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Volume No. 5
Issue No. 19
Date: May 10, 2012
Beef- Beef output last week increased 1.9% but was 2.8% less than the
same week in '11. US cattle prices are down sharply from record high
levels set in March. Spring cattle supplies, although limited, are modestly
better than expected plus weights are up versus '11. This has tempered
this spring's beef rally and suggests that the '12 USDA boxed beef cutout
price high has been established. Since '09, choice top butt, 0x1 strip and
50% beef trimming prices faded over the next 7 weeks. The Australian
dollar continues to weaken versus the US dollar. This is a promising sign
for 90% lean boneless beef trimming imports. Price USDA, FOB per pound.
Live Cattle
Feeder Cattle Index (CME)
Ground Beef 81/19
Ground Chuck
109e Export Rib (choice)
109e Export Rib (prime)
112a Ribeye (choice)
112a Ribeye (prime)
116 Chuck (select)
116 Chuck (choice)
116b Chuck Tdnr (choice)
120 Brisket (choice)
121c Outside Skirt (ch/sel)
121d Inside Skirt (ch/sel)
167a Knckle, Trm. (ch.)
168 Inside Round (ch.)
174 Short Loin (ch. 0x1)
174 Short Loin (prime)
180 1x1 Strp (choice)
180 1x1 Strp (prime)
180 0x1 Strp (choice)
184 Top Butt, bnls (ch.)
184 Top Butt, bnls (prime)
185a Sirloin Flap (choice)
185c Loin, Tri-Tip (choice)
189a Tender (select)
189a Tender (choice)
189a Tender (prime)
193 Flank Steak (choice)
50% Trimmings
65% Trimmings
75% Trimmings
85% Trimmings
90% Trimmings
90% Imported Beef (frz.)
95% Imported Beef (frz.)
Veal Rack (Hotel 7 rib)
Veal Top Rnd. (cp. off)
Price
1.214
1.485
2.171
2.197
5.407
10.646
6.003
11.131
2.193
2.218
2.149
1.949
4.944
3.504
2.323
2.006
5.771
9.930
5.170
10.597
5.943
3.318
3.490
4.237
3.010
9.181
9.358
13.296
3.979
.790
1.206
1.656
2.147
2.277
2.119
2.290
7.700
14.100
Last Week
1.208
1.478
2.105
2.144
5.371
10.568
6.004
10.674
2.136
2.165
2.189
1.956
5.045
3.450
2.287
1.935
5.708
10.145
5.133
10.203
5.929
3.177
3.566
4.196
2.986
9.372
9.349
13.522
3.903
.895
1.135
1.664
2.116
2.259
2.095
2.265
7.700
14.100
Difference Price 11
+.006
1.147
+.007
1.294
+.066
1.865
+.053
1.896
+.036
5.208
+.078
7.228
-.001
5.637
+.457
7.505
+.057
1.882
+.053
1.902
-.040
1.976
-.007
1.657
-.101
3.376
+.054
3.150
+.036
2.151
+.071
1.940
+.063
5.529
-.215
7.476
+.037
4.876
+.394
6.855
+.014
5.487
+.141
2.646
-.076
2.845
+.041
3.397
+.024
2.721
-.191
7.354
+.009
7.749
-.226
10.268
+.076
3.940
-.105
.998
+.071
1.257
-.008
1.541
+.031
1.886
+.018
2.008
+.024
2.045
+.025
2.123
5.450
12.450
Oil, Grains, Misc.- Tight corn stocks are keeping spot corn prices firm.
Still, the upcoming US crop could bring corn supplies in better balance.
Lower corn prices are possible this summer. Prices USDA, FOB.
Soybeans, bushel
Crude Soybean Oil, lb.
Soybean Meal, ton
Corn, bushel
Crude Corn Oil, lb.
High Fructose Corn Syrup
Distillers Grain, Dry
Crude Palm Oil, lb. BMD
HRW Wheat, bushel
DNS Wheat 14%, bushel
Durum Wheat, bushel
Pinto Beans, lb.
Black Beans, lb.
Rice, Long Grain, lb.
Coffee, lb. NYBOT
Sugar, lb. NYBOT
Honey (Clover), lb.
Price
14.297
.523
413.300
6.523
.600
.185
211.500
.496
5.995
7.970
7.138
.491
.420
.251
1.738
.310
1.800
Last Week
14.969
.539
428.200
6.485
.615
.184
209.000
.517
6.250
8.390
7.138
.491
.420
.251
1.841
.298
1.800
Difference Price 11
-.672
13.292
-.016
.558
-14.900 338.300
+.038
6.847
-.015
.685
+.001
.191
+2.500 201.000
-.021
.531
-.255
8.565
-.420
10.140
9.070
.288
.325
.252
-.103
2.874
+.012
.351
1.625
Dairy- Milk output has been running at record levels in recent months.
