Boxed beef cutout values this afternoon were weak to lower on light to moderate demand and offerings, USDA said.
- Choice was down 72 cents to $216.44/cwt.
- Select fell 99 cents to $212.01.
In negotiated cash sales in Nebraska, the USDA reported no live trade, and 38 head were sold dressed at $200. In Iowa-Minnesota, there were 1,317 sold live for $123-124, and 882 sold dressed for $199-200.
Beef values have presented challenges, but in general the market is just dealing with unknowns and awaiting info. “Beef values have become somewhat stagnant, but feed lot conditions remain poor and cattle weights are coming down,” Stewart-Peterson said. "Today's Online Fed Cattle Exchange should give the market an idea of where cash trade could be headed later this week.”
The technical information suggested there could be a short-term downturn in cattle markets. “Momentum studies trending lower at mid-range could accelerate a price break if support levels are broken,” the Hightower Report said. “The market back below the 18-day moving average suggests the intermediate-term trend could be turning down.”