Boxed beef cutout values this afternoon were higher on Choice and sharply higher on Select on light to moderate demand and light offerings, USDA said.
- Choice rose 1.45 to $209.14/cwt.
- Select went up 2.35 to $198.08.
In negotiated cash sales in Nebraska, the USDA reported 558 head sold dressed at $173-$174, and none sold live. In Iowa/Minnesota, 105 head were sold dressed at $171, and none were sold live.
The monthly USDA reports saw 2020 beef production at 27.158 billion lbs. 2021 production was decreased by 70m lbs to 27.190 billion. That came mostly via a Q2 revision, said Brugler Marketing.. 2021 Q3 was also revised lower. USDA estimates Monday’s cattle slaughter at 119k head.
A fund trader is buying deferred contracts but cash news is weak, according to Stewart-Peterson. Futures contracts continue to fall as support levels of 135.00 refused to hold.