This has kept milk prices depressed and has encouraged cheese and butter
production. Look for milk output gains versus last year to recede this
summer if dairy farmer margins remain poor. The CME cheese markets
are moving lower which is counter seasonal. The cheese markets may
find support soon. The butter market has yet to establish a seasonal
bottom and is trading at price levels not seen since February '10. Still,
history suggests that the downside price risk for butter from here is likely
limited. Prices per pound, except Class I Cream (hundred weight), from USDA.
Cheese Barrels (CME)
Cheese Blocks (CME)
American Cheese
Cheddar Cheese (40 lb.)
Mozzarella Cheese
Provolone Cheese
Parmesan Cheese
Butter (CME)
Nonfat Dry Milk
Whey, Dry
Class 1 Base
Class II Cream, heavy
Class III Milk (CME)
Class IV Milk (CME)
Price
1.453
1.493
1.658
1.923
1.768
2.118
3.198
1.300
1.245
.500
15.850
1.610
14.330
13.450
Last Week
1.495
1.535
1.634
1.915
1.760
2.110
3.190
1.345
1.263
.502
15.850
1.661
14.540
13.590
Difference
-.042
-.042
+.024
+.008
+.008
+.008
+.008
-.045
-.018
-.002
-.051
-.210
-.140
Price 11
1.653
1.620
1.998
2.150
1.983
2.140
3.215
1.983
1.661
.512
19.750
2.675
16.730
20.330
Price
18.651
18.250
18.750
14.750
16.500
12.900
20.250
14.000
Last Week
18.651
18.250
18.750
14.750
16.500
12.900
20.250
14.000
Difference
-
Price 11
17.406
17.000
17.750
14.000
14.250
12.900
20.250
13.000
Pork- Pork production last week decreased 1.1% but was 4.9% larger
than the same week a year ago. US pork output rates this year have
outpaced solid pork export sales. Domestic demand for pork has been
disappointing. Most of the pork markets have weakened this spring but
have shown recent signs of strengthening. Seasonal pressure and better
retail feature activity are anticipated to bring support to the pork markets
in the coming weeks. Last year pork spare rib prices increased 17%
during the next 7 weeks. Prices USDA, FOB per pound.
Live Hogs
Belly (bacon)
Sparerib (4.25 lb. & down)
Ham (20-23 lb.)
Ham (23-27 lb.)
Loin (bone-in)
Bbybck Rib (1.75 lb. & up)
Tenderloin (1.25 lb.)
Boston Butt, untrmd. (4-8
lb.)
Picnic, untrmd.
SS Picnic, smoker trm. bx.
42% Trimmings
72% Trimmings
Price
.556
.858
1.428
.692
.700
.977
2.987
2.870
.905
Last Week
.572
.850
1.484
.692
.700
.936
3.049
2.894
.912
Difference
-.016
+.008
-.056
+.041
-.062
-.024
-.007
Price 11
.650
1.250
1.544
.790
.800
1.050
2.850
2.900
.982
.532
.760
.470
.660
.521
.800
.470
.540
+.011
-.040
+.120
.699
.900
.600
.850
Price
.940
1.030
1.820
1.716
1.055
1.685
1.540
2.270
.706
.545
.870
1.387
Last Week
.935
1.020
1.830
1.716
1.020
1.600
1.540
2.270
.764
.545
.816
1.379
Difference
+.005
+.010
-.010
+.035
+.085
-.058
+.054
+.008
Price 11
.865
.960
.770
.924
.920
1.530
1.330
2.050
.663
.490
.730
1.353
.788
.730
.429
.426
.665
1.140
1.889
.787
.732
.443
.440
.676
1.095
1.980
+.001
-.002
-.014
-.014
-.011
+.045
-.091
1.077
.860
.477
.501
.697
1.005
2.500
Price
12.250
12.750
13.438
.398
Last Week
12.250
12.750
13.438
.398
Difference
-
Price 11
11.750
12.250
13.000
.390
Seafood- Wholesale salmon (38%), shrimp (34%), cod loin (46%) and
snow crab leg (25%) prices are all lower than this time last year. In
contrast, the US dollar is up 6.7% from a year ago. The US imports a
large percentage of its seafood. This means the value of the US dollar
plays a major role in regards to US seafood prices. Expect US seafood
prices to remain below '11 levels if the US dollar continues to appreciate.
