The daily spot Choice box beef cutout ended the week on Friday, May 29 at $363.34 which was $33.40 lower compared to previous Friday. It then continued to drop over $20 lower on Monday then over another $20 on Tuesday, June 2 to $318.73. This drop comes mostly on the heels of a very big drop in the chuck and round product prices.
The weekly average Choice cutout, which includes all types of sales including the daily Choice cutout, was $367.76, which was $29.09 lower. It typically follows the daily cutout, at a little slower pace, which is why it is still higher than the current daily Choice cutout. Additionally, it is still much higher than any previous years.
The exports as reported on the box beef report were fantastic with 1,097 loads. That was 413 loads higher compared to the previous week.