Cattle futures extended gains Thursday with follow-through support from outside markets.
Toward the close, Live Cattle futures were an average of 83¢ higher. Feeder Cattle futures were an average of 82¢ higher, except for unchanged in spot Nov.
Negotiated cash fed cattle trade was mostly inactive on light demand in all major cattle feeding regions through Wednesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.
Last week, FOB live prices were $190/cwt. in all regions with dressed delivered prices at $296-$298 in Nebraska and $298 in the western Corn Belt.
Choice boxed beef cutout value was $6.13 lower Thursday afternoon at $309.46/cwt. Select was $3.48 lower at $279.72.
Grain and Soybean futures were mixed again Thursday.
Toward the close and through Sep ’25 contracts, Soybean futures were 17¢ to 23¢ higher, boosted by weekly soybean oil exports. Corn futures were 2¢ to 3¢ higher. Kansas City Wheat futures were 3¢ to 5¢ lower.
******************************
Major U.S. financial indices closed mixed Thursday, but mainly higher with follow-through support from the previous session and the Fed’s decision to cut interest rates a quarter-point.
The Dow Jones Industrial Average closed fractionally lower. The S&P 500 closed 44 points higher. The NASDAQ was up 285 points.
Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were 34¢ to 52¢ higher through the front six contracts.
******************************
U.S. consumers spent an average of 11.2% of their disposable personal income on food in 2023, on par with the amount spent in 2022, according to USDA’s Economics Research Service (ERS).
Consumer preferences between food-at-home and food-away-from-home spending shifted over time and have returned to trends observed before the COVID-19 pandemic. Specifically, consumers spent 5.3% of their disposable personal income on food at home, which was 5.6% less than the previous year. Conversely, expenditures on food away from home rose to 5.9%, up 0.3% year over year. ERS analysts say convenience in meal options, increased disposable personal income and lifestyle changes emerging from the pandemic may have contributed to the shift.