to hedge spring market risk. Beef cow inventory was up 0.9% on January 1. The beef cow herd in Texas accounted for about 14% of the national cow herd but Texas contributed about 45% to the overall increase in beef cow numbers. Total supply of cattle on feed as of February 1 was just 0.4% higher than a year ago. The inventory of cattle that had been on feed for 120 days or more (Feb/Mar/early Apr supply) was 17% higher than a year ago. The inventory of cattle that will be available for marketing in May and June is now well below year ago levels. Imported Market Activity for the Week Imported beef prices were higher last week even as domestic end users were quite cautious in their bids. Higher slaughter in Australia and New Zealand had some traders and users hopeful of higher offerings from overseas suppliers and the potential for modestly lower prices. That did not seem to be the case and ultimately those looking to secure product had to raise their bids in order to get some of their needs covered. Higher prices in the domestic market and upside price risk for domestic beef in April and May ended up being a more significant factor. And this should not be a surprise. It is quite normal for imported beef values to get a lift in March as end users look to have a bit more coverage for the spring. New Zealand supplies should increase but the wild card this year will be the effect of Chinese demand on that market. There is real fear that China could play a significant role during the seasonal increase in cow slaughter in New Zealand and limit the amount of beef available for shipments to the US. If that happens, then packers with US orders could get quite short and potentially delay deliveries until they get caught up. Waiting for better prices has more 90CL Trim: 5-Yr Seasonal vs. Current Price Trends Price Ratio of 90CL Boneless Beef vs. Fed Steer Prices 1.10 Seasonal Factor Price, $/cwt Seasonal Factor (left axis) Yr Avg Prices (right axis) 2018 Prices (right axis) Jan Jan Jan Feb Feb Mar Mar Apr Apr-19 8-May May-19 5-Jun Jun-19 3-Jul Jul Jul Aug Aug Sep Sep-19 9-Oct Oct-19 6-Nov Nov-19 4-Dec Dec WEDNESDAY DATES

2 VOLUME 19, ISSUE 10 US IMPORTED BEEF MARKET PAGE 2 risk this year than in years past and traders will be much more cautious in shorting the market. The price of lean domestic grinding beef continues to track very close with the five year seasonal trend. Last year lean beef prices were quite steady in the first half of the year but then declined earlier than expected in July and were sharply lower into the fall. It was this weakness in domestic values that also pressured prices for imported beef last September and October. We could see a similar pattern again this year. Good ground beef demand has seen lean beef prices climb quickly this year and more limited supplies of market ready cattle on feed in late spring and early summer could further support prices. Currently futures are pricing April cattle at around $130/cwt and May cattle in the mid 120s. An average multiple of 1.75 of 90CL boneless beef to cattle for the month of May would imply 90CL beef values around 220. But last year the ratio of 90s to fed cattle was higher than the five year average, indicating better demand. The risk at this point appears to be to the upside, at least through June. Retailers are expected to once again present consumers with ample beef features, in part thanks to the higher rights that beef features offer. US foodservice operators that seek to include more fresh beef in their hamburger patties will find a competitive marketplace. Fed cattle weights are running well below year ago levels and at this point the market is vulnerable to a weather surprise, like what happened in Faced with these risks, it is understandable that end users want to have a bit more protection in the short term. While things may change down the road, now is not the time to wait for a downturn in the imported complex. In our opinion, this attitude was reflected in trading this past week. US WEEKLY BEEF IMPORTS FROM AUSTRALIA + NEW ZEALAND. FR/FZ BEEF ONLY. MT Data Source: USDA Livestock, Poultry & Grain Market News 20, ,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 - Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Regional US Beef Cow Numbers Last week we highlighted some of the data from the semi annual Cattle Inventory report. The beef cow herd in the last report was 0.9% higher than a year ago but because USDA revised lower its estimates for 2018 the net increase in the number of beef cows was not a large as some would expect. As the map above shows, the bulk of the increase in US beef cow inventories was in the Great Plains (Montana, North Dakota, South Dakota, Wyoming, Nebraska, Kansas, Colorado, Oklahoma, Texas and New Mexico). The biggest increase was in Texas, which has the largest num- ber of beef cows in the US. The beef cow herd in Texas was estimated at million head, 135,000 head higher than a yea ago and 745,000 head or 19% higher than the cyclical low in Texas accounted for 14% of the total US beef cow inventory at the start of this year but it contributed about 45% to the overall gain in beef cow numbers.

3 VOLUME 19, ISSUE 10 US IMPORTED BEEF MARKET PAGE 3 Cold Storage The total supply of beef in cold storage at the end of January was estimated to be million pounds, 1.7% higher than a year ago. There was more boneless beef in cold storage than a year ago while bone-in stocks were sharply lower, likely due to strong retail clearance over the holidays. Strong prices for beef ribs have limited the amount of rib subprimals going into cold storage in January. The total inventory of boneless beef at the end of January was million pounds, 18.6 million pounds or 4.1% higher than a year ago. As the map on page 2 shows, inventories were higher in the Middle Atlantic region but lower in the Central regions. It could be that the increase in the Middle Atlantic is due to more imported beef in cold storage but lower imports from Australia and New Zealand would argue against this. Rather, we think the increase is due to the fact that owners of imported beef see more upside risk and thus are not particularly anxious to liquidate inventories. Also, lower prices for 50CL beef in January may have induced both traders and end users to stock up in anticipation of higher prices in the spring. What the data also says to us is that the higher boneless beef inventories are not a result of weak demand. If demand was weak then packers would probably put more boneless beef in cold storage near their plants and that is not what the data shows. Cattle on feed as of February 1. Analysts polled ahead of the report on average expected placements in January to be down 6.5% compared to the previous year. The USDA survey pegged placements for that month at million head, 5.3% lower than a year ago. We do not think the difference is large enough to impact the market. Poor feedlot conditions and extreme weather negatively impacted the flow of cattle into feedlots in January. Feedlots have reduced the number of cattle they have placed on feed in recent months. This has helped them keep inventories current, evidenced in fed cattle prices coming to market. However, it also has weighed on feeder cattle prices. While fed cattle prices have been trending up, feeder cattle futures have trended lower as participants expect to see more feeder cattle available for placement or for backgrounding this spring. For the period Sep-Jan feedlots have placed 488,000 fewer cattle on feed than the previous Million Head Cattle On Feed, U.S., 1,000+ Cap. Feedlots Range of Estimates 5-yr. Avg Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec February 1 On Feed Actual vs. Estimates (% of Last Year) Actual Avg. Est. Range of Estimates 100.4% 100.2% 99.1% 100.6% 1,000 Head Feb-19 Jan-19 Feb-18 5-yr Avg. 11,678 11,690 11,630 10,902 As % of: 99.9% 100.4% 107.1% year. As a result, the number of cattle on feed now is barely higher than a year ago despite a higher calf crop in 2017 and The supply of long fed cattle remains above year ago levels, which could keep fed cattle prices in check in the near term. The inventory of cattle that, as of February 1, had spent 150 days or more on feed was estimated to be million head, 36.4% higher than a year ago. This was the biggest inventory of +150 day cattle as of February 1 since the survey begun some 20 years ago. The inventory of +120 day cattle was estimated at million head, 12.2% higher than a year ago. The y/y decline in placements was 109,000 head and much of that decline (71k head) was due to fewer placements of pound cattle. Lower placements of such cattle and lower placements during Sep-Dec imply a potential shortfall in available supplies during May/Jun. There is currently a fairly wide spread between Apr and Jun fed cattle futures and the latest results argue for possibly a tighter spread. Fed cattle weights are lighter than a year ago and the spring market is vulnerable to negative weather surprise, as was the case in 2017.

