Negotiated cash fed cattle trade was limited on light demand in the western Corn Belt through Friday afternoon, according to the Agricultural Marketing Service. Although too few to trend, there were a few live sales at $144/cwt.
Elsewhere, trade was mostly inactive on light demand.
For the week, live prices were $2 higher in Nebraska and the Southern Plains at $142 and $1-$2 higher in the western Corn Belt at $142-$143. Dressed prices were $2 higher at $226.
Total estimated cattle slaughter last week was 663,000 head, which was 4,000 head more than the previous week and 114,000 head more than the same week last year. Total estimated year-to-date cattle slaughter of 4.49 million head is just 110,000 head fewer.
Feeder Cattle futures closing mixed, from an average of 42¢ lower in three contracts to an average of 44¢ higher.
Live Cattle futures closed an average of 35¢ lower except for unchanged to 35¢ higher in the back three contracts.
Choice Boxed beef cutout value was $3.74 lower Friday afternoon at $265.85/cwt. Select was $2.22 lower at $262.63.
Net U.S. beef export sales of 23,000 metric tons (2022) were 18% more than the previous week and 38% more than the prior four-week average, according to USDA’s U.S. Export Sales report for the week ending Feb. 10.
Increases were primarily for South Korea, Japan, Canada, Mexico, and China.
Corn futures closed mostly fractionally higher to 1¢ higher.
Soybean futures closed 3¢ to 9¢ higher.
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Major U.S. financial indices continued to erode Friday as worries grew about Russia invading Ukraine.
The Dow Jones Industrial Average closed 232 points lower. The S&P 500 closed 31 points lower. The NASDAQ was down 168 points.
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U.S. restaurants continue to claw back from the ravages of the pandemic, but the industry will likely remain changed going forward.
“Restaurants and their patrons have found themselves in a ‘new normal.’ Given emergent technology, changing consumer behavior and dining preferences, and the extraordinary challenges of the last two years, the industry is unlikely to ever completely return to its pre-pandemic state,” says Hudson Riehle, senior vice president of the Research and Knowledge Group at the National Restaurant Association (NRA). “While recovery speed varies across the industry by segment, the constant innovation and sustained flexibility of restaurant operators are creating a new future for the restaurant industry. There will continue to be ample opportunities for growth in 2022 and beyond.”
Earlier this month, NRA released its 2022 State of the Restaurant Industry report, which measures the restaurant industry’s continued recovery and examines the status of current and emerging trends across key categories including technology and off-premises business, operations, workforce, food and menus, and more.
Among highlights from the report:
- More than half of restaurant operators said it would be a year or more before business conditions return to normal. Food, labor, and occupancy costs are expected to remain elevated, and continue to impact restaurant profit margins in 2022.
- 96% of operators experienced supply delays or shortages of key food or beverage items in 2021 – and these challenges will likely continue in 2022.
- 60% of full-service operators say their menu contains fewer offerings now than it did before the pandemic.
- Roughly 50% of restaurant operators in the full-service, quick-service, and fast-casual segments expect recruiting and retaining employees to be their top challenge in 2022.
- 51% of adults say they aren’t eating at restaurants as often as they would like, which is an increase of six percentage points from before the pandemic.
- 51% of adults say purchasing takeout or delivery food is essential to the way they live, including 72% of millennials and 66% of Gen Z adults.
- 57% of adults say they would likely participate in a meal subscription program if it was offered by one of their favorite restaurants. Eight in 10 millennials and Gen Z adults say they would use this option.