Negotiated cash fed cattle traded at $112/cwt. in the Texas Panhandle on Friday, according to the Texas Cattle Feeders Association. That was $1 more than a week earlier.
Elsewhere, prices were yet to be established through late afternoon, according to reports from the Agricultural Marketing Service. Although too few to trend, there were some early live sales reported in the Western Corn Belt at $115-$116 and a few in the beef at $185. Those prices are at the top of the region’s range the prior week.
Feeder Cattle futures gained on softer corn prices, while Live Cattle treaded water.
Live Cattle futures closed from 5¢ lower to 12¢ higher, amid light trade.
Feeder Cattle futures closed an average of 41¢ higher, across a range of 5¢ higher at the back to 95¢ higher in spot Aug.
Corn futures closed 2¢ to 4¢ lower through Jul ’20 and then 1¢ lower.
Soybean futures closed mostly 1¢ higher through Aug ’20 and then 2¢ to 3¢ higher.
Wholesale beef values were weak to lower on light to moderate demand and offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 40¢ lower Friday afternoon at $212.17/cwt. Select was 84¢ lower at $188.34.
Major U.S. financial indices closed higher Friday. Lusher quarterly earning reports from companies like Intel and Alphabet provided support. As well, second-quarter U.S. GDP growth was stronger than expected.
Real gross domestic product (GDP) increased at an annual rate of 2.1% in the second quarter of 2019, according to the advance estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 3.1%.
The Dow Jones Industrial Average closed 51 points higher. The S&P 500 closed 22 points higher. The NASDAQ was up 91 points.
The price Index for beef and veal through June grew slower year over year than food prices in general and overall consumer prices, according to the most recent Consumer Price Index (CPI) from the U.S. Bureau of Labor Statistics (BLS).
Compared to the previous year, the beef and veal price index this June was 0.6% higher, while the price index for all meats was up 1.3%. The index for pork prices was 2.0% higher; 0.4% lower for poultry.
More specifically, the food at home index increased 0.9% over the last 12 months, with all six major grocery store food group indexes rising over the span,
ranging from 0.3% (meats, poultry, fish, and eggs) to 2.3% (nonalcoholic beverages).
During the same period, the index for food away from home rose 3.1%, with the index for full service meals rising 3.3%, while the index for limited service meals increased 3.0%.
Over the last 12 months, the all items index increased 1.6%, before seasonal adjustment. Take food and energy away and the index was 2.1% higher year to year.