Live catttle, feeder cattle and lean hog prices continue to see no change on Wednesday, still resting at $143.35, $208.75 and $28.28, respectively. Corn prices bounced back on Wednesday, jumping 20 cents to $3.93. Wheat prices saw no change.
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.
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.
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.
Improved corn condition ratings, a mostly favorable weather outlook, are macro-economic uncertainties kept the grain markets under pressure in the overnight session after they lifted Tuesday in part due to a rebound in the U.S and Chinese stock markets.
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.
By Derrell Peel, Oklahoma State University Extension
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.