CATTLE AND SHEEP OUTLOOK February 12, 1996 Approved by the World Agricultural Outlook Board ----------------------------------------------------------------------------- CATTLE AND SHEEP OUTLOOK, a supplement to the Livestock, Dairy, and Poultry Monthly report, is published five times a year by the Economic Research Service, U.S. Department of Agriculture, Washington, DC 20005-4788. LDP-CS-9. Subcriptions to the printed version of this report are available from the ERS-NASS order desk. Call, toll-free, 1-800-999-6779 and ask for stock #LDP-CS, $22/year. A consolidated subscription to all of the livestock, dairy, and poultry reports (34 issues/year) is also available as stock #LDP-A, $66/year. ERS-NASS accepts MasterCard and Visa. ----------------------------------------------------------------------------- Cattle and calves on farms and ranches on January 1, 1996, were up 1 percent from a year earlier according to USDA's latest Cattle report. The report revised down the January and July inventories for 1995 and showed a more modest rate of expansion in beef herds during 1994 and 1995. The January 1996 beef cow inventory was more than 3 percent below earlier projections, and will result in a smaller calf crop in 1996 and lower slaughter supplies and beef production in 1997. Earlier expectations for 1997 included year-over-year increases in feeder cattle supplies, larger fed cattle marketings at lower prices, and increasing beef production exacerbated by rising cow slaughter due to herd liquidation. A far more positive outlook for improving returns in the industry appears likely now, assuming normal crop development this summer and favorable grazing conditions in 1996-97. Expanded Grain Production Essential Tight grain supplies this winter and sharply lower feed grain stocks available for livestock and poultry rations this spring are becoming increasingly troublesome to the meat sector. Feed requirements continue to increase due to expanding inventories. Fed cattle, pork, and broiler sectors remain profitable for all but higher cost producers in spite of the higher feed costs. Hog breeding inventories on December 1 were up 1 percent from a year earlier with December 1995-May 1996 farrowing intentions suggesting expanding year-over-year production increases this spring through second-half 1996. Poultry sector expansion remains strong, with broiler production expected to rise 6 percent this year and turkey production, although slowing, up 3 percent. Total cattle on feed on January 1 were up 3 percent from a year earlier, with inventories in feedlots with 1,000+ head capacity up nearly 10 percent. Smaller producers operating feedlots with 1,000 head or less capacity, and likely a higher cost structure, reported on-feed inventories down 18 percent. Many of the smaller feedlots are on mixed crop-livestock operations. A large number of these producers apparently decided to market grain at very favorable prices in second-half 1995 rather than feed it to livestock. However, as grain prices decline over the next couple of years, they likely will return to cattle feeding. Fed cattle marketings are going to remain above a year earlier through spring, and unless grain prices move sharply higher, could remain near a year earlier in the second half. Higher feed costs are more than being offset by reduced bids for feeder cattle. Projected 1995/96 ending U.S. feed grain stocks will fall nearly 70 percent from a year earlier, and 56 percent below 1993/94. Global 1995/96 coarse grain supplies also are down sharply from the past two years, and are fueling strong U.S. grain exports in spite of higher prices. The farm price of corn averaged $3.21 in January and is expected to average $3.00 to $3.40 per bushel for the crop year, up from $2.26 in 1994/95 and $2.50 in 1993/94. This would be the highest corn price since 1983's $3.21 per bushel. Hay Stocks Remain Adequate The near record hay crop in 1995 and accumulated grazing in most areas resulted in the second largest December hay stocks since the mid-1980's. Consequently, more calves are being carried into 1996 with the expectation of seasonally stronger prices this spring as grazing begins and grain prospects start to come into focus. Hay prices in January suggest adequate supplies, although quality may be of some concern to the dairy sector. The farm price of all hay in January averaged $81.70 a ton, down nearly $2 from a year earlier. Alfalfa hay prices were down more than $1 a ton, while the price of other hay was down nearly $4 a ton. Alfalfa hay prices rose $2 from December, but the price of other hay declined nearly $4. Inventory Adjustments Continue Cattlemen curtailed expansion plans over the past year amid concerns of a sharply rising beef cow inventory and lower revenues that already had reduced returns to the lowest levels since 1985. Cow-calf operators that had to market calves last fall failed to cover cash costs, but others had sufficient forage to carry larger numbers through the winter and avoid liquidating breeding inventories. Producers indicated on January 1, 1995, that they were retaining nearly 2 percent more heifers for possible herd expansion, the largest number in over a decade. But by July 1, heifer retention was 3 percent below a year earlier. Heifer slaughter rose over 8 percent in 1995 from a year earlier, while total commercial cattle slaughter was nearly 4 percent higher. The inventory of beef replacement heifers on January 1, 1996, was down 4 percent from a year earlier. Changes in cow inventories during the rest of the 1990's will be increasingly influenced by land use adjustments on mixed crop-livestock enterprises that hold a forage base in the Acreage Reduction Program (ARP) and/or Conservation Reserve Program. This land