Surprise sales lead to restocking
Federally Inspected harvest was up 9,000 going into last Saturday’s production, however, packers pulled back and only processed an estimated 2,000 head more than the previous week. Despite the incremental increase, overall beef production was noted as being just par because of carcass weights slipping 1 pound lower. Fed cattle trade saw relatively little activity last week; according to Cattle Buyers Weekly, only a small amount of cattle traded in the South late on Friday at $123 while many others were resistant to accept packer bids.
Boxed beef values for total carcass cutout traded sideways, however virtually all CAB cuts listed traded at higher levels. This divergence between total carcass cutout and cut values can be attributed to the “fresh 50s” beef trim loss in value (Monday = ~$71/cwt; Friday = ~$50/cwt).
Overall, beef inventories are in good positions, as Mother’s Day sales surprised many retailers and left them needing to restock their shelves on Monday due to that strong weekend pull.
Until we meat again,
David
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