Boxed beef cutout values this afternoon were sharply higher on good demand and moderate to heavy offerings, the USDA said.
- Choice was up $7.74 to $226.36/cwt.
- Select was up $2.79 to $200.58.
In negotiated cash sales in Nebraska, there was no reportable trade, the USDA said. In Iowa-Minnesota, there were no reportable live sales, and 40 head sold dressed for $172.
The Tyson plant fire was negative news, although higher demand at other plants and higher prices could offset it some. “While the news is negative to the cash market, it should be at least partially offset by higher demand from other plants and from higher beef prices,” the Hightower Report said. “The plant slaughtered approximately 6,000 head per day.”
Beef values were sharply higher. “Choice beef values closed 2.25 higher yesterday afternoon to 218.62 and were up another 5.45 this morning to 224.07,” Stewart-Peterson said. “The sharply higher beef values and incoming pressure in cash markets will keep packer margins extraordinarily strong and encourage a fast chain speed.”