Country cash fed cattle trade remained undeveloped through Wednesday afternoon. Four lots (413 head from Kansas) sold out of the 2,982 head offered in the weekly Fed Cattle Exchange auction, for a weighted average price of $122.40/cwt. (delivery 1-9 days). That was $2 less than most of last week’s country trade in the region.
Cattle futures continued the same overall sideways back and forth of late, this time settling mostly higher.
Other than 97¢ and 10¢ lower in the front two contracts, Live Cattle futures closed an average of 75¢ higher.
Feeder Cattle futures closed an average of 87¢ higher (55¢ to $1.17 higher).
Boxed beef cutout values moved higher on Wednesday with moderate to fairly good demand and light to moderate offerings, according to the Agricultural Marketing Service. Select and Choice rib, chuck, round, and loin cuts steady to firm.
Choice boxed beef cutout value was 87¢ higher Wednesday afternoon at $227.30/cwt. Select was 79¢ higher at $207.88.
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Major U.S. financial indices closed lower in late selling on Wednesday, perhaps on profit taking. Indices were higher for most of the session, supported by the Fed’s decision to leave interest rates unchanged, as expected.
The Dow Jones Industrial Average closed 174 points lower. The S&P 500 closed 19 points lower. The NASDAQ closed 29 points lower.
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Consumer adoption of online grocery shopping continues to grow, but slowly compared to other categories.
About 10% of U.S. consumers regularly buy groceries on line, according to a new report from the NPD Group (NPD). Nearly all of those (99%) still shop in brick-and-mortar grocery stores, too.
As might be suspected, a key reason more consumers haven’t adopted buying groceries online more quickly has to do with wanting to select their own fresh items. Another is a reluctance to pay for delivery.
According to NPD, the benefits of online grocery shopping, like not needing to leave home, price comparisons, speed, and not having to wait in lines are enough for a growing number of consumers to be enticed, but not enough to get them to do all of their grocery shopping online.
The NPD folks suggest groceries may follow the same path as other categories, like electronics, where consumers still want to see the item up close and personal. Like electronics, NPD analysts say often the answer is in an omnichannel approach, which many of the major grocers are now offering.
“With major brick-and-mortar grocery stores announcing click and collect and various speedy delivery options, the line between physical and online is blurring and, as a result, consumers are getting the best of both worlds,” says Darren Seifer, NPD food and beverage industry analyst. “There is also a place for pure-play ecommerce grocers but it looks like, as of now, consumers want a seamless experience between brick-and-mortar and e-commerce.”