Boxed beef just posted its second straight weekly decline, as we’ve been tracking in our Input Cost Index. After months of near-record prices, USDA’s Choice cutout eased again this week, this time by $5.90.
This suggests retail buyers may be hitting their limit on beef prices, but it doesn’t mean the supply problem is solved. The U.S. cattle herd is still near its smallest size in five decades.
On the grain side, wheat gave back some of a recent spike as speculation over a Ukraine peace deal eased supply fears, while soybeans climbed on continued Chinese buying. These updates kept this week’s Commodity Basket reading unchanged.
Ocean freight, meanwhile, inched down, although rates rose on transpacific routes.
See how these moves add up on this week’s Input Cost Index, and get the full breakdown of what’s driving the freight and grain components.
