Meat market read, Thursday, June 18, 2026

The Canadian dollar at 1.4122, down 126 points on the day, means every USD-denominated program running into Canada just got measurably more expensive on landed cost. Chuck short rib at 589¢/lb is the cut that deserves attention here: up 112¢/lb on the session, with the four-week seasonal adding another 24¢/lb and a floor that hasn't printed negative in five years. That's a cut moving in the right direction for sellers at exactly the wrong moment for a CAD buyer absorbing FX drag. Ground beef 75% at 403¢/lb gained 30¢/lb today, but history takes back roughly 28¢/lb from here, so that grind print is closer to exhaustion than momentum. Loin bottom sirloin flap shed 85¢/lb on the session and is down 168¢/lb on the month, yet the four-week seasonal is nearly flat, meaning the sell-off has done most of its work. Choice cutout eased on heavy loads, packers clearing, a floor forming. The supply picture stays tight with kill running well below year-ago, but 5.5% excess cattle on feed 22 weeks out is the ceiling that limits how far any firmness can extend.

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