After a slip across the board on Friday, beef prices are seeing a jump on Monday. Choice boxed beef prices jumped from $250.43 on Friday to $252.50 on Monday, a $2.07 change. The 27-day average has now settled at $247.12. Select boxed beef saw an even higher raise, soaring $2.66 to hit $249.28 on Monday.
Short covering reportedly boosted crop markets Monday morning. Tomorrow’s big USDA Grain Stocks and Prospective Plantings reports could spark strong reactions in the crop markets, so traders are probably squaring positions beforehand. Indeed, wire service reports cited short-covering for today’s early corn strength. Concurrent soybean and wheat gains are likely pulling corn higher as well. May corn futures edged up 2.0 cents to $3.93/bushel late Monday morning, while December added 1.75 to $4.165.