On Thursday May 2, the Choice beef cutout averaged $200.58 per hundredweight, topping the $200 milestone for the first time ever. The Select cutout averaged $190.64, making the Choice-Select spread $9.94.
During 2012, boxed-beef prices rallied and flirted with the $200 mark several times, but encountered resistance in the range of $198 to $199 each time.
Beef prices rallied significantly this week. Last Friday’s average Choice price was $192.89, and the weekly average for last week was $191.24.
USDA’s Thursday National Daily Cattle and Beef Summary shows fed steers this week averaging $128.90 per hundredweight.