Major U.S. stock exchanges were closed Wednesday, saluting the life of patriot and former president George Herbert Walker Bush.
Negotiated cash fed cattle trade was undeveloped through Wednesday afternoon, but early signs pointed to at least steady money.
For instance, there were only two lots of steers from Kansas (219 head) offered in the weekly Fed Cattle Exchange auction. Both sold at a weighted average price of $117.83/cwt. for delivery at 1-9 days. That price was right at last week’s average country trade for the region.
Likewise, prices for Ch 2-4 steers ($115.58-$116.63) at the Tama fat cattle auction in Iowa were at the upper end of country prices in the western Corn Belt last week.
Cattle futures closed higher Wednesday—led by Feeder Cattle—building on gains from the previous session, although trade and overall direction were limited.
Live Cattle futures closed an average of 71¢ higher.
Feeder Cattle futures closed an average of $1.02 higher.
Wholesale beef values were weak on moderate demand and offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 60¢ lower Wednesday afternoon at $213.26/cwt. Select was 65¢ lower at $196.86.
“Restaurant operators are somewhat more optimistic about sales growth in the coming months, with their outlook rising to a six-month high,” according to the National Restaurant Association (NRA), in that organization’s most recent Restaurant Performance Index (RPI) report. “However, restaurant operators remain generally less bullish about the direction of the overall economy.”
Stronger same-store sales and customer traffic pushed the RPI to a slight gain in October at 101.2; it was 101.1 a month earlier. Index values above 100 indicate key industry indicators are in a period of expansion.
The RPI is comprised of the Current Situation Index (CSI) and the Expectations Index (EI). Month to month, the CSI increased from 100.6 to 100.9. The EI was stable at 101.6.