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 8^th, 2024.

1. Week Summary:

This Week's Story

• The Choice Cutout closed at $3.13, down six cents from the previous week but 13 cents higher than last year, while the Select Cutout was $2.83, five cents lower than last week and 13 cents up from last year.
• Meat production reached 536 million pounds, a four-million-pound increase from last week and 17 million more than the previous year, with a weekly kill of 619,000 head—4,000 more than last week but 4,000 fewer than the same week in 2023.
• Dressed weights remained high at 868 pounds.
• The negotiated cash price for Steer was $1.86, four cents lower than the previous week and six cents higher than in 2023.
• Gross packer margins were estimated at $98 per head, $43 less than the previous week but $64 more than the same week last year.

Cutouts

The Choice Cutout closed at $3.13, six cents lower than the previous week, and 13 cents higher than same week last year (See chart).

The Select Cutout closed at $2.83, five cents lower than the previous week and 13 cents higher than same week last year, when the reported figure was $2.70 (See chart).

Meat Production

Meat production under federal inspection was 536 million pounds, four million pounds higher than the number reported in the previous week and 17 million pounds higher than in 2023 (See chart).

• The weekly kill was 619 thousand head, four thousand higher than the previous week and four 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 $1.86, four cents lower than the previous week and six cents higher than the same week in 2023 (See chart).

Gross Packer Margins

Our estimate for Gross Packer Margins for the week was $98 per head, $43 lower than the prior week and $64 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 10/31/2024 was 32.9 million pounds, which is two million pounds lower than the prior week and 0.2 million pounds higher than the same week the previous year.

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

 

2. Looking Ahead:

Live Cattle Futures for December 2024 contracts closed at $1.84. For February 2025 contracts the price was $1.85.

Our 8-week forecast estimates the Choice Cutout price at $2.67, 46 cents lower from the week ending on 11/8/2024 (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.