Negotiated cash fed cattle trade and demand were light to moderate in the Southern Plains through Tuesday afternoon with live prices $2 lower at $138/cwt.
In Nebraska, there were a few dressed sales at $226-$227 on slow trade and light demand, but too few to trend. Last week live prices were $144 and dressed prices were $230.
Elsewhere, trade was mostly inactive on light demand, according to the Agricultural Marketing Service. Live prices in the western Corn Belt Monday were $2-$3 lower at $142. Dressed prices last week were $227-$230. Live prices in Colorado last week were $140-$144.
Softer cash prices pressured Feeder Cattle an average of 75¢ lower despite the tiny respite in Corn futures.
Grain and Soybean futures closed mostly higher, though with KC Wheat up another 15¢ to 20¢.
Corn futures closed mixed, mainly 4¢ lower to 2¢ higher, starting with new-crop contracts.
Soybean futures closed mostly 17¢ to 20¢ higher.
Recently higher wholesale beef prices helped cap losses in Live Cattle futures, which closed an average of 44¢ lower, except for 27¢ higher in away Aug.
Choice Boxed beef cutout value was 17¢ higher Tuesday afternoon at $260.48/cwt. Select was $2.52 higher at $248.19.
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Major U.S. financial indices closed higher Tuesday, with investors apparently supported by supposed bottom picking and emboldened by retail data. U.S. retail sales grew by 0.9% in April, according to the monthly Advance Sales report from the U.S. Census Bureau.
The Dow Jones Industrial Average closed 431 points higher. The S&P 500 closed 80 points higher. The NASDAQ was up 321 points.
West Texas Intermediate Crude Oil futures on the CME closed $1.80 to $2.19 lower through the front six contracts.
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Despite bearing the brunt of pandemic dining room lockdowns and restrictions, independent restaurants with one to two locations still represent 53% of total restaurants in the U.S., according to The NPD Group (NPD). Based on NPD’s Fall 2021 ReCount® restaurant census, independent restaurant locations declined by 8% or 28,399 units in 2020 but grew by 1% or 2,893 units by late 2021. Independent locations are growing in seven of the nine Census divisions and large urban areas like Los Angeles, Dallas-Fort Worth, and Seattle-Tacoma.
Independent restaurant spending with broadline foodservice distributors also points toward recovery.
Independent operators increased cases of food and supplies ordered from leading broadline distributors by 27% in the 12 months ending March 2022 compared to the same period a year ago. That was 5% more than the pre-pandemic level in the period ending March 2019.
“The pandemic lockdowns and restrictions were particularly tough for Independent restaurant operators since they have fewer resources and capital than chains to withstand tougher times,” says David Portalatin, NPD food industry advisor. “Some independents didn’t make it, but many did, and they are thriving and contributing to the overall vibrancy of the U.S. foodservice market.”
Consumer online and physical visits to independent restaurants increased by 12% in the 12 months ending March compared to the same period a year ago and are now 7% below the pre-pandemic level in the 12 months ending March 2019, according to NPD.
During the same period, visits to independent full-service restaurants — representing about 63% of all independent restaurants — were up 19% compared to the year ending March 2021, resulting in a 14% decline from the year ending March 2019 before the pandemic.
Quick-service independent restaurant traffic increased by 5% in the 12 months ending March 2022 compared to a year ago and was up 1% from the pre-pandemic level in the 12 months ending March 2019.