4 VOLUME 19, ISSUE 10 US IMPORTED BEEF MARKET PAGE 4 CME Cattle Feeder Index and US Cattle Markets Special Live Animal Reference Price Current Week Prior Week % CHANGE VS. Last Year WK AGO 7-Mar Feb-19 8-Mar-18 from Last Year CME FEEDER CATTLE INDEX % % 8-Mar-19 1-Mar-19 9-Mar-18 FED STEER (5-MKT AVG) % % CUTTER COW CARCASS, NATIONAL, 90% LEAN, LB. (carcass wt.) % % BONER COW CARCASS, NATIONAL, 85% LEAN, LB. (carcass wt.) % % BREAKER COW CARCASS, NATIONAL, 75% LEAN, 500+ (carcass wt.) % % CUTTER COW CARCASS CUTOUT, 5-DAY MA, USDA % % 260 CME Feeder Cattle Index Source: Chicago Mercantile Exchange

5 VOLUME 19, ISSUE 10 US IMPORTED BEEF MARKET PAGE 5 TABLE 2 IMPORTED BEEF PRICES, 7:45 DAYS, CIF From Last Current Week Prior Week Week Last Year From Last Year 8-Mar-19 1-Mar-19 9-Mar-18 US East Coast Australian/NZ Lean, CIF 95 CL Bull, E. Coast CL Blended Cow CL Shank CL Fores CL Chucks UNQ UNQ N/A UNQ N/A 95 CL Bull, W. Coast Uruguay CFH 90CL, E. Coast UNQ UNQ N/A UNQ N/A US East Coast, Trimmings, CIF 85 CL Trimmings CL Trimmings CL Trimmings UNQ UNQ N/A N/A 65 CL Trimmings UNQ UNQ N/A N/A US East Coast Australian Cuts, CIF Cap Off Steer Insides Steer Insides 14/18 UNQ UNQ N/A UNQ N/A Steer Flats Steer Knuckles

6 VOLUME 19, ISSUE 10 US IMPORTED BEEF MARKET PAGE 6 TABLE 3 IMPORTED BEEF PRICES, 7:45 DAYS, US WAREHOUSE From Last Current Week Prior Week Week Last Year From Last Year 8-Mar-19 1-Mar-19 9-Mar-18 US East Coast Australian/NZ Lean, FOB US Port 95 CL Bull, E. Coast CL Blended Cow CL Shank CL Fores CL Chucks UNQ UNQ N/A UNQ N/A 95 CL Bull, W. Coast Uruguay CFH 90CL, E. Coast UNQ UNQ N/A UNQ N/A US East Coast, Trimmings, FOB US Port 85 CL Trimmings CL Trimmings UNQ N/A 75 CL Trimmings UNQ UNQ N/A N/A 65 CL Trimmings UNQ UNQ N/A N/A US East Coast Australian Cuts, FOB US Port Cap Off Steer Insides Steer Insides 14/18 UNQ UNQ N/A UNQ N/A Steer Flats Steer Knuckles

7 VOLUME 19, ISSUE 10 US IMPORTED BEEF MARKET PAGE 7 TABLE 4 US DOMESTIC BEEF AND CATTLE PRICES Current Week Prior Week From Last Week Last Year from Last Year 8-Mar-19 1-Mar-19 9-Mar-18 Domestic Cutouts Low High Wt.Avg Low High Wt.Avg Low High Wt.Avg Choice Cutout Select Cutout Domestic Lean Grinding Beef 90 CL Boneless CL Beef Trimmings CL Beef Trim Domestic Pork Trim 42 CL Pork Trim CL Pork Trim Point of Lean Values 90 CL Domestic CL Beef Trimming CL Pork Trim CL Pork Trim National Direct Fed Steer (5-day accum. wt. avg. price)

8 VOLUME 19, ISSUE 10 US IMPORTED BEEF MARKET PAGE 8 TABLE 5 FUTURES AND SLAUGHTER INFORMATION From Last Futures Contracts Current Week Prior Week Week Last Year From Last Year 8-Mar-19 1-Mar-19 9-Mar-18 Live Cattle Futures April ' June ' August ' October ' Feeder Cattle Futures April ' May ' August ' September ' Corn Futures March ' / May ' / / July ' / / September ' / / / Ch Wheat Futures March ' / May ' / / / July ' / / / September ' From Last Slaughter Information 7 Days Ending 7 Days Ending Week 7 Days Ending From Last Year 9-Mar-19 2-Mar Mar-18 Total Cattle Slaughter 603, , ,000 4, Feb Feb Feb-18 Total Cow Slaughter 127, , ,441 9,721 Dairy Cow Slaughter 71,587 70,156 1,431 63,098 8,489 Beef Cow Slaughter 55,575 57,176-1,601 54,343 1,232

