Short covering and lower Corn futures helped Feeder Cattle futures mostly rebound from the previous day’s pressure.
Feeder Cattle futures closed an average of $1.00 higher.
Live Cattle futures closed mixed, from an average of 17¢ lower in four contracts to an average of 39¢ higher.
Negotiated cash fed cattle trade was mostly inactive on very light demand in all major feeding regions through Tuesday afternoon with too few transactions to trend, according to the Agricultural Marketing Service.
Fed cattle prices last week were generally steady on a live basis at $123-$124/cwt. Dressed trade was $2 lower at $198 in Nebraska and $194-$198 in the western Corn Belt.
Choice boxed beef cutout value was $1.14 lower Tuesday afternoon at $301.56/cwt. Select was 3¢ lower at $274.35.
Corn futures closed 5¢ to 7¢ lower through new-crop contracts and then 2¢ lower to 1¢ higher.
Soybean futures closed mostly 9¢ to 10¢ lower.
Spiking treasury yield rates and the Congressional budget stalemate weighed on equity markets Tuesday.
The Dow Jones Industrial Average closed 569 points lower. The S&P 500 closed 90 points lower. The NASDAQ was down 423 points.
Despite bad weather and the delta variant spread, consumer online and physical restaurant visits in August continued to recover from last year’s steep declines, according to the NPD Group (NPD). U.S. restaurant traffic increased by 5% over the 10% decline in August 2020 and was 5% less than the pre-pandemic level in August 2019. Larger average check sizes drove a 13% increase in dollars compared to a year ago and a 3% gain in dollars over the same month two years ago, according to NPD’s daily tracking of the U.S. restaurant industry.
“Overall, the state of the U.S. restaurant industry today reflects the steady state of the home-centric lifestyle that has us eating more meals at home,” says David Portalatin, NPD food industry advisor. “This behavior pre-dates the pandemic and will continue into the foreseeable future. To meet the needs of today’s restaurant consumers, restaurant operators need to think about getting meals and snacks into the home.”
Quick service restaurant visits, representing most U.S. restaurant traffic, were down 3% in August compared to August 2019, up 2% versus the same time last year. Visits to full service restaurants declined by 9% this August compared to the same month two years ago, and increased by 20% versus a 25% decrease in August 2020.
While restaurant visits improved overall, dine-in or on-premises traffic continues to struggle compared to pre-pandemic levels. Dine-in visits were down 34% in August compared to August 2019. Off-premises orders, which gained significant ground during the pandemic, represented 73%, of all restaurant visits this August. Of off-premises services, delivery continues its meteoric growth, with orders increasing by 128% in August compared to the same month two years ago, and now represents 10% of off-premises visits. Carry-out visits, which hold a 49% share of off-premises traffic, increased by 6% compared to pre-pandemic levels. Drive-thru visits rose by 11% in August compared to August 2019 and represented 41% of off-premises visits in the month. Although digital ordering has grown by triple-digits since the pandemic began, non-digital orders represented 85% in of all restaurant orders in August.