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

Notes: unless otherwise noted, comments correspond to the week ending November 29^th, 2024.

1. Week Summary:

This Week's Story

• Choice and Select Cutouts saw modest increases, closing at $3.11 and $2.74, respectively, both higher than the previous week and the same period last year.
• Meat production dropped significantly to 457 million pounds, with a weekly kill of 528,000 head, down over 100,000 head both week-over-week and year-over-year, while dressed weights remained stable at 868 pounds per head.
• Steer prices (Live FOB/5-Area/80%+ Choice) rose to $1.90, a $0.04 weekly gain and $0.16 higher than last year.
• Gross packer margins fell sharply to $57 per head, down $36 from the prior week and $44 below last year.

Cutouts

The Choice Cutout closed at $3.11, four cents higher than the previous week, and 13 cents higher than same week last year (See chart).

The Select Cutout closed at $2.74, one cent higher than the previous week and eight cents higher than same week last year, when the reported figure was $2.66 (See chart).            

Meat Production                

Meat production under federal inspection was 457 million pounds, 90 million pounds lower than the number reported in the previous week and 83 million pounds lower than in 2023 (See chart).

• The weekly kill was 528 thousand head, 103 thousand lower than the previous week and 112 thousand less compared to the same week the previous year.
• Dressed weights remained high at 868 pounds per head.

Cattle Prices                                 

The negotiated cash price for Steer: Live FOB/5-Area/Over 80% Choice closed at $1.90, four cents higher than the previous week and 16 cents higher than the same week in 2023 (See chart).

Gross Packer Margins                                           

Our estimate for Gross Packer Margins for the week was $57 per head, $36 lower than the prior week and $44 lower 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 11/21/204 was 32.4 million pounds, which is 4.3 million pounds higher than the prior week and 3.4 million pounds higher than the same week the previous year.

* Exports data is only available in our Easy Analytics suite and Advanced Analytics suite.

2. Looking Ahead:

Live Cattle Futures for December 2024 contracts closed at $1.88. For February 2025 contracts the price was $1.89.

Our 8-week forecast estimates the Choice Cutout price at $2.94, 17 cents lower from the week ending on 11/29/2024 (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
Iowa Beef Center Genetic Symposium	December 16-17	Ames, IA, USA
IPPE 2025	January 28-30	Atlanta, Georgia, USA
Cattle Con 2025	February 4-6	San Antonio, TX, 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.