9 VOLUME 19, ISSUE 10 US IMPORTED BEEF MARKET PAGE 9 TABLE 7 - US BEEF IMPORTS (Source: USDA/AMS) US Fresh/Frozen Beef Imports. Metric Ton. Data Source: USDA/Agricultural Marketing Service Imports as of March 2, 2019 Individual Country Volume. MT & Y/Y % Ch. 60,000 50,000 YTD Imported Fresh/Frz Beef Passed for Entry in the US week 9 3/3/2018 3/2/2019 Argentina - - Australia 32,347 32, % Brazil Canada 41,299 50,014 8, % Chile Costa Rica 1,484 1, % France Honduras % Ireland % Japan % Mexico 34,375 38,145 3, % Netherlands New Zealand 39,009 25,532 (13,477) -34.5% Nicaragua 8,829 11,478 2, % Spain Uruguay 4,483 6,757 2, % Total 162, ,790 4, % Source: AMS - USDA TOTAL YTD: +3.1% Total 170, ,000 40, ,000 30, ,000 20, ,000 10, , ,000 Total 2% 21% 11% -35% 30% 51% 3.1%

10 VOLUME 19, ISSUE 10 US IMPORTED BEEF MARKET PAGE 10 Australian Beef Quota Position Metric Ton. Australian Department of Agriculture Statistics 7-Mar-19 Quota Shipments 60, % 2019 Quota 428,214 Balance 367, % USA Quota Entries through Week Ending March 4 Source: US Customs 500, , , , , YTD 2019 YTD Y/Y % Quota % cleared Australia New Zealand Uruguay Other 30,516,567 40,144,656 2,295,770 11,687,071 29,663,222 23,755,263 3,348,415 12,818,953-3% -41% 46% 10% 418,214, ,402,000 20,000,000 64,805,000 7% 11% 17% 20% Note: Customs did not provide an update this week. Data reflects last week s levels.

US Imported Beef Market A Weekly Update

US Imported Beef Market A Weekly Update US Imported Beef Market A Weekly Update Prepared Exclusively for Meat & Livestock Australia - Sydney Volume XVIII, Issue 25 June 29, 2018 Prepared by: Steiner Consulting Group SteinerConsulting.com 800-526-4612

More information

US Imported Beef Market A Weekly Update

US Imported Beef Market A Weekly Update US Imported Beef Market A Weekly Update Prepared Exclusively for Meat & Livestock Australia - Sydney Volume XVIII, Issue 9 March 9, 2018 Prepared by: Steiner Consulting Group SteinerConsulting.com 800-526-4612

More information

US Imported Beef Market A Weekly Update

US Imported Beef Market A Weekly Update US Imported Beef Market A Weekly Update Prepared Exclusively for Meat & Livestock Australia - Sydney Volume XVIII, Issue 49 December 14, 2018 Prepared by: Steiner Consulting Group SteinerConsulting.com

More information

US Imported Beef Market A Weekly Update

US Imported Beef Market A Weekly Update US Imported Beef Market A Weekly Update Prepared Exclusively for Meat & Livestock Australia - Sydney Volume 19, Issue 11 March 15, 2019 Prepared by: Steiner Consulting Group SteinerConsulting.com 800-526-4612

More information

US Imported Beef Market A Weekly Update

US Imported Beef Market A Weekly Update US Imported Beef Market A Weekly Update Prepared Exclusively for Meat & Livestock Australia - Sydney Volume XVIII, Issue 20 May 24, 2018 Prepared by: Steiner Consulting Group SteinerConsulting.com 800-526-4612

More information

US Imported Beef Market A Weekly Update

US Imported Beef Market A Weekly Update US Imported Beef Market A Weekly Update Prepared Exclusively for Meat & Livestock Australia - Sydney Volume XVIII, Issue 34 September 7, 2018 Prepared by: Steiner Consulting Group SteinerConsulting.com

More information

US Imported Beef Market A Weekly Update

US Imported Beef Market A Weekly Update US Imported Beef Market A Weekly Update Prepared Exclusively for Meat & Livestock Australia - Sydney Volume XVII, Issue 36 September 6, 2017 Prepared by: Steiner Consulting Group SteinerConsulting.com

More information

US Imported Beef Market A Weekly Update

US Imported Beef Market A Weekly Update US Imported Beef Market A Weekly Update Prepared Exclusively for Meat & Livestock Australia - Sydney Volume XVIII, Issue 48 December 7, 2018 Prepared by: Steiner Consulting Group SteinerConsulting.com

More information

US Imported Beef Market A Weekly Update

US Imported Beef Market A Weekly Update US Imported Beef Market A Weekly Update Prepared Exclusively for Meat & Livestock Australia - Sydney Volume XVIII, Issue 12 March 30, 2018 Prepared by: Steiner Consulting Group SteinerConsulting.com 800-526-4612

More information

US Imported Beef Market A Weekly Update

US Imported Beef Market A Weekly Update US Imported Beef Market A Weekly Update Prepared Exclusively for Meat & Livestock Australia - Sydney Volume XVII, Issue 34 August 23, 2017 Prepared by: Steiner Consulting Group SteinerConsulting.com 800-526-4612

More information

US Imported Beef Market A Weekly Update

US Imported Beef Market A Weekly Update US Imported Beef Market A Weekly Update Prepared Exclusively for Meat & Livestock Australia - Sydney Volume XVII, Issue 38 September 20, 2017 Prepared by: Steiner Consulting Group SteinerConsulting.com

More information

US Imported Beef Market A Weekly Update

US Imported Beef Market A Weekly Update US Imported Beef Market A Weekly Update Prepared Exclusively for Meat & Livestock Australia - Sydney Volume XVIII, Issue 23 June 15, 2018 Prepared by: Steiner Consulting Group SteinerConsulting.com 800-526-4612

More information

US Imported Beef Market A Weekly Update

US Imported Beef Market A Weekly Update US Imported Beef ket A Weekly Update Prepared Exclusively for Meat & Livestock Australia - Sydney Volume XVIII, Issue 40 October 12, 2018 Prepared by: Steiner Consulting Group SteinerConsulting.com 800-526-4612

