Cattle futures weakened Thursday, following the previous day’s rally. Month-end positioning and lack of direction from undeveloped cash fed cattle trade seemed to be primary drivers. Reaction to the latest U.S. tariffs on NAFTA partners appeared muted until more is known about potential retaliation.
After $1.07 lower in spot Jun, Live Cattle futures closed an average of 50¢ lower (30¢ to 70¢ lower).
Feeder Cattle futures closed an average of 56¢ lower—(from 22¢ lower at the back of the board to $1.15 lower in spot Aug).
Boxed beef cutout values were steady to weak Thursday on moderate demand and moderate to heavy offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 48¢ lower in the afternoon at $228.20/cwt. Select was 9¢ higher at $204.47.
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