Negotiated cash fed cattle trade was a standstill in the Southern Plains through Tuesday afternoon, according to the Agricultural Marketing Service. Elsewhere, trade was very limited on very light demand. Live sales last week were at $108/cwt. in the Southern Plains, $106-$107 in Nebraska and at $104-$105 in the western Corn Belt. Dressed trade was at mostly $168.
Live Cattle futures closed narrowly mixed Tuesday, pressured by sluggish trade, as well as cash and wholesale beef weakness. Feeder Cattle edged mostly higher, perhaps helped along by brighter supply fundamentals down the road.
Live Cattle futures closed narrowly mixed, from an average of 32¢ lower to an average of 12¢ higher, except for unchanged in away-Feb.
Feeder Cattle futures closed an average of 26¢ higher, except for 5¢ lower toward the back of the board.
Choice boxed beef cutout value was 87¢ lower Tuesday afternoon at $208.82/cwt. Select was 10¢ lower at $192.20.
Corn futures closed fractionally higher to 1¢ higher except for 5¢ lower in spot Dec.
Soybean futures closed mostly 10¢ to 14¢ higher through Aug ‘21 and then mostly fractionally higher to 1¢ higher.
Major U.S. financial indices closed higher Tuesday, with support from more optimism that Congress might be able to hash out another round of economic stimulus before the end of the year.
The Dow Jones Industrial Average closed 337 points higher. The S&P 500 closed 47 points higher. The NASDAQ was up 155 points.
Even with surging domestic COVID cases and some states reducing restaurant capacity, customer transaction declines at major restaurant chains improved in November, according to the NPD Group (NPD).
Specifically, customer transactions improved from -9% year over year in October to -8% in November. Transactions at major quick service restaurant chains—which represent the bulk of industry transactions—were slightly more robust at -7% year over year in November, according to NPD’s 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.
“Major quick service restaurant chains have learned to expand their already high capacity for off-premises volumes,” says David Portalatin, NPD food industry advisor. “We should continue to expect drive-thru and delivery to be performance drivers for the best performing restaurant operators as consumers continue to shift meal occasions to the home.”
While dine-in restaurant traffic for the total industry, chains and independents, declined by 53% in October compared to year ago, off-premises visits increased by 21%. Total restaurant carry-out, which holds the largest traffic share of off-premises services at 46%, increased by 6%; drive-thru, which represents 43% share of traffic, grew by 24%; and delivery, which represents 11% share, realized a gain of 125% in October over year ago, according to NPD’s foodservice market research, which daily tracks how U.S. consumers use restaurants and foodservice outlets.