Daily Livestock Report for June 8, 2020: Wholesale prices hit a wall as supplies recover, retail prices jump

Wholesale meat prices have hit a wall. The choice beef cutout on Friday settled at $261.48/cwt, a 28% decline in just one week and 45% lower from the peak on May 12. While the popular press is still running stories about COVID-19 cases in meat packing plants and limited meat supplies, the reality is that most packing plants have quickly recovered from the virus shock of a few weeks ago.