Ed Czerwien, USDA Market News reporter in Amarillo, TX, provides us with the latest outlook on boxed beef prices and the weekly cattle trade.
The weekly average Choice Cutout was only up 14 cents but the daily Choice cutout was up $14.82 by Friday and up another 9 dollars by Wed May 18. Many formulas are priced off of previous spot prices so the weekly average normally slowly follows the daily prices.
The grilling season has really pushed the daily cutout higher on the heels of big increases in the Choice Rib and Loin prices. The daily Choice Rib has jumped 36 dollars in the last 8 working days reflecting the improving demand for grilling steaks which should help push the weekly average Choice cutout higher.