Meat Market Update | Did the market find it's bottom?

Exports continue to boost the market, up 838 loads week over week.

 

Ed Czerwien, BEEF Magazine

Jul 30, 2020

 

The daily spot Choice box beef cutout ended the week on Friday, July 24 at $201.77, which was $1.30 higher compared to previous Friday.  Last year it was $212.17. The graph shows that the cutout leveled out and firmed up lately, hopefully finding the bottom prior to the next grilling holiday. In fact, it was $202.96 on Tuesday, July 28, continuing to get higher.

 

There were 7,753 total loads sold for the week which was 727 loads higher than the previous week. Total loads sold was helped along by the exports this week.

 

The exports as reported on the box beef report were 1,749 loads and that was 838 loads higher compared to the previous week. 123 loads were sold to our NAFTA neighbors and 1,626 loads were going overseas. This very impressive number is actually the highest week shown on the graph, really helped by the overseas volume which has increased quite a bit since 2009. The NAFTA volume has mostly been slipping slightly lower since 2009.

 

document, plus video including charts, tables, text [8:34 min.] 

https://www.beefmagazine.com/market-reports/meat-market-update-did-market-find-its-bottom