Cattle Current Daily—April 23, 2021

Cattle Current Daily—April 23, 2021

Negotiated cash fed cattle trade was slow on moderate demand in the Nebraska and the western Corn Belt through Thursday afternoon, according to the Agricultural Marketing Service.

Live trade in Nebraska was at $121/cwt., which was $1-$5 lower than last week. Dressed trade was $4 lower at $192.

In the western Corn Belt, at $121-$122, which was steady to $2 lower than last week. Dressed trade was $2-$4 lower at $192.

Trade was limited on light demand in in Colorado. Live prices were $1-$2 lower at $121.

Trade was mostly inactive on light demand in the Southern Plains. For the week, prices are steady in the Texas Panhandle at $120 and steady to $2 lower in Kansas at $118-$120.

Cattle futures—especially Feeder Cattle—crumbled beneath the weight of surging Corn futures.

Corn futures closed 20¢ to limit up 25¢ in the front three contracts, 15¢ to 16¢ higher through the next four and then mostly 5¢ to 7¢ higher.

Soybean futures closed 28¢ to 36¢ higher in the front six contracts, and then mostly 22¢ to 27¢ higher.

Live Cattle futures closed an average of $1.12 lower (85¢ lower at the back to $1.45 in spot Apr).

Feeder Cattle futures closed an average of $2.70 lower ($1.45 higher at the back to $3.55 lower).

Live Cattle futures closed an average of $1.12 lower (85¢ lower at the back to $1.45 in spot Apr).

Net U.S. beef export sales of 24,600 metric tons (mt) for 2021 were 57% more than the previous week and 38% more than the prior four-week average, according to USDA’s weekly U.S. Export Sales report for the week ending Apr. 15. Increases were primarily for South Korea, Japan, China, Mexico and Taiwan.

Choice boxed beef cutout value was $1.85 higher Thursday afternoon at $282.31/cwt. Select was $1.81 higher at $273.69

The average dressed steer weight the week ending Apr. 10 was 900 lbs., according to USDA’s Actual Slaughter Under Federal Inspection report. That was 6 lbs. heavier than the prior week and 4 lbs. heavier than the same week last year. The average dressed heifer weight of 829 lbs. was 3 lbs. lighter than the prior week but 3 lbs. heavier than the prior year.

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Major U.S. financial indices closed lower Thursday, supposedly linked to reports that President Biden is set to try increasing capital gains taxes. That followed early-session support tied to positive quarterly corporate earnings and economic data.

Initial weekly unemployment insurance claims were 547,000 for the week ending Apr. 17, which was less than traders expected.

The Dow Jones Industrial Average closed 321 points lower. The S&P 500 closed 38 points lower. The NASDAQ was down 131 points.

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U.S. consumers are ready, willing and able to return to restaurant dining as more people get vaccinated for COVID-19 and mandated restrictions lessen.

Although still 25% less than two years earlier, major chain transactions at full service restaurants in March were 210% higher than the previous year, according to the NPD Group’s (NPD) CREST®Performance Alerts, which provides a rapid weekly view of chain-specific transactions and share trends for 75 quick service, fast casual, midscale, and casual dining chains representing 53% of the commercial restaurant traffic in U.S.

Transactions at quick service restaurant (QSR) chains were 29% higher year over year in March, but 5% less than two years earlier.

Overall, customer transactions at major restaurant chains in March were 32% higher than the previous year but 6% less than in March 2019.

“There is now optimism on the part of the American consumer, which helps to unleash pent up demand for dining out,” says  David Portalatin, NPD food industry advisor. “Although transactions are still down compared to pre-pandemic times, there is improvement and a signal that we’re headed in the right direction on the road to recovery.”

2021-04-22T20:35:51-05:00

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