Meat market read, Tuesday, June 23, 2026

Ground beef 75% at 434¢/lb has run 62¢/lb on the month and history pulls it back around 28¢/lb from this point in June, so the grind complex has done most of its seasonal work. Select cutout gained 3.50¢/lb/cwt on last close while Choice added just 1.70¢/lb/cwt, narrowing the grade spread in a way that suggests packers are pushing volume on fed cattle, not holding back. Beef loads ran 39% below the five-year norm, which means yesterday's cutout firming is sitting on thin volume and may not hold. Chuck short rib shed 25¢/lb on the day but the four-week forward averages a 20¢/lb recovery from this window in June, so the softness looks more like a pause in ends than a reversal. The loonie at 1.4180 keeps every US primal expensive for Canadian buyers. Friday's Cattle on Feed report is the next real supply signal; placements already running 9.7% below year-ago means the tight-cattle story gets confirmed or complicated depending on where the latest feedlot numbers print.

meatread.com