More information

US Imported Beef Market A Weekly Update

US Imported Beef Market A Weekly Update US Imported Beef Market A Weekly Update Prepared Exclusively for Meat & Livestock Australia - Sydney Volume XVII, Issue 46 November 17, 2017 Prepared by: Steiner Consulting Group SteinerConsulting.com

More information

US Imported Beef Market A Weekly Update

US Imported Beef Market A Weekly Update US Imported Beef Market A Weekly Update Prepared Exclusively for Meat & Livestock Australia - Sydney Volume XVII, Issue 49 December 8, 2017 Prepared by: Steiner Consulting Group SteinerConsulting.com 800-526-4612

More information

US Imported Beef Market A Weekly Update

US Imported Beef Market A Weekly Update US Imported Beef Market A Weekly Update Prepared Exclusively for Meat & Livestock Australia - Sydney Volume 19, Issue 9 March 1, 2019 Prepared by: Steiner Consulting Group SteinerConsulting.com 800-526-4612

More information

US Imported Beef Market A Weekly Update

US Imported Beef Market A Weekly Update US Imported Beef Market A Weekly Update Prepared Exclusively for Meat & Livestock Australia - Sydney Volume XVIII, Issue 4 February 2, 2018 Prepared by: Steiner Consulting Group SteinerConsulting.com 800-526-4612

More information

US Imported Beef Market A Weekly Update

US Imported Beef Market A Weekly Update US Imported Beef Market A Weekly Update Prepared Exclusively for Meat & Livestock Australia - Sydney Volume XVII, Issue 44 November 3, 2017 Prepared by: Steiner Consulting Group SteinerConsulting.com 800-526-4612

More information

US Imported Beef Market A Weekly Update

US Imported Beef Market A Weekly Update US Imported Beef Market A Weekly Update Prepared Exclusively for Meat & Livestock Australia - Sydney Volume 19, Issue 6 February 8, 2019 Prepared by: Steiner Consulting Group SteinerConsulting.com 800-526-4612

More information

US Imported Beef Market A Weekly Update

US Imported Beef Market A Weekly Update US Imported Beef Market A Weekly Update Prepared Exclusively for Meat & Livestock Australia - Sydney Volume XVIII, Issue 24 June 23, 2018 Prepared by: Steiner Consulting Group SteinerConsulting.com 800-526-4612

More information

US Imported Beef Market A Weekly Update

US Imported Beef Market A Weekly Update US Imported Beef Market A Weekly Update Prepared Exclusively for Meat & Livestock Australia Sydney Volume XVII, Issue 19 May 17, 2017 Prepared by: Steiner Consulting Group SteinerConsulting.com 800 526

More information

US Imported Beef Market A Weekly Update

US Imported Beef Market A Weekly Update US Imported Beef Market A Weekly Update Prepared Exclusively for Meat & Livestock Australia - Sydney Volume XVII, Issue 47 November 24, 2017 Prepared by: Steiner Consulting Group SteinerConsulting.com

More information

US Imported Beef Market A Weekly Update

US Imported Beef Market A Weekly Update US Imported Beef Market A Weekly Update Prepared Exclusively for Meat & Livestock Australia - Sydney Volume XVII, Issue 33 August 16, 2017 Prepared by: Steiner Consulting Group SteinerConsulting.com 800-526-4612

More information

US Imported Beef Market A Weekly Update

US Imported Beef Market A Weekly Update US Imported Beef Market A Weekly Update Prepared Exclusively for Meat & Livestock Australia - Sydney Volume XVIII, Issue 33 August 31, 2018 Prepared by: Steiner Consulting Group SteinerConsulting.com 800-526-4612

More information

US Imported Beef Market A Weekly Update

US Imported Beef Market A Weekly Update US Imported Beef Market A Weekly Update Prepared Exclusively for Meat & Livestock Australia - Sydney Volume XVIII, Issue 8 March 2, 2018 Prepared by: Steiner Consulting Group SteinerConsulting.com 800-526-4612

More information

US Imported Beef Market A Weekly Update

US Imported Beef Market A Weekly Update US Imported Beef Market A Weekly Update Prepared Exclusively for Meat & Livestock Australia Sydney Volume XVII, Issue 8 March 1, 2017 Prepared by: Steiner Consulting Group SteinerConsulting.com 800 526

More information

US Imported Beef Market A Weekly Update

US Imported Beef Market A Weekly Update US Imported Beef Market A Weekly Update Prepared Exclusively for Meat & Livestock Australia - Sydney Volume XVIII, Issue 42 October 26, 2018 Prepared by: Steiner Consulting Group SteinerConsulting.com

More information

US Imported Beef Market A Weekly Update

US Imported Beef Market A Weekly Update US Imported Beef Market A Weekly Update Prepared Exclusively for Meat & Livestock Australia - Sydney Volume XVII, Issue 48 December 1, 2017 Prepared by: Steiner Consulting Group SteinerConsulting.com 800-526-4612

More information

US Imported Beef Market A Weekly Update

US Imported Beef Market A Weekly Update US Imported Beef Market A Weekly Update Market Highlights for the Week: Prepared Exclusively for Meat & Livestock Australia - Sydney Volume XVII, Issue 42 October 20, 2017 Prepared by: Steiner Consulting

More information

US Imported Beef Market A Weekly Update

US Imported Beef Market A Weekly Update US Imported Beef Market A Weekly Update Prepared Exclusively for Meat & Livestock Australia Sydney Volume XVII, Issue 5 February 8, 2017 Prepared by: Steiner Consulting Group SteinerConsulting.com 800

More information

US Imported Beef Market A Weekly Update

US Imported Beef Market A Weekly Update US Imported Beef Market A Weekly Update Prepared Exclusively for Meat & Livestock Australia - Sydney Volume XVIII, Issue 31 August 17, 2018 Prepared by: Steiner Consulting Group SteinerConsulting.com 800-526-4612

More information

US Imported Beef Market A Weekly Update

US Imported Beef Market A Weekly Update US Imported Beef Market A Weekly Update Prepared Exclusively for Meat & Livestock Australia - Sydney Volume XVIII, Issue 27 July 13, 2018 Prepared by: Steiner Consulting Group SteinerConsulting.com 800-526-4612

