Choice boxed beef increased on Monday from $231 to $232.13. The $1.13 increase brought the 27-day average price to $243.53.
Choice primal rib jump $4.43 on Monday to hit $322.62. The 27-day average price is now at $340.03. Choice primal chuck saw the next largest increase from $180.12 to $191.29, a $2.17 jump. Choice primal short plate did not fare as well, falling $1.56 to hit $158.17.
Trade ministers from 12 Pacific Rim nations head to Hawaii this week to tackle the tough decisions needed to finalize a trade deal that will free up global commerce and set common standards for nearly half of the world's economy.
Live cattle prices saw no change from Thursday to Friday, resting at $143.35. Feeder cattle prices dropped slightly by 10 cents to hit $109.68. The 27-day average price now rests at $216.52. Lean hog prices dropped 60 cents from $78.28 to $77.68 on Friday, bringing the 27-day average price to $76.99.
Both corn and wheat dropped 10 cents on Friday to rest at $3.93 and $5.12, respectively.
Compared to last week, the downtrend continues in the feeder cattle markets as feeder cattle and calves traded unevenly steady to 5.00 lower early in the week turning mostly 7.00-10.00 lower from midweek on. CME cattle futures this week had a tough day on Tuesday latching on to a lead balloon that continued into Thursday and weighed heavily on the market. Long liquidation selling and feeder cattle futures looking at sharply lower feeder cattle index pressured prices.
Kansas feedlots, with capacities of 1,000 or more head, contained 1.94 million cattle on feed on July 1, according to the USDA’s National Agricultural Statistics Service. This inventory was up 2 percent from last year.