Cattle futures closed lower on Thursday for the second consecutive session.
Live Cattle futures closed an average of $1.51 lower, except for 25¢ higher in spot Jun,
Feeder Cattle futures closed an average of $1.77 lower.
Choice boxed beef cutout value was $15.07 lower Thursday afternoon at $450.92/cwt. Select was 16¢ higher at $437.40.
Corn futures closed fractionally lower across the front half of the board, and then mostly unchanged to fractionally higher.
Soybean futures closed mostly fractionally lower to 1¢ lower.
Major U.S. financial indices closed higher Thursday, helped long by higher crude oil prices, and despite another 2.98 million initial jobless claims, according to the U.S. Labor Department.
The Dow Jones Industrial Average closed 377 points higher. The S&P 500 closed 32 points higher. The NASDAQ closed 80 points higher.
Lingering tailwinds from government relief payments and the lifting of dine-in restrictions in states like Georgia, Florida, and Texas helped to improve U.S. restaurant chain transactions the week ending May 3, according to The NPD Group (NPD).
Total restaurant transactions were 26% less than a year earlier, compared to declines of 32% and 43% the previous two weeks. That’s from NPD’s CREST® Performance Alerts, which provides a rapid weekly view of chain-specific transactions and share trends for 70 quick service, fast casual, midscale, and casual dining chains.
More specifically, transactions at quick service restaurant chains were down 24% in the week ending May 3 versus a year earlier; they were down 30% the previous week. For the same two weeks, full service restaurants transactions declined 67% a 71%, respectively.
Restaurant dine-in restrictions were lifted for nearly 192,000 restaurant units or about 29% of all units since May 1, based on an analysis using NPD’s ReCount® restaurant census. Keep in mind that required social distancing limits can reduce dining room capacity by as much as 75% in some areas.
“Many restaurant operators have weighed the value of limited operations versus the cost of opening, health risks, or other factors, and chose to remain closed or continue with a takeout-only model,” says David Portalatin, NPD food industry advisor. “The most recent week’s performance suggests we’ve achieved about 30% of the potential volume in states where restrictions were lifted. Looking ahead to next week, another 46,000 restaurants could come back online.”