Boxed beef cutout values this afternoon were lower on Choice and Select, the USDA said.
- Choice was 73 cents lower to $248.40/cwt.
- Select was down $4.03 to $222.11.
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In negotiated cash sales in Nebraska, the USDA reported 2,362 head sold live for $143-149, and 10,375 head sold dressed for $227-232. In Iowa/Minnesota, there were 12,064 head sold live for $142-147, and 3,294 head sold dressed for $226-232.
“With beef prices at the lowest level since March 2021, it may be a stretch to expect cash markets to trend moderately higher over the near term,” the Hightower Report said. “Futures hold a stiff premium to the cash market. US beef export sales for the week ending September 15 came in at 15,150 tonnes for 2022 delivery and 337 for 2023 for a total of 15,847.”
“Both live and feeder cattle are lower as the dollar continues higher,” Total Farm Marketing said. “Export sales were quiet with net sales of 15,200 mt for 2022 primarily to China, Japan, and South Korea, and exports of 18,600 mt. Tomorrow’s Cattle on Feed report is likely putting some pressure on futures, and lower boxed beef has not been helpful either.”