More information

US Imported Beef Market A Weekly Update

US Imported Beef Market A Weekly Update US Imported Beef Market A Weekly Update Prepared Exclusively for Meat & Livestock Australia - Sydney Volume 19, Issue 2 January 11, 2019 Prepared by: Steiner Consulting Group SteinerConsulting.com 800-526-4612

More information

US Imported Beef Market A Weekly Update

US Imported Beef Market A Weekly Update US Imported Beef Market A Weekly Update Prepared Exclusively for Meat & Livestock Australia - Sydney Volume XVII, Issue 35 August 30, 2017 Prepared by: Steiner Consulting Group SteinerConsulting.com 800-526-4612

More information

US Imported Beef Market A Weekly Update

US Imported Beef Market A Weekly Update US Imported Beef Market A Weekly Update Prepared Exclusively for Meat & Livestock Australia - Sydney Volume XVIII, Issue 16 April 27, 2018 Prepared by: Steiner Consulting Group SteinerConsulting.com 800-526-4612

More information

US Imported Beef Market A Weekly Update

US Imported Beef Market A Weekly Update US Imported Beef Market A Weekly Update Prepared Exclusively for Meat & Livestock Australia - Sydney Volume XVII, Issue 45 November 10, 2017 Prepared by: Steiner Consulting Group SteinerConsulting.com

More information

US Imported Beef Market A Weekly Update

US Imported Beef Market A Weekly Update US Imported Beef Market A Weekly Update Prepared Exclusively for Meat & Livestock Australia - Sydney Volume XVII, Issue 15 April 19, 2017 P r e p a r e d b y : S t e i n e r C o n s u l t i n g G r o u

More information

US Imported Beef Market A Weekly Update

US Imported Beef Market A Weekly Update US Imported Beef Market A Weekly Update Prepared Exclusively for Meat & Livestock Australia Sydney Volume XVII, Issue 18 May 10, 2017 Prepared by: Steiner Consulting Group SteinerConsulting.com 800 526

More information

US Imported Beef Market A Weekly Update

US Imported Beef Market A Weekly Update US Imported Beef Market A Weekly Update Prepared Exclusively for Meat & Livestock Australia - Sydney Volume XVIII, Issue 43 November 2, 2018 Prepared by: Steiner Consulting Group SteinerConsulting.com

More information

US Imported Beef Market A Weekly Update

US Imported Beef Market A Weekly Update US Imported Beef Market A Weekly Update Prepared Exclusively for Meat & Livestock Australia Sydney Volume XVII, Issue 17 May 3, 2017 Prepared by: Steiner Consulting Group SteinerConsulting.com 800 526

More information

US Imported Beef Market A Weekly Update

US Imported Beef Market A Weekly Update US Imported Beef ket A Weekly Update Prepared Exclusively for Meat & Livestock Australia - Sydney Volume XVIII, Issue 17 4, 2018 Prepared by: Steiner Consulting Group SteinerConsulting.com 800-526-4612

More information

US Imported Beef Market A Weekly Update

US Imported Beef Market A Weekly Update US Imported Beef Market A Weekly Update Prepared Exclusively for Meat & Livestock Australia - Sydney Volume XVIII, Issue 3 January 26, 2017 Prepared by: Steiner Consulting Group SteinerConsulting.com 800-526-4612

More information

US Imported Beef Market A Weekly Update

US Imported Beef Market A Weekly Update US Imported Beef Market A Weekly Update Prepared Exclusively for Meat & Livestock Australia Sydney Volume XVI, Issue 29 August 3, 2016 Prepared by: Steiner Consulting Group SteinerConsulting.com 800 526

More information

Cattle Market Situation and Outlook

Cattle Market Situation and Outlook Cattle Market Situation and Outlook Rebuilding the Cow Herd Series March 28, 2007 Falls City, TX Coordinated by: Dennis Hale-Karnes CEA Ag & Charlie Pfluger-Wilson CEA Ag Prepared and presented by: Larry

More information

Tight Supplies, Higher Prices, and the Beginning of Expansion

Tight Supplies, Higher Prices, and the Beginning of Expansion Louisiana Cattle Market Update Friday, June 20 th, 2014 Ross Pruitt, Department of Agricultural Economics and Agribusiness LSU AgCenter Tight Supplies, Higher Prices, and the Beginning of Expansion As

More information

Marketing 2018 Feeder Calves

Marketing 2018 Feeder Calves Marketing 2018 Feeder Calves Chris Prevatt Beef Cattle and Forage Economics University of Florida, Range Cattle REC Tariffs A tariff is a tax on imports or exports between sovereign states. Tariffs (from

More information

Cattle Outlook. January, 2018

Cattle Outlook. January, 2018 Cattle Outlook January, 2018 Cattle Outlook January 2018 In This Issue: Supply Fundamentals Demand Fundamentals Summary 2 Historical Price Reference Where are Cattle Prices Currently, And Where are they

More information

Beef Cattle Outlook R. Curt Lacy, Ph.D. Extension Economist-Livestock University of Florida Beef Cattle Short Coourse

Beef Cattle Outlook R. Curt Lacy, Ph.D. Extension Economist-Livestock University of Florida Beef Cattle Short Coourse Beef Cattle Outlook R. Curt Lacy, Ph.D. Extension Economist-Livestock 2012 University of Florida Beef Cattle Short Coourse MED. & LRG. #1 & 2 STEER CALF PRICES 400-500 Pounds, Georgia, Weekly $ Per Cwt.

