Discover the key trends and the latest data impacting the meat market, so you can make informed and strategic decisions.

Notes: unless otherwise noted, comments correspond to the week ending November 1^st, 2024.

1. Week Summary:

This Week's Story

• The Choice Cutout closed at $3.19, three cents lower than last week and 14 cents higher than last year, while the Select Cutout ended at $2.88, down seven cents from last week and 11 cents above last year.
• Meat production under federal inspection totaled 532 million pounds, a decrease of five million pounds from the previous week but three million pounds more than in 2023, with the weekly kill at 615,000 head, down 8,000 from last week and 21,000 from last year; dressed weights remained high at 867 pounds per head.
• Cattle prices were steady, with the cash price for steers at $1.90, five cents higher than last year.
• Gross Packer Margins were estimated at $141 per head, down $33 from the prior week but $62.4 higher than the same week last year.

Cutouts

The Choice Cutout closed at $3.19, three cents lower than the previous week, and 14 cents higher than same week last year (See chart).

The Select Cutout closed at $2.88, seven cents lower than the previous week and 11 cents higher than same week last year, when the reported figure was $2.77 (See chart).

Meat Production

Meat production under federal inspection was 532 million pounds, five million pounds lower than the number reported in the previous week and three million pounds higher than in 2023 (See chart).

• The weekly kill was 615 thousand head, eight thousand lower than the previous week and 21 thousand less compared to the same week the previous year.
• Dressed weights remained high at 867 pounds per head.

Cattle Prices

Cattle prices remained unchanged, with the negotiated cash price for Steer: Live FOB/5-Area/Over 80% Choice closing at $1.90, five cents higher than the same week in 2023 (See chart).

Gross Packer Margins

Our estimate for Gross Packer Margins for the week was $141 per head, $33 lower than the prior week and $62.4 higher than the same week in 2023.

* Gross Packer Margin data is only available in our Advanced Analytics suite.

Exports

The reported figure for beef exports for the week ending 10/24/204 was 35 million pounds, which is one million pounds lower than the prior week and 3.1 million pounds higher than the same week the previous year.

 

 

2. Looking Ahead:

Live Cattle Futures for December 2024 contracts closed at $1.86. For February 2025 contracts the price was $1.87.

Our 8-week forecast estimates the Choice Cutout price at $2.70, 49 cents lower from the week ending on 11/1/2024 (See chart).

* Forecasts for specific meats cuts are only available in our Advanced Analytics suite.

 

3. Mark Your Calendar - Industry Events Coming Up:

EVENT	DATES	LOCATIONS
MEAT & GRILL DAYS 2024	November 9-11	Athens Metropolitan Expo, Attica, Greece
SIPA 2024	November 14-15	Guadalajara, Jalisco, Mexico
IPPE 2025	January 28-30	Atlanta, Georgia, USA

You can find a more comprehensive list of industry events in our Events section.

For more details you may consult EMEAT's Weekly Commodity Recap.