likely will go into expanded grain production if current farm programs are modified. Both programs provided large quantities of higher quality forage to supplement livestock, particularly when drought conditions became severe and the acreage was made available to grazing. Although cow-calf returns are expected to remain very low or negative during the first half of 1996, additional herd reductions may be limited. Replacement heifer cutbacks begun during second-half 1995 in response to rising costs and declining profits already have slowed rates of growth in 1996. Breeding decisions affecting the spring 1996 calf crop were made last spring and early summer when calf prices were trading in the low- to mid- $70's per cwt. However, by fall, when breeding decisions for cows calving during the second half of 1996 were made, calf prices had declined to the low $60's per cwt due to higher grain prices. Producers held second-half heifers calving and entering the herd to 20 percent of the replacement heifer pool on July 1, 1995. The number of first-calf heifers entering herds during July-December was the lowest since 1992, and dropped 16 percent below the previous year. During the first half of 1996, beef cows culled from herds and slaughtered likely will be about offset by first calf heifers entering breeding herds. A high proportion of heifers remaining in the replacement pool on January 1 likely were carrying a calf and expected to deliver this spring. Thus, midyear beef cow inventories are expected to move above a year-earlier despite the 4-percent decline in beef replacement heifers on hand January 1. Fewer heifers are likely to calve and enter herds in second-half 1996, however, and the beef cow inventory on January 1, 1997, may fall slightly below this year's beginning inventory. The difference will be determined by culling rates from beef cow herds next fall. Commercial cow slaughter is projected to rise 5 to 6 percent from a year earlier to about 6.5 million head. Large Feeder Cattle Supplies To Tighten Both the 1994 and 1995 calf crops were revised downward in the January 1 Cattle report. The 1994 calf crop was reduced 670,000 head, while the 1995 crop was reduced by 1.25 million head from the July estimate. The 1996 calf crop is expected to show little change from the 40-40.25 million head of the past 2 years. Feeder cattle supplies outside feedlots on January 1 were up 3 percent from a year earlier, despite larger on-feed inventories and a 13-percent increase in calf slaughter during 1995. Most of these animals likely are steers carried over into the new year. Steer slaughter rose only 1 percent in 1995 from a year earlier in spite of sharply higher imports of Mexican stocker-feeders and larger imports of Canadian slaughter steers. Feeder cattle supplies could begin to tighten as the year progresses. Smaller feeder cattle imports from Mexico are anticipated due to some improvement in pasture conditions and sharply reduced cattle inventories in Mexico. Thus, feedlots may have to bid prices up to attract more cattle away from fall and winter pasture programs. More dairy calves also may be placed on feed, lowering second-half calf slaughter and veal production. Cattle imports from Mexico during January-September 1995 were up over 80 percent from a year earlier. Imports slowed during October-November, and while rising seasonally, were up only about 11 percent from a year earlier. In January 1996, bi-weekly imports reported by APHIS dropped sharply below year-earlier levels. Cattle on Feed Inventories Remain Large Cattle on feed statistics are being modified in 1996, and no longer will be comparable to previous to historical averages. The 7-State monthly and 13-State quarterly cattle on feed reports have been replaced with 7-State, 12-State, and U.S. monthly reports for feedlots with 1,000+ head of capacity. Feedlots with less than 1,000 head capacity will only be reported in January each year. Final data on the old series will be released by NASS in the February Cattle on Feed report. Stronger grain prices in December-early January and declining fed cattle prices, have increased pressure on heavier weight feeder cattle prices. Calf prices in January were down $25 per cwt from a year earlier, and yearling prices traded about $20 lower. A year ago, 500- to 550-pound calves were selling at a premium of $10 per cwt to 750- 800-pound yearlings. These same cattle recently sold at a $5 discount. Higher grain prices are causing feeder cattle prices to adjust. However, the sharp discounts on feeder cattle are keeping feedlots full and profitable. Cattle on feed inventories are expected to remain above a year earlier through the second quarter. Current grain prices have not slowed recent placement rates, with little reaction likely until the farm price of corn moves well above $4 a bushel. However, the increased likelihood of reduced feeder cattle supplies later this year and in 1997 may begin to slow placement and marketing gains of the last couple of years. First-half placements are likely to remain near to slightly above the large levels of a year earlier. Second-half placements will depend on grain prices. However, with a normal crop and expanded acreage this year leading to lower grain prices by summer, placements could rise 2 to 3 percent. Fed cattle marketings are likely to average 2 to 4 percent above a year earlier through the summer quarter, with fourth-quarter marketings rising about 3 to 4 percent. On-feed inventories at the beginning of 1997 may be little changed from this year's level. Cattle Prices To Remain Under Pressure Fed cattle prices remained under pressure in January from large feedlot marketings. Prices are expected to rise in late winter through early spring, and average in the