Boxed beef cutout values this afternoon were steady on select and sharply higher on Choice on moderate to good demand and moderate offerings, USDA said.
- Choice rose $2.23 to $230.98/cwt.
- Select went up 20 cents to $221.22.
In negotiated cash sales in Iowa-Minnesota, the USDA reported 110 head sold live at $127-128, with no dressed sales. There were no reported sales in Nebraska.
Choppy and two-sided trade hit the cattle market today, however some of the choppier trade in hogs and “talk that feedlot conditions will improve ahead helped to spark some selling,” The Hightower Report said.
William Moore of the Price Futures Group said that last week’s stiff discount to the cash market, plus spill-over demand from the pork complex helped the cattle have a good week last week. “The market is also looking favorable ahead at an imminent trade resolution which should ‘beef up’ exports,” he said.