Negotiated cash fed cattle trade on Thursday continued steady with last week in Nebraska and the western Corn Belt at mostly $115/cwt. on a live basis. Dressed sales were steady to $1 higher at $182.
Cattle futures strengthened on Thursday, regaining some of the losses from the previous session, with continued overall strength in beef demand.
Live Cattle futures closed an average of 59¢ higher (32¢ higher to 97¢ higher in spot Dec).
Feeder Cattle futures closed an average of 84¢ higher, (42¢ to $1.22 higher).
Wholesale beef values were lower on light to moderate demand and moderate to heavy offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was $1.28 lower Thursday afternoon at $241.06/cwt. Select was $1.69 lower at $215.84.
Steer carcasses weighed an average of 903 lbs. for week ending Nov. 2, which was 3 lbs. lighter than the previous week, but 4 lbs. heavier than the same time a year earlier, according to the most recent USDA Actual Slaughter Under Federal Inspection report. Fed heifer carcasses weighed an average of at 835 lbs., on par with the previous week and year.
Corn futures closed mostly 1¢ higher.
Soybean futures closed mostly unchanged to 3¢ lower, but 1¢ higher in a couple of the front months.
Major U.S. financial indices closed little changed Thursday.
The Dow Jones Industrial Average closed 1 point lower. The S&P 500 closed 2 points higher. The NASDAQ was down 3 points.
So far, rather than swap alternative proteins for real meat, it appears consumers in the western world are adding alternatives to what they already eat, according to the annual global animal protein outlook from RaboResearch Food & Agribusiness (RRFA).
“Contrary to expectations, the growing interest in alternative proteins has added to total protein consumption; the substitution effect is not yet clear in the consumption data,” according to RRFA analysts. “At the same time, animal
protein consumption has been stable, or up slightly, in the E.U. and U.S. in recent years. This is despite double-digit growth in alternatives’ sales: 16% year-over-year growth for 2018 in the U.S. and a compound annual growth rate of 16% in the Netherlands since 2016.”
Rabobank expects alternative protein consumption to grow next year, along with meat and seafood consumption.
“We also expect more clarity as to whether alternatives are an addition to or a substitute for meat and seafood. Alternatives will need to improve their nutritional profile and eating quality, and address regulatory barriers such as terminology, in order to maintain current growth rates,” according to RRFA analysts.