mid-$60's per cwt during the first half. Prices will begin to decline seasonally into summer, averaging near $62, but are likely to touch the upper $50's. Prices this fall are expected to rise to the mid-$60's, and could get additional support from any reductions in cow slaughter and reduced beef supplies if the fall harvest is favorable and corn prices move lower. Meanwhile, cow-calf and stocker cattle producers continue to be hammered by sharply higher grain prices. Prices for 750- to 800-pound feeder cattle at Oklahoma City averaged slightly over $60 in January, the lowest average for this month since 1982. Until grain costs decline or fed cattle prices rise, prices are unlikely to rise much above the low- to mid- $60's, even as spring grazing begins. Utility cow prices strengthened seasonally in January, and averaged near $32 per cwt. Prices may approach $40 this spring as cow slaughter declines seasonally, but likely will average near a year earlier in the mid- $30's this spring and summer, before declining to the lower-$30's this fall. Sharply reduced imports of processing beef are supporting cow beef prices, and cold storage inventories on January 1 were down 5 percent from a year ago. Tight Choice Beef Supplies, Strong Prices Beef production rose about 3 percent in 1995 and will rise nearly 3 percent this year. However, declining beef imports and increasing exports will hold supplies available for domestic consumption about even with a year earlier. First-quarter beef production is expected to rise about 4 percent from a year earlier, with the largest year-over-year increases already behind us. Production increases will slow in late winter through early spring. Spring production may rise about 2 percent as dressed weights and cow slaughter decline seasonally, partially offsetting larger fed cattle marketings. Second-half production may rise 2 to 3 percent from a year earlier. Production increases may not satisfy demand for larger supplies of higher quality Choice beef. High grain prices, heavy placement weights, and a decade of emphasis on "lean" beef have reduced available supplies while competition has increased between domestic and export markets for more highly marbled cuts. In 1995, the retail price for Choice beef rose nearly 1 percent, while the all fresh retail beef price declined 2 percent. This pattern is likely to continue in 1996, although both price series are expected to trend lower due to continued competition from large competing meat supplies. Export Picture Bright Higher feed costs are masking an extremely positive international trade outlook in the beef sector. Beef exports remain strong and are likely to increase even more over the next couple of years. Grain-fed beef supplies from Australia are expected to decline due to higher grain prices and lower feedlot profits. Feeder cattle supplies also are declining as producers hold back more females to rebuild cow herds. Increased U.S. beef supplies and less attractive prices are resulting in sharply lower processing beef imports and less price pressure on the domestic market. Prices for 90 percent lean trimmings, similar to imported processing beef, have been averaging well under year-earlier levels, while 50 percent lean trimmings are selling at a premium to a year earlier. Imported beef is now competing with larger domestic cow slaughter and fed cattle that are heavier but have a higher carcass lean to fat ratio. Also, recently introduced technology is allowing processors to separate more lean muscle from fat while maintaining a high quality product. Beef imports in 1995 are expected to decline about 15 percent from a year earlier, and may remain near this low level in 1996. The U.S. for the first time in modern history is a net beef exporter. And even more important, for at least the next couple of years the only major reliable source, along with Canada, of high quality grain fed beef. Exports are expected to remain strong as beef production in early 1996 continues large, with fairly static to lower prices at least through February. Beef exports likely rose about 14 percent last year and may rise another 15 to 16 percent in 1996. Beef Conversion Factor Updated The carcass-to-retail conversion factor (CF) relating beef consumption at the retail level to the carcass level for 1994 has been reduced to 0.695. Beef carcass-to-retail and carcass-to-boneless equivalent conversion factors -------------------------------- Year Conversion Factor Retail Boneless Equivalent -------------------------------- 1985 0.740 0.698 1986 0.730 0.690 1987 0.710 0.670 1988 0.705 0.667 1989 0.705 0.667 1990 0.705 0.667 1991 0.700 0.663 1992 0.700 0.663 1993 0.700 0.663 1994 0.695 0.661 1995 0.695 0.661 1996 0.695 0.661 The decline reflects a gradual change to more boneless cuts and the rapid change, beginning about 1986, to closer fat trimming before retail sale. Exterior fat left on beef cuts was reduced to one-quarter inch or less from as much as three-quarters to 1 inch. The CF is evaluated annually and adjusted when a minimum of .005 change is indicated. The 1994 CF stays in effect until a reevaluation indicates a change is needed. ERS bases the changes on various data, including the National Consumer Retail Beef Study and National Beef Market Basket Survey reports by Texas A&M University, various industry reports and contacts, and retail merchandising practices. Data in the supply and utilization table in this issue include the 1994 conversion factor change. The decline in the estimate of pounds of beef purchased at retail may not mean an equal change in the actual amount of beef ingested because the fat and bone now removed before retail sale may have been removed before cooking, left in the pan as grease, or left on the plate as