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Boxed Beef Report: Beef prices increase

Choice boxed beef saw it's first increase this week, rising 32 cents to hit $252.78. The 27-day average price is now at $252.01. Select boxed beef jumped from $249.10 on Tuesday to $249.52 on Wednesday. The 42-cent incrase brought the 27-day average price to $244.90.

Chioce primal short plate dropped drastically on Wednesday, falling from $181.98 on Tuesday to $177.37. The $4.61 drop brougth the 27-day average price to $181.04. Choice primal loin fared much better with a $3.84 increase, with the price settling at $340.70.

Markets

Boxed Beef Report: Choice boxed beef continues to decline

Chioce boxed beef continues it's week-long fall, dropping 14 cents on Tuesday to hit $252.46. The 27-day average now rests at $252.31. Select boxed beef dropped as well on Tuesday from $249.34 on Monday to $249.10. The 24-cent decrease brought the 27-day average price to $244.85.

Choice primal rib jumped on Tuesday, increasing $3.48 to hit $353.33. This change brought the 27-day average price to $362.37. Choice primal short plate and choice primal flank also saw increases of $2.32 and 59 cents, respectively. Choice primal round saw the largest decrease, falling $2.37 on Tuesday.

Markets

Wheat futures firm Tuesday morning

The grain markets were mixed overnight after yesterday’s Crop Progress report and ahead of today’s 11am Acreage and Stocks reports. Corn crop conditions fell by 3% to 68%, compared to 75% good to excellent last year and was in the range of expectations. The eastern corn belt saw the steepest drop. Ohio corn dropped 19% good to excellent. The average estimate for corn acreage and stocks is 89.173 million acres, compared to the 89.199 March USDA number, and 4.512 billion bushels for June 1 stocks, compared to 3.852 last year.

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