Negotiated cash fed cattle trade remained undeveloped through Thursday afternoon. There were a few FOB live sales in the western Corn Belt at $186/cwt., but too few to trend, according to the Agricultural Marketing Service.
Last week, live prices (FOB) were $180/cwt in the Southern Plains and $188 in Nebraska and the western Corn Belt, where dressed prices (FOB) were $295.
Choice boxed beef cutout value was 48¢ lower Thursday afternoon at $302.86/cwt. Select was 5¢ lower at $279.76/cwt.
Net U.S. beef export sales of 21,400 metric tons (2023) for the week ending July 20 were 2% more than the previous week and 43% more than the prior four-week average. Increases were primarily for South Korea, Japan, China, and Canada.
Eroding front-month Corn futures supported Feeder Cattle futures again on Thursday. They closed an average of 54¢ higher, except for an average of 7¢ lower in two contracts.
Live Cattle futures closed an average of 31¢ lower, except for an average of 13¢ higher in two contracts.
Corn futures closed 4¢ to 7¢ lower through Jly ‘24 and then mostly 1¢ to 2¢ higher.
KC HRW Wheat closed fractionally mixed to 1¢ higher through Sep ’24 and then 3¢ to 6¢ lower.
Soybean futures closed 12¢ to 22¢ lower.
Major U.S. financial indices closed lower Thursday despite frothier second-quarter domestic economic growth than expected.
Real gross domestic product (GDP) increased at an annual rate of 2.4% in the second quarter of this year, according to the advance estimate from the U.S. Department of Commerce. Real GDP in the first quarter was 2.0%. Gains in the second quarter primarily reflected increases in consumer spending and business investment.
The Dow Jones Industrial Average closed 237 points lower. The S&P 500 closed 29 points lower. The NASDAQ was down 77 points.
West Texas Intermediate Crude Oil futures (CME) closed $1.05 to $1.31 higher through the front six contracts.
Members of the National Cattlemen’s Beef Association (NCBA) passed a directive earlier this week to continue the organization’s advocacy efforts for transparent labeling and inspection of cell-cultured protein products.
“Cattle producers are not afraid of a little competition, and I know that consumers will continue choosing real high-quality beef over cell-cultured imitations,” says NCBA President Todd Wilkinson, a South Dakota cattle producer. “Our priority is ensuring that consumers accurately know the difference between real beef and cell-cultured products through transparent and accurate labeling. We have already been successful at engaging the U.S. Department of Agriculture to conduct robust inspections and oversight to protect food safety.”
Earlier this year, USDA’s Food Safety Inspection Service (FSIS) issued two grants of inspection to companies producing cell-cultured chicken imitation products. These grants of inspection permit companies producing cell-cultured products to sell their products in interstate commerce. While no cell-cultured imitations of beef have received a grant of inspection, several companies are attempting to create them.