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Boxed Beef Report: Beef prices sinking

Choice boxed beef dropped again Wednesday to $232.67. The 53-cent decline brought the 27-day average price to $242.20. Select boxed beef prices saw a 30-cent fall, bringing the 27-day average price to $238.58.

Choice primal rib saw the largest fall on Wednesday, dropping $3.41 to hit $321.14. Choice primal short plate was not far behind with a fall of $2.67. Choice primal loin was the only cut to not fall, increasing $3.64 on Wednesday.

Markets

Retail gas prices on the decline

Retail gas prices saw an average fall of six cents this week, with the average price in the United States sitting at $2.61. The 27-day average price now sits at $2.46.

The Midwest region saw the largest fall this week of nine cents to hit $2.57, bringing the 27-day average price to $2.43. Most regions saw a five-cent drop, including the New England, Central Atlantic and Gulf Coast regions. Only the Rocky Mountain region saw an increase this week of one cent.

Markets

Morning Farm Report: Livestock prices see no change

Live cattle, feeder cattle and lean hog prices all saw no change from Monday to Tuesday this week, sitting at $143.35, $209.78 and $78.28, respectively. 

Corn prices dropped 20 cents from $3.93 to $3.73. The 27-day average price is now at $4.05. Wheat fell as well from $5.12 to $5.03 from Monday to Tuesday. The 9-cent drop brought the 27-day average price to $5.54.

Markets

Boxed Beef Report: Beef prices see an increase

Choice boxed beef prices increased $1.07 on Tuesday to hit $233.20. The jump brought the 27-day average price to $242.87. Select boxed beef prices saw a 47-cent rise from $228.97 on Monday to $229.44, bringing the 27-day average price to $239.20.

Choice primal chuck saw the largest increase on Tuesday of $3.84 to hit $195.13. Chioce primal rib was not far behind with a $1.93 increase. Choice primal loin did not fare as well, dropping $2.09 to hit $305.77.

Markets

More cattle mid-year

The July Cattle report confirms that U.S. cattle herd inventories are growing. The inventory of all cattle and calves on July 1 was 98.4 million head, up 2.2 percent from last year. The 2015 calf crop is estimated at 34.3 million head, up 1.2 percent from last year. Beef cow numbers were estimated to be up 2.5 percent at 30.5 million head.

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