Cattle Drifting Lower
MORNING LIVESTOCK OUTLOOK
Boxed beef trade was lower Thursday on fairly good movement. Choice boxed beef is below the 5 day average and below last Friday’s composite price. Choice beef is giving a mixed message. Primal rib sections remain strong, now at levels of last year when hoarding took place but other cuts such as rounds and chucks have been dropping this week.
The pork cutout day after day is becoming an inconsistent tool for market forecasting. Daily trade volume is moderate at best. Thursday the cutout ended up $3.41 lower after starting out the day up 56 cents. The teeter totter trading is due to the ham and belly markets.
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