Although too few to trend, there were a few early negotiated cash fed cattle sales in Kansas on Tuesday at $103/cwt. on a live basis, and a few in the western Corn Belt at $105.
The recent bump higher in fed cattle prices and a promising outlook for more of the same this week, along with higher wholesale beef values, helped Cattle futures gain a little ground Tuesday.
Live Cattle futures closed an average of 73¢ higher (50¢ to $1.15 higher), except for 7¢ lower in the back contract.
Feeder Cattle futures closed an average of 93¢ higher.
Choice boxed beef cutout value was 88¢ higher Tuesday afternoon at $208.08/cwt. Select was $1.09 higher at $195.02.
Grain futures mainly hovered on Tuesday as traders awaited Wednesday’s monthly World Agricultural Supply and Demand Estimates.
Corn futures closed fractionally higher to 1¢ higher through May ’21 and then mostly fractionally lower.
Soybean futures closed unchanged to 1¢ higher through Mar ’21 and then fractionally lower to 3¢ lower.
Major U.S. financial indices closed lower on Tuesday, apparently pressured mostly by confusion surrounding government attempts to develop another round of COVID economic stimulus.
The Dow Jones Industrial Average closed 104 points lower. The S&P 500 closed 26 points lower. The NASDAQ closed 185 points lower.
For all of the change spawned by the pandemic, overall inclusion of beef and pork in daily meals remained steady from February through June, according to the first multi-month summary from the Meat Demand Monitor (MDM). That project, partly funded by the beef and pork checkoffs, tracks U.S. consumer preferences, views, and demand for meat, with separate analysis for retail and food service channels.
Launched in February, the MDM summary includes data from over 10,000 survey respondents.
**Grocery meat demand peaked in April, while food service meat demand was lowest in April.
**Taste, Freshness, Safety, and Price persistently rank highest in importance to protein purchasing decisions, with Price increasing in importance since the pandemic began.
**Away-from-home consumption of beef and pork for all three daily meals declined since February.
**Across restaurant groups, the Fast Casual group gained share, perhaps reflecting drive-thru or curbside capabilities, while the Local Independent group lost share.
**Across sources of protein for at-home consumption, the Grocery Store group gained prevalence while the Mass Merchandiser group lost share.
Agricultural economists at Kansas State University and Purdue University provide MDM coordination and analysis.