table scraps. The conversion factor does indicate that the consumer receives more lean beef per pound of product purchased. Sheep Inventory Continues To Declines Commercial lamb production is projected to trend lower again in 1996 as producers continue cutbacks begun in 1993 when the Wool Incentive Program was modified. Producers were given three years to make adjustments while the program was phased out. They will receive their last government wool incentive payment this spring for wool marketed in 1995. Cumulative production declines since 1992 have reached 25 percent. Commercial production this year is forecast at 254 million pounds, 10 percent below a year earlier. Sheep and lamb inventories have declined about 2.5 million head since January 1993, reaching 8.46 million head on January 1, 1996. Numbers are down 5 percent from January 1995 and 13 percent below 1994. The Nation's flock is projected to begin stabilizing around 8 million head, which should occur by the late 1990's. Inventory cutbacks in recent years are dramatic, but reflect a trend that has been ongoing since the 1940's. The most recent downturn began in 1990, after holding relatively constant between 11 million and 12 million head during most of the 1980's. Larger production and limited distribution channels during the early 1990's forced market lamb prices sharply lower and started producers on their latest round of cuts. The loss of the Wool Incentive Program likely only speeded up the rate of decline. The sheep and lamb industry traditionally has been concentrated in the Plains and Western States. Texas dominates, as it has for several decades. It held 21 percent of the breeding inventory on January 1, nearly unchanged from 1990, 1980, or 1970. Breeding inventories drop by nearly 60 percent before reaching second-ranked Wyoming, followed by California, Montana, and South Dakota. These five States hold slightly over 50 percent of the Nation's breeding flock. The regional distribution of market lambs is slightly different than the breeding flock due to forage availability and location of feedlots. California's Imperial Valley historically has been an important overwintering area and ranked number one this year with nearly a quarter of the market lamb inventory. Texas and Colorado hold the second and third position, and combined with California, held over 50 percent of the market lamb inventory. Breeding inventory declines in the top ranked States have led the national trend, but may be moderating. The number of replacement lambs entering U.S. breeding flocks in 1995 exceeded 425,000 head and was the largest since 1991. Inventories of breeding ewes 1 year and older on January 1 were down 3.3 percent from a year earlier, but only fell 2 percent in Texas, and 1 percent in Wyoming. Imports to Decline in 1996 Lamb and mutton imports are projected to rise nearly 20 percent in 1995 from a year earlier. Shipments from Australia through October 1995 were 16 percent above a year earlier, but all of the increase came from increased shipments of mutton. Lamb imports were down about 22 percent from 1994. Lamb and mutton imports from New Zealand were up nearly 38 percent during January-October 1995 compared to a year earlier. Lamb and mutton imports are projected to decline nearly 10 percent in 1996, due primarily to smaller shipments from Australia. Pasture conditions in that country have improved sufficiently after several years of drought and flock rebuilding is expected to reduce exports. Production in New Zealand is projected to decline in 1996, but export volume may increase slightly. Continued strong prices in the U.S. due to lower production likely will continue to attract New Zealand exports. Lamb and mutton imports accounted for 17 percent of domestic consumption in 1995, the highest percentage since the early 1970's, and well above the previous 5-year average of 14 percent. The seasonal pattern of imports also has adjusted in recent years. Over the past two decades, imports have contributed the largest proportion of domestic consumption during the second quarter, as domestic supplies tightened after Easter and Passover. This pattern has been modified by exporters in the 1990's so that the largest monthly shipments occur in January and likely are targeted for the spring religious holidays. This year's largest production declines are expected in the second half, a trend similar to 1995. Supplies at that time will come primarily from this year's lamb crop. Weight breakouts reported for the January 1 market lamb inventory show inventories over 85 pounds were down nearly 9 percent from a year ago. These animals will provide the bulk of first- quarter production. Supplies of lighter animals also were down 9 percent from a year earlier, and will account for similar year-over-year declines in second-quarter production. Tight domestic supplies will continue to support historically strong live animal and wholesale prices in 1996. Lamb carcass prices began increasing sharply in June 1994 as supplies tightened, and have traded at a higher plateau since then. Wholesale carcass prices averaged $163.45 per cwt in 1995, and are expected to average several dollars higher this year. Smaller supplies have added to price volatility. Wholesale carcasses ranged from $142 to $180 per cwt. in 1995, while slaughter lamb prices traded between $65 and $87. Both the annual range in prices and the spread between live animal and wholesale markets have widened. The seasonal variation in prices also is changing to reflect tighter domestic supplies and possibly a different demand structure that comes primarily from institutional buyers. Some of the highest prices reported last year were during the summer quarter when supplies were tightest. Traditionally, prices