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Boxed Beef Report: Beef prices drop

Choice boxed beef is down 58 cents on Thursday to $260.18. The drop brought the 27-day average price to $260.19. Select boxed beef dropped much harder from $250.10 on Wednesday to $248.48 on Thursday. This $1.62 fall brought the 27-day average price to $248.43.

Choice primal rib fell  by $3.31 on Thursday to hit $378.87. Choice primal brisket and choice primal flank were the only cuts that saw increases on Thursday, rising one cent and nine cents, respectively.

Markets

Soy complex mixed Thursday morning

Traders seemingly think Wednesday’s grain losses were overdone. Corn and wheat futures tumbled yesterday in apparent response to forecasts for drier weather next week, with the yellow grain drop putting the market at its lowest levels since last October. Talk of firm spot quotes as farmers work fields and ignore old crop sales seemed to spark renewed bullishness. July corn futures rose 3.0 cents to $3.525/bushel late Thursday morning, while December added 2.25 to $3.69.

Markets

BMC: Nebraska, Kansas and Texas account for 59 percent off the cattle slaughtered in the U.S.

Commercial cattle slaughter during 2014 totaled 30.2 million head, down 7 percent from 2013, with federal inspection comprising 98.4 percent of the total. The average live weight was 1,330 pounds, up 16 pounds from a year ago. Steers comprised 51.8 percent of the total federally inspected cattle slaughter, heifers 28.2 percent, dairy cows 9.5 percent, other cows 8.6 percent, and bulls 1.8 percent.

Markets

Despite strong gains, feedlot margins remain negative

Volatility continued for cattle feeders last week, with margins improving more than $70 per head. Unfortunately, feeders are still losing nearly $113 per head and are projected to remain in the red for the rest of 2015, according to John Nalivka with Sterling Marketing, Inc.

Markets

Retail gas prices rise throughout the country

Retial gas prices in the United States rose an average of four cents this week to hit $2.64, bringing the 27-week average price to $2.35.

The New England, Lower Atlantic and Midwest regions all saw the largest increases of five cents each. The West Coast region continues to have the highest retail gas prices of the regions, sitting at $3.07 after a two cent increase this week. 

Ohio saw the largest increase of the states with an eight cent increase to hit $2.70. New York State saw the smallest increase of only one cent.

Markets

Morning Farm Report: Livestock prices rise

Live cattle prices rose 68 cents on Wednesday to hit $152.48. The jump brought the 27-day average price to $153.46. Feeder cattle prices rose from $219.60 on Tuesday to $221.43 on Wednesday. The $1.83 increase brought the 27-day average price to $216.68.

Lean hogs rose 60 cents on Wednesday to $83.78 on Wednesday.

Crop prices continue their decline, with ccorn falling five cents to $3.50. Wheat also saw a six cent drop to hit $4.88.

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