Negotiated cash fed cattle trade ranged from limited on light demand in the Southern Plains to slow on light to moderate demand in the North through Thursday afternoon, according to the Agricultural Marketing Service.
So far this week, live prices are $1 higher in the Southern Plains at $145/cwt., steady to $2 higher in Nebraska at $147-$148 and unevenly steady in the western Corn Belt at $148. Dressed prices are $2 higher at $232.
Choice Boxed beef cutout value was 13¢ lower Thursday afternoon at $246.53/cwt. Select was $1.60 higher at $215.86/cwt.
Cattle futures softened Thursday amid volatile outside markets and despite higher cash trade.
Feeder Cattle futures closed an average of 65¢ lower, except for 5¢ higher in Aug.
Live Cattle futures closed an average of 23¢ lower, except for 27¢ higher in spot Oct.
Corn futures closed mostly 3¢ to 4¢ higher.
Soybean futures closed mostly 4¢ to 6¢ higher, except for fractionally lower to 2¢ higher in the front four contracts.
Major U.S. financial indices sank early Thursday and then boomeranged back in dramatic fashion. Pressure stemmed from higher inflation than expected in the monthly Consumer Price Index (CPI). Apparently, the same information provided support later with speculation that it was the last gasp for price hikes. Energy also provide support.
The CPI for all urban consumers rose 0.4% month to month in September, according to the U.S. Bureau of Economic Analysis. CPI was up 8.2% over the last 12 months.
The Dow Jones Industrial Average closed 827 points higher. The S&P 500 closed 92 points higher. The NASDAQ was up 232 points.
West Texas Intermediate Crude Oil futures (CME) closed $1.81 to $1.91 higher though the front six contracts.
Here’s something from the For What It’s Worth Department:
Land O’Lakes, in partnership with Wakefield Research, recently polled a nationally representative sample of U.S. consumers seeking to find out what they know about where their food comes from.
Among the findings:
On average, Americans believe that less than half of U.S. farms are family owned and operated, although the fact is that 98% are. Similarly, just 43% of respondents believe the food they buy comes from these family-owned operation, when in fact 88% does.
Despite some prevailing misconceptions, most Americans express interest in the source of their food with 87% of respondents at least somewhat interested in knowing where their groceries were grown or produced. Millennials were most likely to be extremely or very interested in knowing where their food comes from.
Finally, 94% of respondents say it’s at least somewhat important that their groceries be grown or sourced sustainably — yet when it comes to sustainable farming, 26% are unaware of the potential for sustainability in farming to increase farmers’ profits.