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Beef Market Commentary for the Week Ending on October 25th, 2024

Beef Market Commentary for the Week Ending on October 25th, 2024

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 October 25th, 2024.

1. Week Summary

This Week's Story

The Choice Cutout closed at $3.22, up by 4 cents from the previous week and 16 cents from last year, while the Select Cutout reached $2.95, showing similar gains.

Federally inspected meat production rose to 537 million pounds, marking an increase of 13 million pounds from last week and 8 million pounds compared to 2023, with the weekly kill at 623,000 head—15,000 higher than the previous week but 12,000 below last year’s figure. Dressed weights remained high at 864 pounds per head.

Cattle prices saw a slight rise, with the negotiated cash price for Steer closing at $1.90, 2 cents above last week and 6 cents higher than the previous year, while estimated Gross Packer Margins stood at $174 per head, up by $34 week-over-week and $108 year-over-year.

Cutouts

The Choice Cutout closed at $3.22, four cents higher than the previous week, and 16 cents higher than same week last year (See chart).

The Select Cutout closed at $2.95, three cents higher than the previous week and 14 cents higher than same week last year, when the reported figure was $2.81 (See chart).

Meat Production

Meat production under federal inspection was 537 million pounds, 13 million pounds higher than the number reported in the previous week and eight million pounds higher than in 2023 (See chart).

  • The weekly kill was 623 thousand head, 15 thousand higher than the previous week and 12 thousand less compared to the same week the previous year.
  • Dressed weights remained high at 864 pounds per head.

Cattle Prices

Cattle prices increased slightly, with the negotiated cash price for Steer: Live FOB/5-Area/Over 80% Choice closing at $1.90, two cents higher compared to 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 $174 per head, $34 higher than the prior week and $108 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 10/17/204 was 36.2 million pounds, which is 1.8 million pounds higher than the prior week and five million pounds higher than the same week the previous year.

 

2. Looking Ahead

Live Cattle Futures for December 2024 contracts closed at $1.89. For January 2025 contracts the price was also $1.90.

Our 8-week forecast estimates the Choice Cutout price at $2.77, 45 cents lower from the week ending on 10/25/2024 (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
PACK EXPO International November 3-6 Chicago, IL, USA
Gulfood Manufacturing November 5-7 Sheikh Zayed Rd, Dubai, United Arab Emirates
Florida Restaurant Show November 6-7 Orlando, FL, 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.

 

Beef

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The EMEAT Team

Sales

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