Choice boxed beef continued to fall on Thursday, dropping from $240.96 on Wednesday to $240.19 on Thursday. The 77-cent fall brought the 27-day average price to $240.77. Select boxed beef saw a huge fall of $2.53 to hit $228.01. The 27-day average price now rests at $232.42.
Choice primal flank dropped hard on Thrusday, falling $4.46 to $128.97. The 27-day average price is now at $138.53. Choice primal rib did better after falling all week, increasing $1.94 to hit $344.24.
The U.S. average retail price of regular gasoline decreased 13 cents from last week to $2.51 per gallon on August 31, 2015, 95 cents per gallon less than at the same time last year. The Midwest price showed the largest decline, down 20 cents to $2.47 per gallon. The West Coast price decreased 12 cents per gallon to $3.16 per gallon. The Gulf Coast and East Coast prices were both down nine cents per gallon, to $2.20 per gallon and $2.34 per gallon, respectively. The Rocky Mountain price was down five cents to $2.77 per gallon.
The recent rise in domestic crude oil production from 5.4 million barrels per day (b/d) in 2009 to 8.7 million b/d in 2014 and the prospect of continued supply growth have sparked interest in the question of how a change in current policies, which restrict but do not ban exports of crude oil produced in the United States, might affect markets for both crude oil and petroleum products over the next decade.
Choice boxed beef fell 82 cents on Wednesday, dropping to $240.96. The 27-day average price is now at $240.51. Select boxed beef prices dropped from $232.32 on Tusday to $230.54 on Wednesday, a $1.78 fall that brought the 27-day average price to $232.48.
Choice primal chuck fell $2.15 on Wednesday to $198.40, while choice primal flank fell $1.50. Choice primal rib continues to fall, though not as drastically, dropping 91 cents to $342.30. Choice primal loin was the only cut to increase, jumping $1.22 to $336.01.
The United States saw a huge average fall this week for retail gasoline prices, falling 13 cents to $2.41 this week, bringing the 27-day average price to $2.53. The Midwest region saw the largest fall this week of 19 cents to $2.43, while the Rocky Mountain region saw the smallest decrease of only five cents. The Gulf Coast still has the lowest gas prices in the country at $2.19.
Ohio's gas prices fell 30 cents this week to $2.35, while Minnesota dropped 22 cents to $2.42. The lowest gas prices are in Texas at $2.21.
Live cattle and feeder cattle prices both fell on Tuesday. Live cattle decreased $1.87 to $141.33, bringing the 27-day average price to $146.39. Feeder cattle prices also decreased from $201.83 to $200.28. The $1.55 fall brought the 27-day average price to $211.09. Lean hog prices also fell five cents to $67.98, bringing the 27-day average price to $72.66.
Corn prices saw a huge fall of eight cents to $3.56, while wheat increase one cent to $4.84.
U.S. soybeans rose on Wednesday on buying interest after falling 1.5 percent in the previous session but with gains limited by concern about slowing economic growth in China, the world's largest soybean importer.