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.”