Boxed beef cutout values this afternoon were steady on Choice and higher on Select on moderate to fairly good demand and light offerings, USDA said.

  • Choice rose 3 cents to $215.66/cwt.
  • Select went up $2.02 to $188.68.

In negotiated cash sales in Nebraska, the USDA reported 6,826 head sold dressed at $171-172, with 1,351 head sold live at $109-110.75. In Iowa/Minnesota, 2,154 head were sold live at $105-110, and 1,983 head were sold dressed at $170-172.

Strong beef values are supporting the recent uptrend in cattle, Virginia McGathey said. “Trade talks offer hope, but it’s still uncertain on market direction,” she said.

Despite a higher close, “buying in the cattle markets seems limited due to the extreme overbought conditions of the market, as well as a sharp premium of futures prices to the cash market,” Stewart-Peterson said. “Live cattle markets are still consolidating near their recent highs while the feeder markets are possibly forming pennant continuation patterns that could point higher.”

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