Choice wholesale beef value bounced higher Thursday with moderate to fairly good demand and moderate to heavy offerings, according to the Agricultural Marketing Service. Choice boxed beef cutout value was $1.65 higher Thursday afternoon at $232.68/cwt., the highest level since last June. Select was 26¢ lower at $208.24. Select and Choice chuck, round, and loin cuts sold steady to firm. Rib cuts traded higher for Choice and weaker for Select. Beef trimmings sold mostly moderately lower on light demand and heavy offerings. At $24.44, the Choice-Select spread was also the widest since last June.
The firmer beef values helped Cattle futures come up for air on Thursday, along with apparent short covering.
Other than unchanged in Oct and 25¢ lower in the back contract, Live Cattle futures closed an average of 65¢ higher (5¢ to $1.22 higher in spot Jun).
Feeder Cattle futures closed an average of $1.28 higher (37¢ to $2.00 higher).
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