Boxed beef cutout values this afternoon were steady on Choice and higher on Select on light to moderate demand and light offerings, USDA said.
- Choice rose $2.21 to $212.76/cwt.
- Select went up $2.07 to $210.30.
In negotiated cash sales in Iowa/Minnesota, the USDA reported 80 head were sold live at $125, and 39 head were sold dressed at $199. There were no reported sales in Nebraska.
“The February cattle contract looks more like a market which is temporarily stalling out after a sustained run, readying itself for the next leg up versus a market getting ready to capitulate,” William Moore of Price Futures Group said. He noted that strong cash markets are helping futures despite big placements and likely strong production.
“Weather forecasts are showing below normal temps and mixed precipitation probabilities for the Plains, which should be relatively neutral for futures markets,” Stewart-Peterson said.