Meat market read, Friday, June 26, 2026

Choice cutout shed another $2.62/cwt at last close, but it's the lean grind lane holding the real tension. Fresh 73% chemical lean at 339¢/lb hasn't moved in days, pinned by a cow supply pipeline that's been running well short of year-ago levels for weeks. That tightness isn't easing. Meanwhile, the loin complex is finishing its unwind: bottom sirloin flap dropped another 148¢/lb on the session and outside skirt shed 138¢/lb, both cuts clearing out post-Father's Day demand with seasonal history pointing to further softness over the next four weeks. Chuck short rib at 527¢/lb is the divergent read. It's down on the month but history adds roughly 20¢/lb from this point in late June. Cattle on Feed prints this afternoon, and fresh placement data will either deepen or soften the forward supply case that's kept grind from following the cutout down.

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