Negotiated cash fed cattle trade developed in the Southern Plains Wednesday with live sales at $118-$119/cwt., but mostly $119, which was mostly $2 less than last week.
Southern Plains cattle selling in the weekly Fed Cattle Exchange auction also brought $119. There were 413 head offered; 315 head sold for delivery at 1-9 days.
Even so, Cattle futures finally clawed back some losses amid oversold conditions.
Except for 12¢ and 2¢ lower on either end of the board, Live Cattle futures closed an average of 56¢ higher.
Feeder Cattle futures closed an average of 76¢ higher.
Wholesale beef values were lower on Choice and higher on Select with light to moderate demand and moderate offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was $1.52 lower Wednesday afternoon at $206.31/cwt. Select was 77¢ higher at $205.30.
Corn futures closed 1¢ to 3¢ higher through Jly ’21 and then mainly unchanged.
Soybean futures closed 2¢ to 7¢ higher through Nov ’20 and then mostly 1¢ to 3¢ lower.
Major U.S. financial indices bounced higher Wednesday, buoyed by more reports that the spread of coronavirus is slowing
The Dow Jones Industrial Average closed 275 points higher. The S&P 500 closed 21 points higher. The NASDAQ was up 87 points.
Customer transactions at U.S. restaurant chains were up in January, a benefit of milder weather compared to a year ago when extreme weather conditions and above average precipitation hit many areas of the U.S.
For the retail weeks ending January 6 through February 2, total restaurant transactions increased by 2% over same time last year and quick service restaurant (QSR) chains were the primary contributor, according to NPD’s CREST® Performance Alerts, which provides a weekly view of chain-specific transactions and share trends for 73 quick service, fast casual, midscale, and casual dining chains.
“January is historically one of the toughest months for U.S. restaurants and bad weather is usually a contributor,” says David Portalatin, NPD food industry advisor and author of Eating Patterns in America.
QSR chains, which represent the bulk of industry transactions, grew transactions by 2% in January following four consecutive weeks of gains compared to the declines experienced last January. However, the full service restaurant segment, which includes casual dining and midscale/family dining chains, experienced transaction declines throughout the month. Customer transactions at casual dining restaurants declined by 4% and midscale/family dining transactions decreased by 2%, according to NPD.