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Effects of removing crude export restrictions depend on price and resource assumptions

The recent rise in domestic crude oil production from 5.4 million barrels per day (b/d) in 2009 to 8.7 million b/d in 2014 and the prospect of continued supply growth have sparked interest in the question of how a change in current policies, which restrict but do not ban exports of crude oil produced in the United States, might affect markets for both crude oil and petroleum products over the next decade.

Markets

Boxed Beef Report: Beef prices continue to drop

Choice boxed beef fell 82 cents on Wednesday, dropping to $240.96. The 27-day average price is now at $240.51. Select boxed beef prices dropped from $232.32 on Tusday to $230.54 on Wednesday, a $1.78 fall that brought the 27-day average price to $232.48.

Choice primal chuck fell $2.15 on Wednesday to $198.40, while choice primal flank fell $1.50. Choice primal rib continues to fall, though not as drastically, dropping 91 cents to $342.30. Choice primal loin was the only cut to increase, jumping $1.22 to $336.01.

Markets

Gas prices plummet

The United States saw a huge average fall this week for retail gasoline prices, falling 13 cents to $2.41 this week, bringing the 27-day average price to $2.53. The Midwest region saw the largest fall this week of 19 cents to $2.43, while the Rocky Mountain region saw the smallest decrease of only five cents. The Gulf Coast still has the lowest gas prices in the country at $2.19.

Ohio's gas prices fell 30 cents this week to $2.35, while Minnesota dropped 22 cents to $2.42. The lowest gas prices are in Texas at $2.21.

Markets

Morning Farm Report: Corn prices drop

Live cattle and feeder cattle prices both fell on Tuesday. Live cattle decreased $1.87 to $141.33, bringing the 27-day average price to $146.39. Feeder cattle prices also decreased from $201.83 to $200.28. The $1.55 fall brought the 27-day average price to $211.09. Lean hog prices also fell five cents to $67.98, bringing the 27-day average price to $72.66.

Corn prices saw a huge fall of eight cents to $3.56, while wheat increase one cent to $4.84.

Markets

Boxed Beef Report: Beef prices mixed

Choice boxed beef prices dropped from $242.42 on Monday to $241.78 on Tuesday. The 64-cent fall brought the 27-day average price to $240.18. Select boxed beef fell 23 cents to $232.32, bringing the 27-day average price to $232.42.

Choice primal rib saw the largest fall on Tuesday of $3.52 to hit $343.21, bringing the 27-day average price to $337.15. Choice primal loin also fell from $336.53 on Monday to $334.79 on Tuesday, a $1.74 fall. The largest increase was choice primal short plate with a 99-cent jump to $149.66.

Markets

In the Cattle Markets: Canadian and U.S. beef herd move in opposite directions

In summary, the best overall pasture and range conditions in many years in states east of the Continental Divide and record calf prices spurred continued interest in beef cow herd rebuilding. Most U.S. cattle inventory categories saw year over year increases.

Markets

Retail diesel prices continue to fall

Retail diesel prices continued to fall this week, seeing an average decrease in the US of five cents to hit $2.51. The 27-week average is now at $2.80.

The New England region saw the largest fall of seven cents to $2.67, bringing the 27-week average price to $3.05. Despite the large fall, the region does not have the lowest diesel prices-- the Gulf Coast currently holds that position at $2.38. The Rocky Mountain region saw the smallest drop of only three cents. 

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