Negotiated cash fed cattle trade was limited on light demand in Nebraska and the western Corn Belt through Tuesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service. Elsewhere, it was at a standstill.
Last week, prices in the Southern Plains were $2 higher on a live basis at $110/cwt., $5 higher in Nebraska at $110 and $1-$5 higher in the western Corn Belt at $106-$110. Dressed trade was $7 higher at $172.
Cattle futures closed lower Tuesday with pressure from surging grain futures and despite the prospect of higher cash prices this week as packers reload and retailers restock.
Live Cattle futures closed an average of 63¢ lower, except for an average of 5¢ higher in two contracts toward the back.
Feeder Cattle futures closed an average of 99¢ lower from 52¢ lower at the back to $1.37 lower in spot Jan.
Choice boxed beef cutout value was $2.48 higher Tuesday afternoon at $210.30/cwt. Select was $1.17 lower at $195.48.
Corn futures closed mostly 5¢ to 9¢ higher through Jly ‘22 and then mostly fractionally higher.
Soybean futures closed 35¢ to 40¢ higher through Aug ’21, and then mostly 6¢ to 13¢ higher.
Major U.S. financial indices edged lower Tuesday on some likely profit taking and pressure from further COVID-19 stimulus wrangling in Congress.
The Dow Jones Industrial Average closed 68 points lower. The S&P 500 closed 8 points lower. The NASDAQ was down 49 points.
“Our livestock producers need all the tools in the toolbox to help protect against animal diseases and continue to meet the challenge of feeding everyone now and into the future. If we do not put these safe biotechnology advances to work here at home, our competitors in other nations will,” said U.S. Secretary of Agriculture Sonny Perdue last week, in announcing a significant step in modernizing regulations of agricultural animals modified or produced by genetic engineering.
USDA will move forward with an Advanced Notice of Proposed Rulemaking (ANPR) to solicit public input and feedback on a contemplated regulatory framework that would modernize the current system into a scientifically-sound, risk-based, and predictable process that facilitates the development and use of these technologies for U.S. farmers and ranchers under USDA’s authorities.
“Science-based advances in biotechnology have great promise to continue to enhance rural prosperity and improve the quality of life across America’s heartland and around the globe,” Secretary Perdue explained. “With this effort, we are outlining a pragmatic, science-based, and risk-based approach that focuses on potential risk to animal and livestock health, the environment, and food safety in order to provide our farmers and ranchers the tools they need to continue to feed, clothe and fuel the world.”
Last year, President Trump directed federal agencies to modernize the regulatory framework for agricultural biotechnology products by establishing regulatory approaches proportionate to the product’s risks, avoid unjustified distinctions across similar products, and promote future innovation and competitiveness.
The ANPR will transition portions of the U.S. Food and Drug Administration’s (FDA) pre-existing animal biotechnology regulatory oversight to USDA.
As mentioned previously in Cattle Current, the FDA last month approved the first intentional genomic alteration (IGA) in an animal for both human food consumption and as a source for potential therapeutic uses. It’s for a line of domestic pigs referred to as GalSafe pigs. The IGA is intended to eliminate alpha-gal sugar on the surface of the pigs’ cells. People with Alpha-gal syndrome (AGS) may have mild to severe allergic reactions to alpha-gal sugar found in red meat (e.g., beef, pork, and lamb).