Negotiated cash fed cattle trade was at a standstill in Colorado through Thursday afternoon, according to the Agricultural Marketing Service. Elsewhere, it was limited on light demand with too few transactions to trend.
For the week so far:
Texas Panhandle: $110-$111/cwt.
Nebraska: $109-$110 on a live basis; $172 dressed.
Western Corn Belt: $108-$109 on a live basis; $173-$174 dressed.
Cattle futures were mixed Thursday, with Feeder Cattle losing ground beneath the weight of another surge higher in grain prices, while more positive supply fundamentals in the second quarter helped bolster deferred Live Cattle.
Live Cattle futures closed an average of 68¢ higher, except for an average of 19¢ lower in the front three.
Feeder Cattle futures closed an average of 64¢ lower except for 15¢ higher in the back contract.
Choice boxed beef cutout value was $2.37 higher Thursday afternoon at $213.37/cwt. Select was $2.01 higher at $201.07.
Strong exports continue to support corn and soybean prices, according to the latest USDA U.S. Export Sales report for the week ending Jan. 7.
Net U.S. corn export sales of 1.44 million metric tons (mt) for 2020-21 were 92% more than the previous week and 34% more than the prior four-week average.
Net U.S. soybean export sales of 908,000 mt for 2020-21 were up noticeably from the previous week and up 93% from the prior four-week average.
Corn futures closed 9¢ to 10¢ higher through the front three contracts, and then 1¢ to 5¢ higher.
Soybean futures closed 20¢ to 25¢ higher through Jan ‘22, and then mostly 10¢ to 16¢ higher.
Major U.S. financial indices closed a touch lower Thursday, ahead of incoming President Biden’s announcement about plans for another round of federal stimulus.
Initial unemployment insurance claims for the week ending Jan. 9 were 965,000, according to the U.S. Department of Labor. That was 181,000 more than the previous week.
The Dow Jones Industrial Average closed 68 points lower. The S&P 500 closed 14 points lower. The NASDAQ was down 16 points.
“Improving the traceability and sustainability of our supply chain is one of Wendy’s® key priorities. When it comes to beef, the first step is reaching further back into our supply chain to create visibility into the animals we source for our food, and to verify how they were raised and treated,” says Liliana Esposito, Chief Communications Officer for The Wendy’s Company.
Wendy’s is accomplishing that in partnership with the Progressive Beef program, which increases transparency and provides third-party verification that the cattle were raised in accordance with strict animal welfare and sustainability standards. The Progressive Beef program is built around three core pillars including animal welfare, food safety and sustainability; and transparency and traceability are critical to achieving progress in these areas.
Wendy’s announced Thursday that 40% of its U.S. fresh, never frozen beef supply was sourced from Progressive Beef™-certified feedlots at the end of last year, which was 15% more than the previous year. The company’s goal is to source more than 50% of its supply from cattle raised under the Progressive Beef program in 2021.
“Over time, we believe this transparency and record- keeping will enable us to measure and improve our impact on a variety of sustainability metrics, including medical treatment and antibiotic use, and water and land use,” Esposito says.
“Wendy’s is a longtime leader in the restaurant industry, and we were delighted to have them as our first restaurant chain partner,” says John Butler, Chief Executive Officer of Progressive Beef, LLC. “Today’s consumers want to know where their food comes from and that the cattle were ethically and sustainably raised. We are proud to offer Wendy’s a solution to meet the company’s goal of a more transparent and traceable fresh beef supply chain; a program that we believe to be the industry gold standard and way of the future.”