Negotiated cash fed cattle trade was moderate on moderate to good demand in all major cattle feeding regions through Thursday afternoon, according to the Agricultural Marketing Service.
FOB live prices were $2 higher in the Southern Plains at $188/cwt., $2-$3 higher in Nebraska at $190 (a few up to $191) and $2-$3 higher in the western Corn belt at $190-$191. Dressed delivered prices were $2-$7 higher in Nebraska at $302 and $4 higher in the western Corn Belt at $302.
Choice boxed beef cutout value was 29¢ higher Thursday afternoon at $313.73/cwt. Select was $1.02 higher at $303.73/cwt.
Despite the higher cash trade, Cattle futures edged lower Thursday, with some likely positioning ahead of Friday’s monthly Cattle on Feed report.
Live Cattle closed an average of 43¢ lower., except for 57¢ higher in spot Apr.
Feeder Cattle futures closed an average of 88¢ lower (30¢ to $1.07 lower), except for 62¢ higher in spot Mar.
Corn futures closed mostly 1¢ to 2¢ higher, helped along by weekly export numbers.
KC HRW Wheat futures closed mostly 1¢ to 2¢ higher.
Soybean futures closed mostly 1¢ to 3¢ higher, also helped by weekly exports.
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Major U.S. financial indices closed higher Thursday, with continued investor optimism about interest rate cuts this year.
The Dow Jones Industrial Average closed 269 points higher. The S&P 500 closed 16 points higher. The NASDAQ was up 32 points higher.
West Texas Intermediate Crude Oil futures (CME) closed 1¢ to 20¢ lower through the front six contracts.
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Meat remains a favored mainstay among virtually all U.S. consumers, according to the 19th annual Power of Meat report released this week by the Meat Institute and FMI—The Food Industry Association. According to the report, 80% of Americans describe themselves as meat eaters and 98% of households purchase meat. Those numbers are steady year over year.
Economic conditions continue to impact Americans’ shopping and meal choices, with 43% of Americans cutting back on restaurant meals. Of meat eaters who are buying restaurant meals less often, 75% try to recreate restaurant-type meals at home.
At the grocery store, 73% of Americans are making one or more changes to meat purchases to save money – with the most common strategy being to adjust the quantity of meat purchased. Among meat purchasers changing quantities to save money, 30% buy smaller packages to save money immediately, and 42% buy larger bulk packs to save money over time. On the other hand, more than nine in 10 shoppers say they would spend extra on occasion, with holidays, special celebrations and entertaining the top reasons.