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Boxed Beef Report: Beef prices up

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.

Markets

USDA data weighs on grain markets

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.

Markets

Retail diesel prices slightly rise

Retail diesel prices in the United States saw an average rise of one cent this week to sit at $2.91.

Throughout the country only the Rocky Mountain region rose by more than one cent with a two cent rise. The Central Atlantic region stayed fixed at $2.16.

The West Coast region continues to have the highest retail diesel prices at $3.17.

Markets

Morning Farm Report: Crop prices drop

Live cattle prices saw a dip on Tuesday, falling 33 cents to hit $151.80. The 27-day average now rests at $153.57. Feeder cattle prices did better, rising 60 cents to hit $219.60. The rise brought the 27-day average price to $216.33.

Lean hog prices fell 55 cents to $83.18 on Tuesday to bring the 27-day average price to $81.85. 

Wheat prices saw a steep drop of 21 cents, falling to $4.94. Corn also fell five cents.

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