US launches five-year pork plan, increase global exports
The recent annual Pork Forum saw the unveiling a new 5-year strategic plan that aims to increase the US share of world pork trade from 31% to 37%.
In the cattle sector, both feedlots and beef packers reportedly had positive margins last week (packer slaughter margins near US$25 per head - up from US$18 in prior week, helped by improvement in hide-offal drop credits from US$9.84/100lbs to US$10).
In US wholesale markets, overall price trends were steady. In fed beef sector, carcass cut-out values stayed almost the same for both Choice and Select grades - just above 149c/lb - with a rare occurrence today of no spread between the two.
This indicated an adequate supply of marbled beef (despite carcass weights being recently lower, due to harsh winter weather) and adequate demand for the leaner Select-grade beef. Total daily national cattle kills stayed on low side, near 120,000 head, down to 117,000 Friday, including cow/bull kills staying above average - ranging 25-28,000 head. Fed cattle prices stayed at recent higher levels, in the 89-92c/lb range (live).
Domestic cowbeef trade continued steady - despite increased supply from some backed-up cows coming to market after recent snowstorms. Canner-cutter carcass cut-out value was quoted today at 121.4c/lb (down 1c from week-ago) and the mid-west price of fresh 90CL boneless cowbeef is steady at 156-57c/lb. Imported frozen 90CL cowbeef is still nominally 10c higher at 166c/lb, but virtually unprocurable from Australia - see below. The 50CL steer trim price remains strong near 89c/lb, with supply tight. Grinder firms report continuing good beef patty sales to foodservice sector.
Wholesale pork markets eased slightly from recent increases. The carcass cut-out value today is quoted at 74c-lb - down 1.4 cents from week-ago, but still near the top for year-to-date, and with export trade continuing strong for over 20% of current US pork production. Daily hog kills were lower this week (ranging 410-417,000 head, except 430,00 Thurs). Futures contract prices eased 1-2 cents in past week - as did futures contracts for corn and soybeans, reflecting feed costs. USDA's World Outlook Report (released this week) forecast firmer livestock prices for 2010, and lower feed costs.
Wholesale chicken markets stabilised this week after earlier dips. USDA 12-city price index for whole birds edged up a half-cent to 82.5c/lb; breasts had a firmer undertone near 140c/lb; leg quarters were steady in mid-30s; and the premium chicken wing trade stabilised around 140-145c/lb.
Retail red meat bargains include pork boneless centre cut chops at US$2.49/lb, whole bone-in pork loin US$1.39/lb (custom cut - and ditto half loin US$1.59), pork shoulder roast 99c/lb, pork spare rib US$2.29/lb. Middle beef steaks were often cheap - delmonico/ribeye US$5.99/lb, whole striploin at US$3.99/lb.
