Negotiated cash fed cattle trade opened on Tuesday with moderate demand and light to moderate trade in the Southern Plains and the Northern Plains. Live prices were at $126/cwt. which was $1 lower in the Southern Plains and $2-$3 lower in Nebraska.
Cattle futures traded on either side of steady early in Tuesday’s session and then gave way to continued pressure stemming from light volume, technical selling and overall bearishness.
Live Cattle futures closed an average of 76¢ lower (57¢ to $1.15 lower).
Feeder Cattle futures closed an average of 78¢ lower (67¢ to 92¢ lower).
Choice boxed beef cutout value was $1.52 lower Tuesday afternoon at $223.35/cwt. Select was 55¢ lower at $216.74.
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Major U.S. financial indices regained some of the previous days steep losses on Tuesday. Support included some recovery in tech stocks.
The Dow Jones Industrial Average closed 116 points higher. The S&P 500 closed 4 points higher. The NASDAQ closed 20 points higher.
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Although same-store restaurant sales and traffic declined in January, restaurant operators remained mostly optimistic about current business conditions, according to the latest Restaurant Performance Index (RPI) from the National Restaurant Association (NRA).
The RPI was 100.9 in January, which was down 2 points from the previous month and consistent with last year’s average level. Both of the sub-indexes that comprise the RPI were lower in January, too. The Current Situation Index in January was down 3.5% from the previous month to 99.4. The Expectations Index was 0.5% lower at 102.
Although same-store sales softened in January month-to-month, according to NRA, restaurant operators reported a net increase in same-store sales for the third consecutive month.