Negotiated cash fed cattle trade continued lower Tuesday, with dressed trade in Nebraska mostly $3-$7 lower than last week at $155/cwt.
Even so, Cattle futures found some spark, helped along by outside markets.
Except for 87¢ lower in spot Jun and 17¢ lower at the back, Live Cattle futures closed an average of 90¢ higher (37¢ to $2.07 higher).
Feeder Cattle futures closed an average of $1.39 higher.
Choice boxed beef cutout value was $2.25 lower Tuesday afternoon at $211.81/cwt. Select was 73¢ lower at $203.57.
Corn futures closed mostly 3¢ to 4¢ lower
Soybean futures closed mostly 1¢ to 4¢ lower through Sep ’21 and then mostly fractionally higher.
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Major U.S. financial indices closed higher Tuesday, led by by tech stocks once again, and despite the growing number of COVID-19 cases.
The Dow Jones Industrial Average closed 131 points higher. The S&P 500 closed 13 points higher. The NASDAQ closed 74 points higher.
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So far, major restaurant chain transactions continue to improve, despite the recent spikes in COVID-19 cases, according to the NPD Group (NPD).
For the week ending June 14, total major restaurant chain transactions were 12% less than the same week a year earlier, which represented a 1% improvement compared to the previous week.
More specifically, quick service chain transactions were 11% less year over year and 2% more positive than the previous week. Full service chain transactions were 26% less than a year earlier but improved 12% week to week.
“The only major variable in play with a case surge at the moment would be erosion in consumer willingness to dine out,” says David Portalatin, NPD food industry advisor. “There are three main variables that will influence continued restaurant recovery: reopening of on-premise dining and expanding allowed capacity; the willingness of consumers to dine out and feel safe and confident in doing so; and the economic wellbeing of the consumer. Thus far, the evidence in restaurant transactional improvement confirms that dining rooms are opening, and there is consumer demand to fill opened restaurants.”