While it may be a seasonal trend, it's still news we don't want to hear: boxed beef prices continue lower.
The weekly average Choice cutout which includes all types of sales was $203.28, $5 lower. Unfortunately, it's declining lower (and faster) than the daily choice cutout, which normally means out-front sales were much lower priced. Like we have said in the past, the weekly average cutout price normally follows the daily cutout more slowly because the formula sales moderate the movement.
The out-front sales of 1,200 loads were almost two times the total daily reported cutout sales volume and mostly 22-60 day delivery which means they will be available for Labor Day. The other big news this week was very big out-front sales of Choice rib and loin steak type products that totaled over 3.6 million lbs. They were much lower priced.
