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.
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.
Historically small U.S. cattle inventory continues to support high beef prices in 2015, but at least in the short term, increasing imports of processing beef (especially from Australia) and heavy carcass weights have helped moderate some of the price pressures.
The grain markets traded mixed Monday ahead of the USDA Stocks and Acreage reports tomorrow. After the trade had seen significant weather premiums in the last few weeks, if seemed as profit taking and long liquidation was the theme today. The average trade estimate for June 1, 2015 stocks is 4.557 billion bushels with a range of 4.35-4.7 billion bushels. The June 1, 2014 stocks number was 3.852 billion bushels. The weekly export inspections came in at 1.04 million tonnes, suggesting firmness in demand.
Choice boxed beef prices fell a whopping $1.93 on Monday, hitting $252.60. The decrease brought the 27-day average price to $252.74. Select boxed beef saw a smaller drop from $249.68 on Friday to $249.34 on Monday. The 34-cent fall brought the 27-day average price to $244.90.
All cuts of choice primal meat saw decrease. Choice primal flank fell the hardest at $2.75 to hit $147.70. Chioce primal loin was close behind, falling $3.16 to $337.05. Choice prmail round saw the smallest fall from $230.93 on Friday to $230.05 on Monday.