Cattle Current Daily-June 9

Cattle Current Daily-June 9

Cash fed cattle traded about $4.50 higher in the weekly Fed Cattle Exchange Auction on Thursday at an average price of $136.75. Only about 25% of the 1,396-head offering sold—and that was for delivery at 1-17 days. Country trade failed to materialize to a large enough degree for a trend in any of the major cattle feeding regions through the afternoon.

Cattle futures backed away from firm early support to trade narrowly mixed in Live Cattle and lower in Feeder Cattle.

Live Cattle futures closed 17¢ lower to 17¢ higher, except for 45¢ lower in away Jun.

Feeder Cattle futures closed an average 83¢ lower (65¢ to $1.02 lower).

Choice boxed beef cutout value was 32¢ lower Thursday afternoon at $250.39/cwt. Select was 11¢ higher at $220.01.

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Major U.S. financial indices closed slightly higher on Thursday, with investors apparently satisfied there is no lethal testimony coming to the Trump administration via former FBI director James Comey.

The Dow Jones Industrial Average closed 8 points higher. The S&P 500 closed fractionally higher. The NASDAQ closed 24 points higher.

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Despite the May decline in the Restaurant Performance Index, based on the first quarter, consumer spending grew by 1.3% and visits to restaurants and foodservice outlets held steady. That’s according to The NPD Group, a leading global information company, which continually tracks the foodservice industry.

Fortunes depend on the segment of foodservice.

Areas offering the most convenience to customers, like delivery and drive-thru, grew in the first quarter by 2% and 3%, respectively, according to NPD Group’s CREST® foodservice market research, which tracks daily how U.S. consumers use restaurants and foodservice outlets. Visits to what are termed fast-casual restaurants, grew visits by 3%, mainly due to unit expansion.

On the other side of the scale, NPD data says visits to casual dining restaurants fell by 4%, while visits to midscale/family dining restaurants declined by 3%.

2017-06-08T20:35:35-05:00

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