More information

Choice Boxed Beef Price and Movement

Choice Boxed Beef Price and Movement Louisiana Cattle Market Update Friday, January 22 nd, 2009 Ross Pruitt, Department of Agricultural Economics and Agribusiness Louisiana State University AgCenter Beef production has been above year ago

More information

WORLD S LEADING ANIMAL PROTEIN PRODUCER. Beef Market Update. October 3, 2018

WORLD S LEADING ANIMAL PROTEIN PRODUCER. Beef Market Update. October 3, 2018 WORLD S LEADING ANIMAL PROTEIN PRODUCER Beef Market Update October 3, 2018 Beef market update The US cattle inventory continues to expand but at a slow rate as more females have moved to slaughter Cattle

More information

By Anne Wasko. Market Analyst. November 2016

By Anne Wasko. Market Analyst. November 2016 2017 Cattle Cattle Market Market Forecast Overview & Trends Anne Wasko Market Analyst June 2017 By Anne Wasko Market Analyst November 2016 @AnneWasko @AnneWasko Utterly amazing! 2017 SO FAR Jan- 16 Mar

More information

Why Does the U.S. Both Import and Export Beef? Derrell S. Peel, Oklahoma State University Extension Livestock Marketing Specialist

Why Does the U.S. Both Import and Export Beef? Derrell S. Peel, Oklahoma State University Extension Livestock Marketing Specialist Louisiana Cattle Market Update Friday, September 17 th, 2010 Ross Pruitt, Department of Agricultural Economics and Agribusiness Louisiana State University AgCenter Why Does the U.S. Both Import and Export

More information

3/17/2016. Ross Pruitt Associate Professor. What is happening? What may happen? Economic/management considerations

3/17/2016. Ross Pruitt Associate Professor. What is happening? What may happen? Economic/management considerations Ross Pruitt Associate Professor What is happening? What may happen? Economic/management considerations Mil. Head 40 JANUARY 1 COW INVENTORY U.S., Annual 35 30 25 2016 = 30.3 Million Head +3.5 Percent 20

More information

Cattle and Hay Outlook

Cattle and Hay Outlook Cattle and Hay Outlook Stephen R. Koontz Associate professor & extension economist Department of Agricultural & Resource Economics Colorado State University Stephen.Koontz@ColoState.Edu http://dare.agsci.colostate.edu/skoontz

More information

Weekly Mature U.S. Beef Cow Slaughter

Weekly Mature U.S. Beef Cow Slaughter Louisiana Cattle Market Update Friday, July 9 th, 2010 Ross Pruitt, Department of Agricultural Economics and Agribusiness Louisiana State University AgCenter In two weeks, USDA NASS will release the July

More information

Corn, Hay, Wheat & Cattle Outlook

Corn, Hay, Wheat & Cattle Outlook Corn, Hay, Wheat & Cattle Outlook Stephen R. Koontz Associate professor & extension economist Department of Agricultural & Resource Economics Colorado State University Stephen.Koontz@ColoState.Edu http://dare.agsci.colostate.edu/skoontz

More information

2019 IBA ANNUAL AGRICULTURAL CONFERENCE

2019 IBA ANNUAL AGRICULTURAL CONFERENCE 2019 IBA ANNUAL AGRICULTURAL CONFERENCE Livestock Update 2019 livestock production, prices and forecasts Lee Schulz, Dept. of Economics, Iowa State University +12% +3% +11% +15% +11% Data Source: USDA-NASS,

More information

Cattle & Beef Outlook

Cattle & Beef Outlook Cattle & Beef Outlook Glynn Tonsor Dept. of Agricultural Economics, Kansas State University Overarching Beef Industry Economic Outlook Supplies Expansion continues, but has moderated Demand Mixed signals

More information

Livestock Outlook for 2010

Livestock Outlook for 2010 141 W. Jackson Boulevard Suite 2 Chicago, IL 4 312.786.445 /.662.9346 Livestock Outlook for 21 January 4, 21 The inflationary tone to commodity markets in general and the longer-term expansion of protein

More information

Cattle Situation and Outlook

Cattle Situation and Outlook Cattle Situation and Outlook Midwest/Great Plains/Western Outlook Conference August 2010 Tim Petry Livestock Economist www.ag.ndsu.edu/livestockeconomics mwgpw.ppt 8/12/10 TO ALL OUTLOOK CONFERENCE ATTENDEES

More information

Emmit L. Rawls Professor Agricultural Economics

Emmit L. Rawls Professor Agricultural Economics Beef Cattle Situation and Outlook Emmit L. Rawls Professor Agricultural Economics Slaughter Steer Prices $ Per Cwt. 105 5 Market W eighted Average, Weekly 100 95 90 85 Avg. 2004-08 2009 80 75 2010 70 JAN

More information

Pork Merchandiser s Profit Maximizer

Pork Merchandiser s Profit Maximizer Pork Merchandiser s Profit Maximizer 2014 The National Pork Board, Des Moines, IA 515-223-2600; Prepared by Steiner and Company, Manchester, NH 800-526-4612. 1. USDA Hogs and Pigs Report: Bullish on the

More information

Beef Cattle Market Update

Beef Cattle Market Update Beef Cattle Market Update By Anne Wasko Market Analyst November 2016 Anne Wasko Market Analyst June 2018 @AnneWasko 2018 MARKET HIGHLIGHTS SO FAR April 7 turning out to calving fields Jan Feb Mar Apr May

More information

Red Meat and Poultry Outlook. Curt Lacy Extension Economist-Livestock

Red Meat and Poultry Outlook. Curt Lacy Extension Economist-Livestock Red Meat and Poultry Outlook Curt Lacy Extension Economist-Livestock Overview Current meat S&O Beef S&O Pork Poultry Livestock producers situation Red Meat and Poultry in Cold Storage Total number 9% higher

More information

Economic Outlook of Beef Cattle

Economic Outlook of Beef Cattle Economic Outlook of Beef Cattle Stan Bevers Professor & Ext. Economist Texas A&M AgriLife Extension Service Vernon, Texas University of Florida Beef Cattle Short Course Gainesville, Florida May 4, 2016

More information

Weekly Cattle Market Update For the Week Ending August 24, 2018

Weekly Cattle Market Update For the Week Ending August 24, 2018 This information is provided as a resource by Saskatchewan Agriculture staff. All stated cattle prices are based on the weekly Canfax Market Outlook and Summary. Please use this information at your own

More information

2017 Beef Cattle Market Outlook

2017 Beef Cattle Market Outlook 2017 Beef Cattle Market Outlook Chris Prevatt Livestock and Forage Economist UF/IFAS Range Cattle Research and Education Center Presented at the 2015 UF Beef Cattle Short Course Presented at the 2015 UF