showed their biggest advances in the period leading up to the spring religious holidays and then dropped sharply. Last year's prices were near their lowest point in the spring quarter and reached their peak during the summer quarter. A similar price pattern is anticipated in 1996, with projected supply cuts likely to add to price volatility. High Plains cattle feeding simulator ------------------------------------------------------------------------------ Purchased During Apr-95 May-95 Jun-95 Jul-95 Aug-95 Sep-95 Oct-95 Marketed During Aug-95 Sep-95 Oct-95 Nov-95 Dec-95 Jan-96 Feb-96 ------------------------------------------------------------------------------ Expenses: ($/head) 750 lb. feeder steer 501.08 496.72 513.45 507.00 507.60 505.73 510.60 Total feed, handling and management char 146.98 153.63 160.56 162.43 160.19 172.68 178.76 Interest on feeder and 1/2 feed 27.68 27.44 28.37 28.01 28.04 27.94 27.42 Death loss (1% of purchase) 5.01 4.97 5.13 5.07 5.08 5.06 5.11 Marketing 1/ f.o.b. f.o.b. f.o.b. f.o.b. f.o.b. f.o.b. f.o.b. Total 680.75 682.77 707.52 702.51 700.91 711.41 721.88 Selling price required to cover: $/cwt. Feed and feeder cost 42.23 41.87 43.44 43.10 43.58 43.86 44.56 All costs 57.38 57.55 59.85 59.72 60.18 61.70 63.00 Selling price 2/ 61.95 63.80 64.89 67.94 66.14 64.63 Net margin 4.57 6.25 5.04 8.22 5.96 2.93 Cost per 100 lb. gain: Variable cost less interest $/cwt 34.82 36.34 38.35 39.29 39.85 44.09 46.45 Feed costs $/cwt 33.68 35.20 37.16 38.10 38.63 42.84 45.16 Total costs $/cwt 41.17 42.63 44.91 45.86 46.62 51.03 53.37 Prices: ($/cwt) Choice feeder steer 750-800 lb. Ok City 65.41 64.83 67.06 66.20 66.28 66.03 66.68 Feed, Prices, High P Milo $/cwt 4.28 4.54 4.81 4.91 4.82 5.22 5.67 Corn $/cwt 4.77 5.02 5.34 5.43 5.34 5.73 6.13 Wheat $/cwt 5.63 5.96 6.74 7.54 7.38 7.88 8.22 Cottonseed Meal (41%) $/cwt. 5.75 5.75 5.75 5.88 5.90 7.00 8.08 Alfalfa hay $/ton 122.00 120.00 114.00 116.00 116.00 116.00 108.00 Interest, annual rate 3/ 11.05 11.05 11.05 11.05 11.05 11.05 10.74 ------------------------------------------------------------------------------ 1/ Most cattle sold f.o.b. at the feedlot with 4-percent shrink. 2/ Choice slaughter steers, 1100-1300 lb, Texas-Oklahoma direct. 3/ Prime rate plus 2 points. Commercial cattle slaughter ---------------------------------------------------------------------------- Steers & Total Total Average Year Steers Heifers heifers cows Bulls Cattle weight ---------------------------------------------------------------------------- 1993 I 4,031 2,190 6,221 1,542 147 8,676 700 II 4,524 2,355 6,879 1,423 166 8,270 704 III 4,537 2,480 7,017 1,479 180 8,162 704 IV 4,130 2,333 6,463 1,642 166 8,583 704 Year 17,222 9,358 26,580 6,086 659 33,690 703 1994 I 4,138 2,357 6,495 1,517 150 8,162 704 II 4,728 2,356 7,084 1,335 164 8,583 704 III 4,835 2,434 7,269 1,384 172 8,825 723 IV 4,326 2,442 6,768 1,705 155 8,627 709 Year 18,027 9,589 27,616 5,941 641 34,196 710 1995 I 4,218 2,443 6,661 1,576 163 8,400 700 II 4,883 2,575 7,458 1,387 171 9,016 700 III 4,903 2,751 7,654 1,404 174 9,232 715 IV 4,268 2,624 6,892 1,777 167 8,836 707 Year 18,272 10,393 28,665 6,144 675 35,483 706 1996 I /2 6,866 1,650 8,694 705 II /2 7,545 1,475 9,195 699 III /2 7,700 1,500 9,378 714 IV 2/ 7,015 1,850 9,035 708 Year 2/ 29,126 6,475 36,302 707 ---------------------------------------------------------------------------- 1/ Classes estimated. 2/ Forecast Cattle prices ------------------------------------------ Ok City Nebraska Fdr Sioux Falls Year Steer Steer Utility Cow ------------------------------------------ Dollars per cwt 1993 I 80.65 85.76 47.75 II 79.78 86.80 49.20 III 73.77 87.99 49.29 IV 71.23 85.27 43.83 Year 76.36 86.45 47.52 1994 I 73.11 82.14 44.44 II 68.79 77.63 46.16 III 65.83 76.37 42.77 IV 67.63 74.74 36.68 Year 68.84 77.72 42.51 1995 I 71.58 72.62 39.58 II 64.70 65.77 37.18 III 62.65 66.17 34.93 IV 66.10 67.55 30.61 Year 66.26 68.03 35.58 1996 I /2 65-67 63-65 33-35 II /2 63-67 63-67 36-38 III 2/ 60-64 62-68 34-36 IV /2 62-68 62-67 33-35 Year 62-67 63-67 34-36 ------------------------------------------ 1/ Classes estimated. 2/ Forecast Total heifers entering cow herd January-June ---------------------------------------------------------------------- Jan 1 Intended Total 2/ July 1 Heifers Percent cow herd re- disap- cow in- entering enter- Year inven- placements pearance ventory the herd ing tory Jan 1 Jan-Jun Jan-Jun ---------------------------------------------------------------------- --------------------1,000 head--------------------Percent 1980 47,866 10,101 3,303 49,941 5,378 53.2 1981 49,622 10,479 3,600 51,004 4,982 47.5 1982 50,216 11,154 3,926 49,990 3,700 33.2 1983 48,986 10,881 3,886 49,600 4,500 41.4 1984 48,543 10,714 4,564 48,500 4,521 42.2 1985 46,182 10,318 3,971 46,300 4,089 39.6 1986 44,869 9,874 4,340 45,000 4,471 45.3 1987 44,412 9,519 3,699 44,400 3,687 38.7 1988 43,494 9,371 3,468 43,900 3,874 41.3 1989 42,625 9,442 3,517 43,000 3,892 41.2 1990 42,469 9,454 3,347 42,900 3,778 40.0 1991 42,485 9,536 3,229 43,200 3,944 41.4 1992 42,735 9,774 3,271 43,600 4,136 42.3 1993 43,023 10,268 3,395 44,600 4,972 48.4 1994 44,178 10,509 3,294 45,100 4,216 40.1 1995 44,643 10,616 3,409 45,600 4,366 41.1 ---------------------------------------------------------------------- 1/ Death loss calculated as 1% of January 1 cow inventory plus cow slaughter 2/ Death loss calculated as 1/2% of January 1 cow inventory plus cow slaughter Total heifers entering cow herd July-December ---------------------------------------------------------------------- Jan 1 July 1 Intended Total 2/ entering Heifers Percent cow in- herd re- disap- cow in- entering enter- Year ventory placements pearance ventory the herd ing July 1 Jul-Dec following Jul-Dec year ---------------------------------------------------------------------- --------------------1000 head -------------------- Percent 1980 49,941 10,214 3,746 49,622 3,427 33.6 1981 51,004 10,856 3,788 50,216 3,000 27.6 1982 49,990 10,900 4,184 48,986 3,180 29.2 1983 49,600 10,680 4,447 48,543 3,390 31.7 1984 48,500 10,450 4,786 46,182 2,468 23.6 1985 46,300 9,900 4,111 44,869 2,680 27.1 1986 45,000 9,500 4,294 44,412 3,706 39.0 1987 44,400 9,400 3,577 43,494 2,671 28.4 1988 43,900 9,200 3,522 42,625 2,247 24.4 1989 43,000 9,200 3,438 42,469 2,907 31.6 1990 42,900 9,100 3,210 42,485 2,795 30.7 1991 43,200 9,300 3,031 42,735 2,566 27.6 1992 43,600 9,700 3,216 43,023 2,639 27.2 1993 44,600 9,700 3,336 44,178 2,914 30.0 1994 45,100 9,900 3,310 44,643 2,853 28.8 1995 45,600 9,600 3,404 44,745 2,549 26.6 ---------------------------------------------------------------------- 1/ Death loss calculated as 1% of January 1 cow inventory plus cow slaughter 2/ Death loss calculated as 1/2% of January 1 cow inventory plus cow slaughter Beef heifers entering cow herd January-June ---------------------------------------------------------------------- Jan 1 Intended Total 2/ July 1 Heifers Percent cow herd re- disap- cow in- entering enter- Year inven- placements pearance ventory the herd ing tory Jan 1 Jan-Jun Jan-Jun ---------------------------------------------------------------------- -------------------- 1,000 he--------------------Percent 1986 33,753 5,165 2,333 34,150 2,730 52.8 1987 33,945 5,214 2,124 34,000 2,179 41.8 1988 33,183 5,249 1,953 33,650 2,420 46.1 1989 32,488 5,325 1,915 33,000 2,427 45.6 1990 32,454 5,283 1,851 32,900 2,297 43.5 1991 32,520 5,443 1,683 33,400 2,563 47.1 1992 33,007 5,643 1,695 33,900 2,588 45.9 1993 33,365 6,092 1,767 34,900 3,302 54.2 1994 34,650 6,365 1,744 35,600 2,694 42.3 1995 35,156 6,475 1,864 36,100 2,808 43.4 -------------------------------------------------------------------------- 1/ Death loss calculated as 1% of January 1 cow inventory plus cow slaughter 2/ Death loss calculated as 1/2% of January 1 cow inventory plus cow slaughter Beef heifers entering cow herd July-December ---------------------------------------------------------------------- July 1 Intended Total 2/ Jan 1 Heifers Percent cow herd re- disap- cow in- entering enter- Year inven- placements pearance ventory the herd ing tory July 1 Jul-Dec next year Jul-Dec ---------------------------------------------------------------------- --------------------1,000 head-------------------- Percent 1986 34,150 4,800 2,401 33,945 2,196 45.7 1987 34,000 4,800 2,041 33,183 1,224 25.5 1988 33,650 4,800 1,918 32,488 756 15.7 1989 33,000 4,800 1,920 32,454 1,374 28.6 1990 32,900 5,000 1,815 32,520 1,435 28.7 1991 33,400 5,200 1,516 33,007 1,123 21.6 1992 33,900 5,600 1,681 33,365 1,146 20.5 1993 34,900 5,700 1,759 34,650 1,509 26.5 1994 35,600 5,900 1,797 35,156 1,353 22.9 1995 36,100 5,700 1,904 35,333 1,137 19.9 -------------------------------------------------------------------------- 1/ Death loss calculated as 1% of January 1 cow inventory plus cow slaughter 2/ Death loss calculated as 1/2% of January 1 cow inventory plus cow slaughter January 1 cattle inventory ---------------------------------------------------------------------- Percent 1993 1994 1995 1996 change Class 1995/94 ---------------------------------------------------------------------- 1,000 head Cattle and calves 99,176 100,988 102,755 103,819 1.0% Cows and heifers that have calved 43,023 44,178 44,643 44,745 0.2% Beef cows 33,365 34,650 35,156 35,333 0.5% Milk cows 9,658 9,528 9,487 9,412 -0.8% Heifers 500 lb+ 18,818 19,577 19,891 20,068 0.9% For beef cow replacement 6,092 6,365 6,475 6,184 -4.5% For milk cow replacement 4,176 4,144 4,141 4,105 -0.9% Other heifers 8,550 9,068 9,275 9,779 5.4% Steers 500 lb+ 16,940 17,042 17,463 18,082 3.5% Bulls 500 lb+ 2,278 2,307 2,390 2,392 0.1% Calves under 500 lb 18,117 17,884 18,369 18,533 0.9% Calf crop: Jan-June 28,800 29,300 29,500 July-Dec 10,648 10,759 10,751 ---------------------------------------------------------------------- 1/ Indicates estimated July-December calf crop. Selected price statistics for meat animals and meat ------------------------------------------------------------------------------- Item Aug-95 Sep-95 Oct-95 Nov-95 Dec-95 Jan-96 /* ------------------------------------------------------------------------------- Slaughter Steers: Choice, 1100-1300 lb Nebraska direct 62.18 63.23 64.44 67.51 66.34 63.90 Colorado 61.38 63.00 66.83 68.00 66.00 64.00 Texas 61.95 63.80 64.89 67.94 66.14 64.63 California 60.88 63.00 64.41 67.08 66.08 64.13 Slaughter heifers: Nebraska Choice, 1000-1200 lb 62.14 63.20 64.47 67.50 66.33 63.92 Cows: Sioux Falls Commercial 40.16 37.17 35.83 33.35 35.67 37.94 Breaking Utility 39.16 36.17 34.44 29.85 33.83 36.44 Boning Utility 36.39 34.13 32.25 29.18 30.40 31.94 Cutter 32.26 29.90 27.81 27.38 28.28 29.85 Canner 30.21 27.50 25.89 22.91 25.03 26.56 Feeder steers: Okla. City Medium No. 1 500-550 lb 70.44 66.46 64.33 63.88 65.13 61.81 600-650 lb 68.84 65.69 64.10 64.06 63.58 59.75 750-800 lb 66.28 66.03 66.68 67.63 68.33 60.13 Amarillo Medium No. 1, 600-650 lb 65.30 63.50 63.10 60.88 60.00 55.11 Georgia Auctions Medium No. 1-2, 400-500 lb 57.59 54.97 52.97 52.18 52.11 49.33 600-700 lb 56.95 55.53 53.28 52.48 52.83 50.39 Feeder heifers: Medium No. 1, Okla. City 450-500 lb 63.44 58.33 56.83 55.78 56.00 53.91 700-750 lb 62.78 62.42 61.63 63.78 62.71 55.78 Slaughter lambs: Choice, San Angelo 87.00 80.00 75.50 72.00 70.50 74.44 Choice, So. St. Paul 83.09 81.03 73.19 68.13 68.47 69.94 Slaughter ewes, Good: San Angelo 33.29 32.13 29.80 30.83 34.83 40.50 So. St. Paul 23.14 19.84 21.00 19.30 19.69 26.47 Feeder lambs: San Angelo 81.67 80.84 80.78 81.33 83.83 87.69 