Beef for Independence Day is likely in the pipeline
Jeff Swenson, Wisconsin State Farmer
June 17, 2022
Prepared and written by Jeff Swenson, DATCP Livestock and Meat Specialist. The Market Update draws information from several sources, including trade publications, radio broadcasts, agricultural news services, individuals involved in the industry as well as USDA NASS and AMS reports.
The beef complex has held better than many expected given the indicators that a large supply of market ready cattle would be available now. Packers have been seeking cattle with country trade developing early in the week.
The latest National Weekly Fed Cattle Comprehensive reports carcass weights continue to decrease with an average of 852.6 pounds for beef type cattle. With the lighter weights, predictably the percentage of cattle grading Choice and Prime has dropped.
Last week’s estimated harvest was 674,000 head, 71,000 head more than Memorial Day week and 4,000 head more than the same week last year.
The Choice beef cutout gained $4.00 last week to finish Friday at $271.32 but has shown weakness, declining every day this week.
Beef for Independence Day is likely in the pipeline. Extreme heat in the Southern Plains is causing cattle losses in feedlots, and the heat is expected to continue. The composite retail price of beef dropped $0.06/pound in May to $7.64, although it is still 10.2 percent higher than a year ago.
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