Ed Czerwien, USDA Market News reporter in Amarillo, Texas, provides us with the latest outlook on boxed beef prices and the weekly cattle trade.
The weekly average Choice cutout dropped over $7 on the heels of the declining beef cut prices. The weekly cutout has a tendency to go up and down more slowly than the daily cutout because of the formula sales. However, it does follow the daily movement in a more subdued fashion. The total sales volume was 6,162 loads which dropped almost 1,000 loads due to the decline in the long-term forward contracts along with the holiday shutdown last Monday.