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TSCRA Daily News Update, July 7, 2008
Choice beef prices show positive movement, boosting fed cattle prices The strong increase in beef exports may be one of the factors driving sharp recent improvement in choice beef prices. According to CME Group, the choice beef cutout price has climbed steadily since April, reaching a level this week that is more than 20 percent higher than one yearago. This trend has helped boost cash market fed cattle prices into the $100/cwt range in recent days, and provided a bump in futures prices as well. Obviously, record-high operating costs continue to make profits elusive in all sectors of the cattle industry. But consumers appear to be showing strong demand for choice beef during the 2008 summer grilling season, which had been an issue of concern due to the difficult economy and drastically higher prices for gasoline and other goods.
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