Negotiated cash fed cattle trade was undeveloped through Wednesday afternoon, but early sings pointed to at least steady trade.
For instance, although too few to trend, there was some live trade in Nebraska at $124/cwt., steady with last week.
Likewise, two lots of steers from Kansas brought a weighted average price of $124.11 in the weekly Fed Cattle Exchange auction. That was steady with the region’s country price a week earlier. There were only 294 head offered, but 161 head sold. Another lot was passed out at $124.
Cattle futures edged lower Wednesday with the lack of cash direction and light trade, especially light in Feeder Cattle.
Other than unchanged to an average of 3¢ higher in the back three contracts, Live Cattle futures closed an average of 19¢ lower.
Feeder Cattle futures closed an average of 48¢ lower.
Corn futures closed mostly unchanged to fractionally lower.
Soybean futures closed mostly 2¢ to 4¢ higher.
Wholesale beef values were firm on Choice and weak on Select with light to moderate demand and light offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 55¢ higher Wednesday afternoon at $217.57/cwt. Select was 73¢ lower at $212.37.
Major U.S. financial indices leaked lower Wednesday, pressured by mixed quarterly earnings results and little betting direction from the State of the Union address.
The Dow Jones Industrial Average closed 21 points lower. The S&P 500 closed 6 points lower. The NASDAQ was down 26 points.
“Plant-based proteins are no longer just a meat replacement, it’s now its own category,” says David Portalatin, NPD food industry advisor and author of Eating Patterns in America. “It’s possible that protein overall is evolving into a category, whether animal meat, beans, nuts, soy, wild game or other proteins, in forms ranging from beverage to center-of-plate.”
Case shipments of plant-based protein from broadline foodservice distributors to foodservice operators increased 20% year to year in November, according to The NPD Group.
Burgers represent the largest plant-based foodservice category and have year-over-year double-digit growth in pounds shipped to foodservice operators, and plant-based burgers are showing up the most on many restaurant menus. Although plant-based burgers are popular across demographics, an analysis done with NPD’s receipt mining service, Checkout, shows that smaller, more affluent ($100,000 and up) households are the top buyers of plant-based burgers.
About a quarter of the U.S. population, many of whom aren’t vegan or vegetarian, say that they eat and drink plant-based beverages and foods as well as animal protein on a regular basis, according to NPD.