There were too few negotiated cash fed cattle transactions to trend in any major cattle feeding region through Thursday afternoon, according to the Agricultural Marketing Service. So far this week, amid anemic trade, live prices are $2 lower in Nebraska at $126/cwt. and $2-$3 lower in the western Corn Belt at $125-$126. Dressed trade in Nebraska is $2-$5 lower at $200-$203.
Choice boxed beef cutout value was 53¢ lower Thursday afternoon at $337.92/cwt. Select was $2.60 lower at $304.97.
Cattle futures continued to sag lower Thursday amid sluggish interest ahead of the long holiday weekend, declining wholesale beef values and the lackluster packing pace. Feeder Cattle led the charge lower.
Feeder Cattle futures closed an average of $2.42 lower ($1.65 to $3.00).
Live Cattle futures closed an average of $1.38 lower ($1.05 to $1.60).
Corn futures closed mostly 2¢ higher through new-crop contracts, then mostly 1¢ to 2¢ lower.
Soybean futures closed 1¢ to 5¢ higher through new-crop contracts, then mostly unchanged to fractionally higher
Major U.S. financial indices closed higher on Thursday with the S&P 500 hitting another record. Weekly initial unemployment insurance claims the week ending Aug. 28 were 340,000, a decrease of 14,000 from the previous week’s revised level. That’s the lowest level since March 14, 2020. The number was also more positive than the trade expected.
The Dow Jones Industrial Average closed 131 points higher. The S&P 500 closed 13 points higher. The NASDAQ was up 22 points.
USDA’s Food Safety and Inspection Service (FSIS) published an advance notice of proposed rulemaking on Thursday to solicit comments and information regarding the labeling of meat and poultry products made using cultured cells derived from animals under FSIS jurisdiction. FSIS will use these comments to inform future regulatory requirements for the labeling of such food products.
In 2019, USDA and FDA announced a formal agreement to jointly oversee the production of human food products made using animal cell culture technology and derived from the cells of livestock and poultry to ensure that such products brought to market are safe, unadulterated and truthfully labeled. Under the agreement, FDA will oversee cell collection, growth, and differentiation of cells. FDA will transfer oversight at the cell harvest stage to FSIS. FSIS will then oversee the cell harvest, processing, packaging, and labeling of products. FDA and FSIS also agreed to develop joint principles for the labeling of products made using cell culture technology under their respective labeling jurisdictions. Seafood, other than Siluriformes fish, falls under FDA’s jurisdiction, whereas meat, including Siluriformes fish, and poultry are under FSIS’ jurisdiction.
Other than new labeling regulations concerning this product, FSIS does not intend to issue any other new food safety regulations for the cell-cultured food products under its jurisdiction. According to FSIS, “Current FSIS regulations requiring sanitation and Hazard Analysis and Critical Control Point systems are immediately applicable and sufficient to ensure the safety of products cultured from the cells of livestock and poultry.”