Cattle futures closed mixed to lower Thursday with follow-through pressure from declining open interest and lingering concerns about the nation’s economy.
Feeder Cattle futures closed an average of 65¢ lower.
Live Cattle futures closed mixed, from an average of 48¢ lower to an average of 27¢ higher.
Negotiated cash fed cattle trade ranged from slow on light to moderate demand to mostly inactive on light demand through Thursday afternoon, according to the Agricultural Marketing Service.
So far this week, FOB live prices are $1 lower at $182/cwt. in the Southern Plains and at $183 up north. Dressed delivered prices in Nebraska are steady to $2 lower at $288-$290. Dressed delivered prices were $290 in the western Corn Belt last week.
Choice boxed beef cutout value was $1.00 higher Thursday afternoon at $297.76/cwt. Select was 10¢ lower at $274.77/cwt.
Wheat futures climbed Thursday on new shipping concerns related to Russia’s war on Ukraine, dragging Corn futures higher.
Corn futures closed 11¢ higher through Jly ‘24 and then mostly 5¢ to 8¢ higher.
KC HRW Wheat closed 18¢ to 24¢ higher through May ‘25 and then mostly 12¢ higher.
Soybean futures closed 3¢ to 7¢ higher through Aug ‘24 and then mostly 1¢ higher.
Major U.S. financial indices closed little changed after early pressure, as investors await Friday’s jobs report.
The Dow Jones Industrial Average closed 9 points lower. The S&P 500 closed 5 points lower. The NASDAQ was down 16 points.
West Texas Intermediate Crude Oil futures (CME) closed $1.18 to $1.91 lower through the front six contracts.
The U.S. meat sector continues making strides toward ensuring meat supply chain sustainability in all of its forms. Consider the second annual continuous improvement report from the Meat Institute, a founding member of Protein PACT, which developed a framework for continuous improvement in all areas of sustainability.
The report reflects commitments and actions covering an estimated 90% of meat sold in the United States, with 93% of the Meat Institute’s largest member companies (more than 2000 employees) submitting data.
Among the Meat Institute’s five focus areas for continuous improvement, one key target is the Meat Institute’s aim for 100% of members to have set a science-based emissions reduction target by 2030. To date, 14 Meat Institute general members representing the majority of meat sold in the United States, plus 10 supplier/allied members, have set or publicly committed to set targets verified by the Science-Based Targets Initiative.
For reporting establishments that handle live animals, report highlights include:
86% have a comprehensive animal welfare program based on the Meat Institute’s Animal Handling Guidelines.
85% require suppliers to implement employee training and species-specific standards for animal care.
82% require animal welfare transport regulations/programs.
Meat Institute President and CEO Julie Anna Potts explains, “Ninety-eight percent of American households purchase meat, putting our sector undoubtedly at the center of sustaining healthy diets, healthy communities, and a healthy planet for generations to come.”