More information

Beef Cattle Market Outlook

Beef Cattle Market Outlook Beef Cattle Market Outlook Glynn Tonsor Dept. of Agricultural Economics Kansas State University www.agmanager.info Supplies Historically tight Demand Overarching Beef Industry Economic Outlook Herd expansion

More information

Latest World Supply and Demand Estimates Report

Latest World Supply and Demand Estimates Report Louisiana Cattle Market Update Friday, June 10 th, 2011 Ross Pruitt, Department of Agricultural Economics and Agribusiness Louisiana State University AgCenter Latest World Supply and Demand Estimates Report

More information

Cattle Situation and Outlook

Cattle Situation and Outlook Photo courtesy of Judy Jacobson, Watford City Cattle Situation and Outlook Tim Petry Livestock Economist www.ndsu.edu/livestockeconomics September 24, 2013 MktClub-2013.pptx Livestock Price and Production

More information

Saskatchewan Feeder Steer and Feeder Heifer Prices ($/cwt) Feeder Steers

Saskatchewan Feeder Steer and Feeder Heifer Prices ($/cwt) Feeder Steers This information is provided as a resource by Saskatchewan Agriculture staff. All stated cattle prices are based on the weekly Canfax Market Outlook and Summary. Please use this information at your own

More information

INTERNATIONAL MEAT REVIEW

INTERNATIONAL MEAT REVIEW INTERNATIONAL MEAT REVIEW Livestock, Poultry and Grain Market News March 28, 2013 Volume 17, No. 07 Trade Highlights Recently the USDA Foreign Agricultural Service (FAS) released Livestock and Products

More information

INTERNATIONAL MEAT REVIEW

INTERNATIONAL MEAT REVIEW INTERNATIONAL MEAT REVIEW Livestock & Grain Market News January 19, 2012 Volume 16, No. 01 Trade Highlights The USDA Foreign Agricultural Service (FAS) recently issued November 2011 red meat trade data

More information

Slaughter Cow Market and Wholesale Values

Slaughter Cow Market and Wholesale Values Louisiana Cattle Market Update Friday, July 19 th, 2013 Ross Pruitt, Dep a rtment of Agric ultura l Ec onomic s a nd Agrib usiness LSU Ag Center Slaughter Cow Market and Wholesale Values While there may

More information

At Denfield Livestock Exchange Inc., January 7, 2014: 25 Fed Heifers Price Range Top Choice heifers

At Denfield Livestock Exchange Inc., January 7, 2014: 25 Fed Heifers Price Range Top Choice heifers Weekly Market Information Report for the week ending Thursday January 9, 2014 The following information is collected from various sources and disseminated by Beef Farmers of Ontario. ONTARIO DIRECT TO

More information

SOUTH AMERICAN SOYBEAN CROP ESTIMATE INCREASED

SOUTH AMERICAN SOYBEAN CROP ESTIMATE INCREASED April 14, 2000 Ames, Iowa Econ. Info. 1787 SOUTH AMERICAN SOYBEAN CROP ESTIMATE INCREASED USDA s World Agricultural Outlook Board raised its estimate of combined Brazilian and Argentine soybean production

More information

April 2013 Livestock Market Update Public Policy Department Budget & Economic Analysis Team

April 2013 Livestock Market Update Public Policy Department Budget & Economic Analysis Team April 2013 Livestock Market Update Public Policy Department Budget & Economic Analysis Team In this edition: Livestock Update: John Anderson, Deputy Chief Economist Dairy Outlook: Bob Young, Chief Economist

More information

Cattle Situation and Outlook

Cattle Situation and Outlook Cattle Situation and Outlook January 2011 Tim Petry Livestock Economist www.ag.ndsu.edu/livestockeconomics Carrington-Jan2011 01/27/11 Northern Plains Calf Markets www.lmic.info In The Cattle Markets November

More information

Livestock Risk Protection (LRP) A New Price Risk Management Tool for Livestock Producers

Livestock Risk Protection (LRP) A New Price Risk Management Tool for Livestock Producers Livestock Risk Protection (LRP) A New Price Risk Management Tool for Livestock Producers Tim Petry, Livestock Economist LRP Cattle Feedlot School Jan2011 01-28-10 LRP Insures against price declines Similar

More information

Saskatchewan Feeder Steer and Feeder Heifer Prices ($/cwt)

Saskatchewan Feeder Steer and Feeder Heifer Prices ($/cwt) This information is provided as a resource by Saskatchewan Agriculture staff. All stated cattle prices are based on the weekly Canfax Market Outlook and Summary. Please use this information at your own

More information

Cow/Calf Expansion Considerations

Cow/Calf Expansion Considerations Louisiana Cattle Market Update Friday, October 26 th, 2012 Ross Pruitt, Dep a rtment of Agric ultura l Ec onomic s a nd Agrib usiness LSU Ag Center Cow/Calf Expansion Considerations The October Cattle

More information

Cattle Markets Start Year Strong

Cattle Markets Start Year Strong Louisiana Cattle Market Update Friday, January 24 th, 2014 Ross Pruitt, Department of Agricultural Economics and Agribusiness LSU AgCenter Cattle Markets Start Year Strong It s rare that we have such a

More information

Dairy Outlook Midwest & Great Plains Outlook Conference. Katelyn McCullock Dairy & Forage Economist Livestock Marketing Information Center

Dairy Outlook Midwest & Great Plains Outlook Conference. Katelyn McCullock Dairy & Forage Economist Livestock Marketing Information Center Dairy Outlook 2014 Midwest & Great Plains Outlook Conference Katelyn McCullock Dairy & Forage Economist Livestock Marketing Information Center KEY TO DAIRY 2014 Prices are record high in the first half.

More information

USDA HOGS AND PIGS REPORT CONFIRMS LIQUIDATION

USDA HOGS AND PIGS REPORT CONFIRMS LIQUIDATION October 4, 1999 Ames, Iowa Econ. Info. 1774 USDA HOGS AND PIGS REPORT CONFIRMS LIQUIDATION The September USDA Hogs and Pigs Report estimated all hogs and pigs on farms in the U.S. at 60.7 million head.

