ANALYSIS: US 2025 Choice–Select Spread Near COVID-Era Lows as Select Supply Tightens

The spread between Choice and Select cutouts has continued to tighten as Select values draw support from increasingly constrained supplies. Cattle grading Select are at record-low levels, limiting the volume of Select product available and compressing the traditional discount to Choice. This scarcity has left the Select cutout less vulnerable to seasonal pressure and allowed it to firm relative to historical norms, even during periods when Choice typically commands the bulk of demand. 

At the start of 2026, the Choice-Select spread...

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