Cattle futures closed sharply lower Thursday in an outside day with apparent technical pressure.
Live Cattle futures closed an average of $2.18 lower ($1.85 to $2.97 lower).
Feeder Cattle futures closed an average of $3.89 lower ($2.80 to $4.67 lower).
Negotiated cash fed cattle trade was slow on light to moderate demand in the western Corn Belt through Thursday afternoon, according to the Agricultural Marketing Service. FOB live prices were $2-$3 higher at $188.00. Dressed delivered prices were steady at $292.
Elsewhere, trade ranged from mostly inactive on light demand to a standstill with too few transactions to trend. Last week, FOB live prices were $185 in the Southern Plains and $185-$186 in Nebraska where dressed delivered prices were $292-$300.
Choice boxed beef cutout value was 96¢ higher Thursday afternoon at $310.78/cwt. Select was 65¢ higher at $301.69/cwt.
Corn futures closed 4¢ to 7¢ lower through Jly ’25 and then mostly 2¢ lower, with pressure from wheat.
KC HRW Wheat futures closed 9¢ to 12¢ lower, pressured by more bullish domestic weather, poor exports and China’s recent cancellation of purchases from the U.S. and other countries.
Soybean futures closed mixed, from 1¢ lower to 1¢ higher.
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