So. St. Paul 80.07 78.50 71.20 71.33 77.80 81.50 Farm prices: Beef cattle 59.40 59.10 58.80 60.70 60.60 59.20 Calves 70.80 68.50 66.20 64.00 63.30 59.80 Sheep 27.00 26.00 24.40 23.90 26.10 NA Lambs 85.70 82.70 77.80 77.00 76.60 NA Meat prices: Wholesale, Central U.S. Boxed beef cutout Choice, 1-3 550-700 lb 102.55 105.82 107.77 108.88 106.08 101.71 700-850 lb 101.78 104.12 106.85 107.14 104.01 99.40 Select, 1-3 550-700 lb 93.70 97.00 95.06 96.33 95.83 97.30 700-850 lb 92.98 95.61 93.03 94.76 94.39 95.77 Cutter Cows 68.23 64.34 61.51 58.94 58.82 61.72 Wholesale, East Coast Choice & Prime Veal carcass 200-280 lb 173.14 194.35 190.28 170.83 164.52 163.26 Lamb carcass < 55 lb 180.25 172.75 162.25 160.25 165.25 165.25 55-65 lb 180.25 172.75 162.25 160.25 160.25 160.25 Retail beef prices: Choice 284.40 283.50 285.30 286.40 284.10 NA All fresh 256.44 254.72 257.15 259.27 260.47 NA ------------------------------------------------------------------------------- /* Preliminary Selected slaughter statistics for meat animals and meat ------------------------------------------------------------------------------- Item Aug-95 Sep-95 Oct-95 Nov-95 Dec-95 Jan-96 /* ------------------------------------------------------------------------------- Commercial: 1/ Slaughter Cattle 3,220 3,082 3,057 2,968 2,811 3,118 Steers 1,730 1,578 1,464 1,397 1,407 1,544 Heifers 936 946 953 880 791 910 Beef cows 252 261 327 365 311 330 Dairy cows 240 237 252 268 254 280 Bulls and Stags 62 60 61 58 48 54 Calves 124 122 129 129 129 143 Sheep and Lambs 372 360 371 378 371 364 Lambs 346 336 347 353 348 343 Ewes 26 24 24 25 23 21 Production Beef 2,308 2,212 2,171 2,089 1,990 2,211 Veal 26 26 27 27 26 30 Lamb and mutton 23 21 23 23 23 23 Pork 1,503 1,438 1,574 1,609 1,506 1,580 Federally inspected: Average live wt Cattle 1,192 1,197 1,195 1,192 1,197 1,199 Calves 357 360 360 353 354 359 Sheep and lambs 123 119 123 124 126 127 Average dressed wt Cattle 723 724 718 711 715 716 Steers 778 786 785 785 784 780 Heifers 708 716 718 718 721 718 Cows 536 528 526 524 528 536 Bulls 864 855 850 843 840 851 Calves 209 211 212 208 208 214 Sheep and lambs 62 60 61 62 63 64 Cold storage stocks: Beef 358.7 344.9 347.7 380.8 380.7 390.1 Veal 9.5 7.9 7.1 7.5 7.3 6.9 Lamb and mutton 10.7 10.2 7.4 7.5 7.8 7.4 Trade: Imports (carcass wt) Beef and veal 191,327 146,678 160,674 137,611 NA NA Lamb and mutton 4,005 4,100 5,564 5,486 NA NA Exports (carcass wt) Beef and veal 3/ 181,038 163,200 167,095 178,264 NA NA Lamb and mutton 514 320 273 471 NA NA ----------------------------------------------------------------------------- 1/ Classes estimated. 2/ Beginning of the month. /* Estimate Meat supply, carcass weight 1/ ---------------------------------------------------------------- Production ----------------------Begin- Year Commer- Total ning Im- Total cial stocks ports supply ---------------------------------------------------------------- Million pounds Beef: 1993 22,942 23,049 360 2,401 25,810 1994 I 5,745 5,783 529 681 6,993 II 6,042 6,058 562 602 7,222 III 6,377 6,393 506 586 7,485 IV 6,114 6,152 543 499 7,194 Year 24,278 24,386 529 2,368 27,283 1995 I 5,877 5,915 548 572 7,035 II 6,312 6,328 515 540 7,383 III 6,602 6,618 471 539 7,628 IV 6,250 6,288 464 399 7,151 Year 25,041 25,149 548 2,050 27,747 1996 I 2/ 6,125 6,163 519 500 7,182 II 2/ 6,425 6,441 500 540 7,481 III 2/ 6,700 6,716 450 540 7,706 IV 2/ 6,400 6,438 425 500 7,363 Year 2/ 25,650 25,758 519 2,080 28,357 Pork: 1993 17,030 17,088 385 740 18,213 1994 I 4,181 4,191 359 205 4,755 II 4,239 4,248 467 206 4,921 III 4,326 4,335 478 168 4,981 IV 4,912 4,922 419 164 5,505 Year 17,658 17,696 359 743 18,798 1995 I 4,488 4,498 438 173 5,109 II 4,394 4,403 495 167 5,065 III 4,240 4,249 498 154 4,901 IV 4,689 4,699 389 160 5,248 Year 17,811 17,849 438 654 18,941 1996 I 2/ 4,400 4,410 396 165 4,971 II 2/ 4,450 4,459 460 165 5,084 III 2/ 4,525 4,534 480 160 5,174 IV 2/ 4,950 4,960 420 160 5,540 Year 2/ 18,325 18,363 396 650 19,409 Veal: 1993 267 285 5 290 1994 I 71 74 4 78 II 68 70 4 74 III 68 70 5 75 IV 76 79 6 85 Year 283 293 4 297 1995 I 78 81 6 87 II 74 76 9 85 III 76 78 8 86 IV 80 83 7 90 Year 308 318 6 324 1996 I 2/ 79 82 7 89 II 2/ 76 78 6 84 III 2/ 77 79 6 85 IV 2/ 80 83 6 89 Year 2/ 312 322 7 329 Lamb: 1993 329 337 8 53 398 1994 I 86 87 8 13 108 II 79 80 11 14 105 III 66 67 12 11 90 IV 73 74 9 11 94 Year 304 308 8 49 365 1995 I 78 79 11 16 106 II 73 74 13 18 105 III 63 64 12 12 88 IV 69 70 7 13 90 Year 283 287 11 59 357 1996 I 2/ 72 73 7 14 94 II 2/ 67 68 8 14 90 III 2/ 56 57 10 12 79 IV 2/ 59 60 9 13 82 Year 2/ 254 258 7 53 318 1/ Totals may not add due to rounding. 2/ Forecast Meat utilization, carcass and retail weight 1/ ---------------------------------------------------------------- Per capita Total Consumption Year Ex- Ending disap- Carcass Retail ports stocks pearance weight weight ---------------------------------------------------------------- Million pounds Pounds Beef: 1993 1,275 529 24,006 93.0 65.1 1994 I 359 562 6,072 23.4 16.2 II 391 506 6,325 24.3 16.9 III 416 543 6,526 25.0 17.4 IV 445 548 6,201 23.7 16.5 Year 1,611 548 25,124 96.4 67.0 1995 I 368 515 6,152 23.5 16.3 II 452 471 6,460 24.6 17.1 III 499 464 6,665 25.3 17.6 IV 516 519 6,116 23.2 16.1 Year 1,835 519 25,393 96.6 67.1 1996 I 2/ 450 500 6,232 23.6 16.4 II 2/ 535 450 6,496 24.5 17.0 III 2/ 560 425 6,721 25.3 17.6 IV 2/ 575 475 6,313 23.7 16.5 Year 2/ 2,120 475 25,762 97.1 67.5 Pork: 1993 435 359 17,419 67.5 52.4 1994 I 104 467 4,184 16.1 12.5 II 115 478 4,328 16.6 12.9 III 131 419 4,431 17.0 13.2 IV 181 438 4,886 18.7 14.5 Year 531 438 17,829 68.4 53.1 1995 I 187 495 4,427 16.9 13.1 II 194 498 4,373 16.6 12.9 III 199 389 4,313 16.4 12.7 IV 204 396 4,648 17.6 13.7 Year 784 396 17,761 67.5 52.4 1996 I 2/ 190 460 4,321 16.3 12.7 II 2/ 230 480 4,374 16.5 12.8 III 2/ 225 420 4,529 17.0 13.2 IV 2/ 255 400 4,885 18.3 14.2 Year 2/ 900 400 18,109 68.1 52.9 Veal: 1993 4 286 1.1 0.9 1994 I 4 74 0.3 0.2 II 5 69 0.3 0.2 III 6 69 0.3 0.2 IV 6 79 0.3 0.3 Year 6 291 1.2 0.9 1995 I 9 78 0.3 0.2 II 8 77 0.3 0.2 III 7 79 0.3 0.2 IV 7 83 0.3 0.3 Year 7 317 1.2 0.9 1996 I 2/ 6 83 0.3 0.3 II 2/ 6 78 0.3 0.2 III 2/ 6 79 0.3 0.2 IV 2/ 6 83 0.3 0.3 Year 2/ 6 323 1.2 1.0 Lamb: 1993 8 8 381 1.5 1.3 1994 I 2 11 95 0.4 0.3 II 3 12 90 0.3 0.3 III 2 9 79 0.3 0.3 IV 2 11 81 0.3 0.3 Year 9 11 345 1.3 1.2 1995 I 2 13 91 0.3 0.3 II 1 12 92 0.4 0.3 III 2 7 79 0.3 0.3 IV 2 7 81 0.3 0.3 Year 7 7 343 1.3 1.2 1996 I 2/ 2 8 84 0.3 0.3 II 2/ 2 10 78 0.3 0.3 III 2/ 2 9 68 0.3 0.2 IV 2/ 2 11 69 0.3 0.2 Year 2/ 8 11 299 1.2 1.0 1/ Totals may not add due to rounding. 