Cattle Current Daily—Dec. 31, 2021

Cattle Current Daily—Dec. 31, 2021

Negotiated cash fed cattle trade was limited on light demand in the Texas Panhandle through Thursday afternoon, but early live sales were $3 higher than last week at $138/cwt.

Elsewhere, trade was mostly at a standstill.

Earlier in the week, live prices in Nebraska and the western Corn Belt were at $140/cwt., which was $5 higher in Nebraska and $2 higher in the western Corn Belt. Dressed prices of $220-$222 were $3-$4 higher in Nebraska and $3-$5 higher in the western Corn Belt.

Cattle futures were narrowly mixed Thursday, as some traders checked out for the year. The weekly U.S. Export Sales report for the week could have added some pressure to Live Cattle. Net U.S. beef export sales for the week ending Dec. 23 were 48% less than the prior week and 55% less than the previous four-week average.

Live Cattle futures closed an average of 36¢ lower.

Feeder Cattle futures closed an average of 46¢ higher (5¢ higher at the back to 95¢ higher toward the front), except for 35¢ lower in Sep.

Choice boxed beef cutout value was 45¢ lower Thursday afternoon at $265.26/cwt. Select was $1.14 higher at $258.23/cwt.

Grain futures closed lower Thursday with rains in South America and position squaring.

Corn futures closed 9¢ to 10¢ lower in the front four contracts and then mostly 5¢ to 6¢ lower.

Soybean futures closed 20¢ to 30¢ lower in the front six contracts and then mostly 5¢ to 7¢ lower.

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Major U.S. financial indices eased lower Thursday, likely due mostly to some month-end and year-end position squaring ahead of what will be a long weekend for some. Positive news on the day included fewer initial jobless claims than expected. Weekly initial unemployment insurance claims for the week ending Dec. 25 were 198,000, which were 8,000 less than previous week, according to the U.S. Department of Labor. That was the lowest level since Oct. 25, 1969.

The Dow Jones Industrial Average closed 90 points lower. The S&P 500 closed 14 points lower. The NASDAQ was down 26 points.

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Some aspects of the U.S. restaurant industry are beginning to improve after being hampered by the pandemic, according to the NPD Group (NPD).

“The increased mobility this fall contributed to year-over-year gains at key restaurant dayparts, although visits are not fully back to pre-pandemic levels,” says David Portalatin, NPD food industry advisor.

In the last three months, ending in November, online and physical visits to restaurants for breakfast increased by 11% compared to a 10% decline during the same period a year ago. From a pre-pandemic view, breakfast traffic is now at the same level as the September through November period in 2019. Morning snack visits improved 6% over the last three months compared to a 7% decline last year and a 1% decline for the same period in 2019. Lunch improved by 4% in the reported period compared to a year ago when visits were down by 11%, but are still 7% below pre-pandemic levels, according to NPD’s continual tracking of the U.S. foodservice industry. 

“We’re in a steady state for the next several months, perhaps with a bump up or down here and there, but we expect to lag pre-pandemic traffic levels through 2022 slightly,” Portalatin says.

2021-12-30T20:16:07-06:00

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