More information

Iowa Farm Outlook. December 15, 2004 Ames, Iowa Econ. Info. 1900

Iowa Farm Outlook. December 15, 2004 Ames, Iowa Econ. Info. 1900 Iowa Farm Outlook December 15, 24 Ames, Iowa Econ. Info. 19 Beef and Pork Price Relationships Historically, beef and pork prices have moved somewhat together. They are substitutes in the consumer s shopping

More information

Cattle Market Outlook

Cattle Market Outlook Cattle Market Outlook Winter C. Wilson Gray District Economist Twin Falls R & E Center wgray@uidaho.edu http://web.cals.uidaho.edu/idahoagbiz/ Thank You! Topics: Markets and Aspects of Domestic Consumer

More information

3/25/2017. What to do today? Cattle & Beef Markets: Commodity Outlook

3/25/2017. What to do today? Cattle & Beef Markets: Commodity Outlook 3/25/27 Cattle & Beef Markets: Commodity Outlook Stephen R. Koontz Professor & extension economist Department of Agricultural & Resource Economics Colorado State University Stephen.Koontz@ColoState.Edu

More information

Index. Index. Overview Page 1

Index. Index. Overview Page 1 THE 2018 FOOD COMMODITY OUTLOOK REPORT Issue 2 A Detailed Quarterly Research and Forecast Analysis for the Beef, Chicken, Dairy, Pork, Grains, Shrimp, Canned Tomato and Coffee Markets for 2018. Published

More information

Global Beef & Energy Outlook. Gregg Doud Chief Economist National Cattlemen s Beef Association

Global Beef & Energy Outlook. Gregg Doud Chief Economist National Cattlemen s Beef Association Global Beef & Energy Outlook Gregg Doud Chief Economist National Cattlemen s Beef Association Source: USDA/FAS TOP 4= 71% Brazil Russia India China Global Beef Trends Source: USDA/FAS, CattleFax Projections,

More information

Livestock and Feedgrain Outlook

Livestock and Feedgrain Outlook Livestock and Feedgrain Outlook 2017 Range Beef Cow Symposium James G. Robb Director, LMIC Website: www.lmic.info November 28-30, 2017 28 US Land Grant Universities: USDA Data Sources -- NASS, AMS, FAS,

More information

Situation and Outlook of the Canadian Livestock Industry

Situation and Outlook of the Canadian Livestock Industry Situation and Outlook of the Canadian Livestock Industry 2011 USDA Agricultural Outlook Forum Tyler Fulton February 25, 2011 tyler@hamsmarketing.ca Lost in Translation Canadian Livestock Industry - Outline

More information

Tennessee Market Highlights

Tennessee Market Highlights Tennessee Market Highlights December 23, 2016 Number: 52 Trends for the Week Compared to a Week Ago Slaughter Cows $1 to $2 higher Slaughter Bulls $2 higher Feeder Steers Steady to $2 higher Feeder Heifers

More information

Canfax Research Services A Division of the Canadian Cattlemen s Association

Canfax Research Services A Division of the Canadian Cattlemen s Association Canfax Research Services A Division of the Canadian Cattlemen s Association # 180, 6815-8th Street N.E. Calgary, Alberta T2E 7H7 Phone (403) 275-5110 Fax (403) 275-6943 E-mail: crs@canfax.ca INVENTORY

More information

HOG INDUSTRY NEEDS MORE DOWNSIZING IN 2004

HOG INDUSTRY NEEDS MORE DOWNSIZING IN 2004 HOG INDUSTRY NEEDS MORE DOWNSIZING IN 2004 JANUARY 2004 Chris Hurt 2004 NO. 1 Summary Rising costs of production and continued nearrecord pork production will keep producer margins near breakeven in 2004.

More information

Cattle and Hog Outlook 2010 and Beyond. John D. Lawrence Extension Livestock Economist Iowa State University

Cattle and Hog Outlook 2010 and Beyond. John D. Lawrence Extension Livestock Economist Iowa State University Cattle and Hog Outlook 2010 and Beyond John D. Lawrence Extension Livestock Economist Iowa State University 1 Current Situation Total red meat and poultry 2009 at 210# lowest since 1996 2010 at 206# lowest

More information

Growers who hedge now should cover the upside with call options, say selling a December SRW $6.20 call to pay for a $5.20.

Growers who hedge now should cover the upside with call options, say selling a December SRW $6.20 call to pay for a $5.20. Wheat market tries to get its mojo back Tighter global supplies should boost U.S. export hopes By Bryce Knorr, Senior Grain Market Analyst In a world without noise, the wheat market would be ready to rally.

More information

MONTHLY MARKET PROFILE: 12/10/04 Nevil C. Speer, PhD, Western Kentucky University

MONTHLY MARKET PROFILE: 12/10/04 Nevil C. Speer, PhD, Western Kentucky University MONTHLY MARKET PROFILE: 12/10/04 Nevil C. Speer, PhD, Western Kentucky University The market seems like a heavyweight match with packers and feeders standing toe-to-toe slugging it out. Negotiations are

More information

CATTLE MAY HAVE A DECENT, BUT VOLATILE YEAR

CATTLE MAY HAVE A DECENT, BUT VOLATILE YEAR CATTLE MAY HAVE A DECENT, BUT VOLATILE YEAR FEBRUARY 2004 Chris Hurt 2004 NO. 2 Summary Early indications are that 2004 will not be as difficult for the cattle industry as many producers had feared in

More information

Cattle Inventory Increases; Impact of Tariffs Hangs Over Markets By James Mintert, Director, Purdue Center for Commercial Agriculture

Cattle Inventory Increases; Impact of Tariffs Hangs Over Markets By James Mintert, Director, Purdue Center for Commercial Agriculture July 2018 Cattle Inventory Increases; Impact of Tariffs Hangs Over Markets By James Mintert, Director, Purdue Center for Commercial Agriculture USDA released a flurry of reports last week, including the

More information

Livestock Risk Protection (LRP)

Livestock Risk Protection (LRP) Livestock Risk Protection (LRP) A New Price Risk Management Tool for Livestock Producers Tim Petry Extension Livestock Economist www.ndsu.edu/livestockeconomics January 24, 2018 LRP Feedlot_School Jan2018.pptx

More information