Cattle Current Daily—April 29, 2021

Cattle Current Daily—April 29, 2021

Negotiated cash fed cattle trade was moderate on moderate demand in the Texas Panhandle and Nebraska through Wednesday afternoon, according to the Agricultural Marketing Service.

Live prices in the Texas Panhandle were $1-$2 lower than last week at $118-$119/cwt.

Live sales in Nebraska were $2-$3 lower at $119-$120. Dressed trade was $1-$4 lower at $188-$191.

Elsewhere, trade was slow on light demand, with too few transactions to trend.

So far this week, live sales in Kansas are $2 lower at $118-$119 and $3-$4 lower in Colorado at $119.

In the western Corn Belt last week, live prices were at $120-$123 and dressed prices were at $192.

Cattle feeders offered 3,231 head (19 lots) in Central Stockyards’ weekly Fed Cattle Exchange auction. Of those, just 287 head (three lots) sold, all from Texas and all on a live-weight basis. The price was $119/cwt. for two lots of steers and $117.75 for a lot of heifers.

Lower cash prices and less packer processing than expected recently helped pressure Cattle futures Wednesday, despite softer Corn futures and oversold conditions.

Live Cattle futures closed an average of $1.04 lower, except for 57¢ higher in spot Apr.

Feeder Cattle futures closed an average of $1.25 lower, from 32¢ lower at the front to $1.72 lower at the back.

Choice boxed beef cutout value was $1.51 higher Wednesday afternoon at $292.50/cwt. Select was 53¢ lower at $279.00

Corn futures closed 9¢ to 15¢ lower through Sep ‘22 and then 4¢ to 6¢ lower.

Soybean futures closed mostly 13¢ to 14¢ lower through Aug ‘22, except for 15¢  higher in spot May, and then mostly 7¢ lower.

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Major U.S. financial indices closed lower Wednesday. Primary pressure seemed linked to inflation worries, with the Federal Reserve issuing a statement that it will maintain the current lending rate and its accommodative monetary stance as the nation’s the economy and employment strengthen.

The Dow Jones Industrial Average closed 164 points lower. The S&P 500 closed 3 points lower. The NASDAQ was down 39 points.

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“A year since COVID-19 changed how we live, work and shop, online grocery demonstrates continued strength and impressive staying power,” says David Bishop, partner, Brick Meets Click. “The monthly active user base remains robust, average order values are at similarly elevated levels and order frequency has gone up.”

There were $9.3 billion in online grocery market sales during March, with 69 million households placing an average of 2.8 online orders, according to the Brick Meets Click/Mercatus Grocery Shopping Survey. Sales were 43% more year over year.

“Over the last 12 months, consumers’ dramatic shift to online grocery shopping has solidified, with curbside pickup attracting the largest share of monthly shoppers at 53% compared to ship-to-home and delivery,” explains Sylvain Perrier, Mercatus president and CEO. “In fact, pickup continues to have stronger consumer demand across all market types compared to delivery. Those brick-and-mortar chains that invested in optimizing pickup services likely will continue to benefit from the high repeat intent rate as indicated in the data.”

2021-04-28T21:02:43-05:00

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