Cash fed cattle trade remained undeveloped through Thursday afternoon.
Odds and ends fed cattle trade at auction the previous day pointed to steady to lower prices than last week’s 5-area weighted average of about $117.50/cwt. for steers.
Cattle futures edged higher on Thursday, supported by short covering and the overall livestock complex, but the continued lack of cash direction limited gains.
After an average of 70¢ higher in the front two contracts, Live Cattle futures closed 17¢ lower to 20¢ higher.
Feeder Cattle futures closed an average of 61¢ higher (30¢ to 82¢ higher).
Choice boxed beef cutout value was $1.44 lower on Thursday afternoon at $201.04/cwt. Select was $1.33 lower at $183.69.
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Major U.S. financial indices closed lower on Thursday. Although there was positive economic news, including lower than expected jobless claims and stronger retail sales in November than expected, various analysts attributed most of the pressure to fretting over if and when tax reform will be accomplished.
The Dow Jones Industrial Average closed 76 points lower. The S&P 500 closed 10 points lower. The NASDAQ closed 19 points lower.