Choice boxed beef rose 26 cents on Wednesday to hit $260.76. This rise brought the 27-day average price to $260.13. Select boxed beef saw an even larger jump from $248.75 on Tuesday to $250.10 on Wednesday. The $1.35 jump brought the 27-day average price to $248.58.
Choice primal rib fell hard to $382.18 on Wednesday from $386.59 on Tuesday. The $4.41 drop brought the 27-day average price to $383.32. Choice primal loin also fell $1.42 on Wednesday.
Choice primal short plate saw a jump of $3.03, while chioce primal chuck was close behind with a $2.55 raise.
USDA data is weighing on the grain markets. Tuesday’s belated release of the weekly USDA Crop Progress report likely spurred overnight selling; that apparently continued this morning. Not only did the report indicate corn plantings still ahead of normal, the initial corn condition rating at 74% good-to-excellent was better than normal. The market may also be suffering from follow-through selling in the wake of yesterday’s dollar-driven drop. Traders cited dollar strength for midday losses.