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Beef Market Commentary for the Week Ending on September 27th, 2024

Beef Market Commentary for the Week Ending on September 27th, 2024

Notes: unless otherwise noted, comments correspond to the week ending September 27th, 2024.

1. Week Summary

This Week's Story

  • The Choice Cutout closed at $2.99, slightly lower than last week and last year, while the Select Cutout was $2.84, down from last week but up from last year.
  • Meat production reached 524 million pounds, slightly lower than last week but up from 2023, with steady dressed weights of 858 pounds per head.
  • Cattle prices increased slightly to $1.86.
  • Gross Packer Margins were $104 per head, lower than the previous week but higher than the same time last year.

Cutouts

The Choice Cutout closed at $2.99, three cents lower than the previous week and two cents lower than same week last year, when the reported figure was $3.01 (See chart).

The Select Cutout closed at $2.84, six cents lower than the previous week and six cents higher than same week last year, when the reported figure was $2.78 (See chart).

Meat Production

Meat production under federal inspection was 524 million pounds, four million pounds lower than the number reported in the previous week and 19 million pounds higher than in 2023 (See chart).

  • The weekly kill was 612 thousand head, two thousand fewer than the previous week and unchanged compared to the same week the previous year.
  • Dressed weights remained high at 858 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 $1.86, two cents higher than the previous week and two cents higher than the same week in 2023 (See chart).

Gross Packer Margins

Our estimate for Gross Packer Margins for the week was $104 per head, $53 lower than the prior week and $34.5 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 9/19/204 was 28.1 million pounds, which is 8.6 million pounds lower than the prior week and 6 million pounds lower than the same week the previous year.

 

2. Looking Ahead

Live Cattle Futures for October 2024 contracts closed at $1.84. For December 2024 contracts the price was also $1.84.

Our 8-week forecast estimates the Choice Cutout price at $3.04, five cents higher from the week ending on 9/27/2024 (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
2024 Protein PACT Summit October 9-11 Austin, Texas, USA
FIGAP 2024 October 16-18 Guadalajara, Jalisco, Mexico
SIAL Paris October 19-23 Villepente, Paris, France

*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

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