COMPANY NEWS, INDUSTRY INFORMATION & RESTAURANT INSIGHTS
June and July Beef Outlook
Cattle futures had a tough time deciding which direction to go, printing nearly up the limit one day and down the limit the next. They ended up settling the week right about steady with week prior, but the live cattle cash trade printed steady to up as much as $2/CWT on the week. While the head count came in at 613,000 head for the week, that is still over 45,000 head less than same time last year.
May is starting out with a “thud” for meat demand. Kill levels have skyrocketed to over 600K a week and the packers forgot to prepare for it. Retail prices appear to have scared off the consumer to other proteins, at least it appears that way near term. The grade is following the seasonal trend lower, but still remains above last year at 64.4% Choice and 3.8% Prime. Cattle feeders continue to hold the upper hand and sold their animals for steady to a buck higher last week. more....