2/ Forecast Beef, Choice Yield Grade 3: Retail, wholesale, and farm values 1/ ------------------------------------------------------------------------ All By- fresh Choice Gross product Net retail retail Wholesale farm allow- farm Year price price value value ance value ------------------------------------------------------------------------ Cents/lb 1990 262.5 281.0 189.6 188.9 20.5 168.4 1991 271.0 288.3 182.5 178.4 18.2 160.2 1992 266.4 284.6 179.6 180.9 19.1 161.8 1993 271.5 293.4 182.5 183.7 19.5 164.1 1994 Jan. 270.4 286.8 172.4 173.6 19.2 154.4 Feb. 268.9 284.9 172.7 174.7 19.2 155.5 Mar. 267.7 288.3 176.9 180.2 19.6 160.6 I 269.0 286.7 174.0 176.2 19.4 156.8 Apr. 269.9 287.1 176.8 180.7 19.9 160.8 May 271.5 288.1 167.6 164.8 19.0 145.8 June 265.0 283.3 158.5 152.9 19.0 133.9 II 268.8 286.2 167.6 166.1 19.3 146.8 July 262.2 280.1 160.4 156.7 19.5 137.2 Aug. 261.7 278.4 166.6 160.8 20.0 140.8 Sept. 262.1 280.0 162.0 158.2 21.4 136.8 III 262.0 279.5 163.0 158.6 20.3 138.3 Oct. 263.5 277.9 159.2 158.7 21.9 136.8 Nov. 257.0 280.2 163.8 164.5 22.8 141.7 Dec. 260.4 279.4 164.3 165.7 23.7 142.0 IV 260.3 279.2 162.4 163.0 22.8 140.2 Year 265.0 282.9 166.8 166.0 20.4 145.5 1995 Jan. 261.8 282.6 171.7 173.7 23.7 150.0 Feb. 261.7 284.3 170.4 174.6 23.3 151.3 Mar. 265.3 284.7 165.7 169.5 23.2 146.3 I 262.9 283.9 169.3 172.6 23.4 149.2 Apr. 260.1 283.7 158.5 162.2 22.8 139.4 May 261.5 282.2 160.4 154.0 21.1 132.9 June 257.5 283.4 165.6 154.2 20.1 134.1 II 259.7 283.1 161.5 156.8 21.3 135.5 July 258.1 287.4 158.5 149.0 19.9 129.1 Aug. 256.4 284.4 157.8 149.5 19.9 129.6 Sept. 254.7 283.5 162.6 152.7 19.3 133.4 III 256.4 285.1 159.6 150.4 19.7 130.7 Oct. 257.2 285.3 165.5 153.7 19.4 134.3 Nov. 259.3 286.4 167.0 162.1 20.7 141.4 Dec. 260.5 284.1 162.8 158.9 20.4 138.5 IV 259.0 285.3 165.1 158.2 20.1 138.1 Year 259.5 284.3 163.9 159.5 21.2 138.4 ------------------------------------------------------------------------ 1/ Series revised August 1990. 2/ Estimated weighted-average of BLS prices of retail cuts from Choice Yield Grade 3 carcass. 3/ Value of wholesale quantity equivalent to 1 lb of retail cuts. A whole 4/ Market value to producer for 2.4 lb of live animal, equivalent to 1 lb of retail cuts. 5/ Portion of gross farm value attributed to edible and inedible by-products. 6/ Gross farm value minus farm by-product allowance. 7/ Percent net farm value is of retail price. Beef, Choice Yield Grade 3 spreads and farmers' share 1/ -------------------------------------------------------------- Farm retail-spread ------------------------------ Wholesale Farm to Farmers' 5-mkt Year Total to retail wholesale share steers -------------------------------------------------------------- Cents/lb Percent $/cwt 1990 112.6 91.4 21.2 59.9 78.7 1991 128.1 105.8 22.3 55.6 74.3 1992 122.8 105.0 17.8 56.9 75.4 1993 129.3 110.9 18.4 55.8 76.5 1994 Jan. 132.4 114.4 18.0 53.8 72.4 Feb. 129.4 112.2 17.2 54.6 72.8 Mar. 127.7 111.4 16.3 55.7 75.1 I 129.9 112.7 17.2 54.7 73.4 Apr. 126.3 110.3 16.0 56.0 75.3 May 142.3 120.5 21.8 50.6 68.7 June 149.4 124.8 24.6 47.3 63.7 II 139.4 118.6 20.8 51.3 69.2 July 142.9 119.7 23.2 49.0 65.3 Aug. 137.6 111.8 25.8 50.6 67.0 Sept. 143.2 118.0 25.2 48.9 65.9 III 141.2 116.5 24.7 49.5 66.1 Oct. 141.1 118.7 22.4 49.2 66.1 Nov. 138.5 116.4 22.1 50.6 68.5 Dec. 137.4 115.1 22.3 50.8 69.1 IV 139.0 116.8 22.2 50.2 67.9 Year 137.4 116.1 21.2 51.6 69.2 1995 Jan. 132.6 110.9 21.7 53.0 72.4 Feb. 133.0 113.9 19.1 53.0 72.8 Mar. 138.4 119.0 19.4 51.0 70.6 I 134.7 114.6 20.1 52.6 71.9 Apr. 144.3 125.2 19.1 49.0 67.6 May 149.3 121.8 27.5 47.0 64.2 June 149.3 117.8 31.5 47.0 64.2 II 147.6 121.6 26.0 47.9 65.3 July 158.3 128.9 29.4 45.0 62.1 Aug. 154.8 126.6 28.2 46.0 62.3 Sept. 150.1 120.9 29.2 47.0 63.6 III 154.4 125.5 28.9 45.8 62.7 Oct. 151.0 119.8 31.2 47.0 64.0 Nov. 145.0 119.4 25.6 49.0 67.5 Dec. 145.6 121.3 24.3 49.0 66.2 IV 147.2 120.2 27.0 48.4 65.9 Year 146.0 120.5 25.5 48.6 66.5 -------------------------------------------------------------- Average retail beef cut prices ------------------------------------------------------------------------ Aug-95 Sep-95 Oct-95 Nov-95 Dec-95 ------------------------------------------------------------------------ Dollars/lb Dollars/lb Ground chuck 1.82 1.78 1.85 1.85 1.85 Ground beef 1.33 1.38 1.37 1.37 1.40 Ground beef 2.04 2.06 2.08 2.05 2.04 Chuck roast, bone-in 2.04 1.99 2.08 2.10 2.11 Chuck roast 1/ 2.06 2.08 2.11 2.23 2.17 Chuck roast, boneless 2.36 2.41 2.45 2.45 2.50 Round roast, boneless 2.79 2.81 2.91 2.85 2.77 Round roast 1/ 2.62 2.63 2.77 2.77 2.81 Rib roast, bone-in 4.96 4.93 4.91 5.10 4.81 Steak, T-Bone, bone-in 6.13 5.95 6.03 6.07 5.92 Steak, rib-eye, bonele 6.41 6.35 6.26 6.28 6.70 Steak, round, boneless 3.11 3.15 3.15 3.22 3.20 Steak, round 1/ 2.87 2.97 2.94 2.98 2.94 Steak, sirloin 1/ 3.76 3.66 3.63 3.72 3.62 Steak, sirloin, bonele 4.30 4.16 4.17 4.16 4.01 Beef for stew, boneles 2.49 2.43 2.52 2.51 2.54 1/ Non Choice or Prime END-END-END