With more Americans tightening their belts, demand for cheaper cuts of U.S. beef has actually pushed the price of select-grade beef higher than the generally more expensive choice cuts.
For the first time in nearly two years, select-grade beef prices are above those for better-quality choice grade, according to U.S. government data.
The data showed that demand for select has grown while supplies have declined.
Select beef on Monday averaged $168.22 per cwt — 55 cents more than the choice beef priced at $167.67.
The inversion of the so-called choice-select spread was the third widest since the U.S. Agriculture Department began tracking the data in 2001 and only the tenth time the spread has inverted.
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