Difference
-9.150
+.022
-.187
-5.230
-.103
-.016
+.060
+.012
-.333
+.306
+.012
+.022
-.018
Price 11
103.880
4.246
3.001
48.380
3.380
4.104
2.590
.960
80.596
11.599
.696
1.612
6.492
Honeydew (6 ct.)
Cantaloupe (15 ct.)
Blueberries (12 count)
Strawberries (12 pnts.)
Avocados (Hass 48 ct.)
Bananas (40 lb.)- Term.
Pineapple (7 ct.)- Term.
Idaho Potato (60 ct., 50 lb.)
Idaho Potato (70 ct., 50 lb.)
Idaho Potato (70 ct.)-Term.
Idaho Potato (90 ct., 50 lb.)
Idaho Pot. # 2 (6 oz., 100 lb.)
Processing Potato (cwt.)
Yellow Onions (50 lb.)
Yell Onions (50 lb.)-Term.
Red Onions (25 lb.)- Term.
White Onions (50 lb.)- Term.
Tomatoes (large- case)
Tomatoes (5x6-25 lb.)-Term
Tomatoes (4x5 vine ripe)
Roma Tomatoes (large- case)
Roma Tomatoes (xlarge-cs)
Green Peppers (large- case)
Red Peppers (large 15lb. cs.)
Iceberg Lettuce (24 count)
Iceberg Lettuce (24)-Term.
Leaf Lettuce (24 count)
Romaine Lettuce (24 cnt.)
Mesculin Mix (3 lb.)-Term.
Broccoli (14 ct.)
Squash (1/2 bushel)
Zucchini (1/2 bushel)
Green Beans (bushel)
Spinach, Flat 24s
Mushrms (10 lb, lg.)-Term.
Cucumbers (bushel)
Pickles (200-300 ct.)- Term.
Asparagus (small)
Freight (Truck; CA-Cty Av.)
10.292
13.950
23.700
12.500
33.250
12.313
9.669
10.750
10.750
19.688
10.750
16.000
12.000
5.500
10.959
17.375
22.251
7.450
10.500
5.905
6.742
7.585
11.350
14.950
8.575
16.750
7.529
9.925
9.344
6.728
6.310
6.850
13.350
9.150
15.146
7.018
27.375
27.250
5305.555
10.292
13.950
15.750
12.000
33.750
16.209
12.625
11.375
11.375
18.615
11.375
14.750
12.000
4.750
10.959
17.375
22.251
5.950
9.875
5.689
6.742
7.585
9.925
9.950
10.708
16.750
9.484
8.807
6.844
6.055
4.850
4.975
19.200
8.960
15.146
13.050
27.375
27.250
5194.444
+7.950
+.500
-.500
-3.896
-2.956
-.625
-.625
+1.073
-.625
+1.250
+.750
+1.500
+.625
+.216
+1.425
+5.000
-2.133
-1.955
+1.118
+2.500
+.673
+1.460
+1.875
-5.850
+.190
-6.032
+111.111
5.875
6.112
14.625
11.666
45.750
18.301
11.614
19.000
18.000
26.828
13.000
16.500
9.000
6.437
10.470
7.375
12.989
15.200
14.333
10.950
12.715
13.781
11.916
18.950
10.872
14.000
12.070
9.666
6.823
8.962
7.925
8.175
18.850
8.100
11.083
9.270
19.525
14.250
5533.333
Produce- The potato markets continue to trade well below (40%) year
ago levels. US potato stocks are adequate but potato prices usually
increase in the coming months. The 3 year average price move for
potatoes is 25% higher during the next 14 weeks. Still, expect potato
supplies to improve when the fall harvest gets underway. The Florida
tomato crops continue to provide good tomato supplies. However, tomato
prices could become more volatile as the chief output areas transition
north. Last year tomato prices increased 10% over the next 4 weeks.
Prices USDA FOB shipping point unless noted (terminal).
Price Last Week Difference
Limes (150 ct.)
11.000
11.000
Lemons (95 ct.)
20.740
19.740
+1.000
Lemons (200 ct.)
17.740
17.740
-
Price 11
13.000
13.640
17.140
Mar-12
+.812
-.112
+.713
+1.315
+.936
-.746
Feb-12
+.211
-.506
-.288
+.190
-1.454
-2.367
Jan-12
+1.136
+.931
-.176
+.148
+.639
+.555
Dec-11
+.885
-.141
-1.030
+.897
+.449
+.252