Cattle futures eased lower Thursday, awaiting the week’s cash fed cattle direction and more bearish outside markets.
Toward the close, Live Cattle futures were narrowly mixed, from an average of 13¢ lower to an average of 23¢ higher. Feeder Cattle futures were an average of 63¢ lower, except for 10¢ higher in one contract.
Negotiated cash fed cattle trade was inactive on light demand in all major cattle feeding regions through Thursday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were mainly $245/cwt. in the Southern Plains, mostly $240/cwt. in Nebraska and $240-$242 in the western Corn Belt. Dressed delivered prices were $378.
Choice boxed beef cutout value was $1.08 lower Thursday afternoon at $364.84/cwt. Select was 45¢ higher at $363.03.
Grain and Soybean futures gained Thursday.
Toward the close, through near Sep contracts, Corn futures were 3¢ to 5¢ higher. KC HRW Wheat futures were 14¢ to 15¢ higher with likely technical buying. Soybean futures were 6¢ to 12¢ higher, buoyed by positive trade talks with China.
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