Cattle futures pared the worst of the pressure Thursday…Pastureland and cropland values continue to rise, for the most part… Coming up on your Cattle Current Market Update with Wes Ishmael.
After follow-through support early in the session, continued erosion in Lean Hog futures, along with light trade and declining open interest, helped pressure Cattle futures Thursday, especially Feeder Cattle. Cattle futures did close well off of session lows.
Except for 2¢ higher in away Aug, Live Cattle futures closed an average of 16¢ lower.
Feeder Cattle futures closed an average of 56¢ lower across the front half of the board and then and average of 17¢ lower.
Boxed beef cutout values were steady to weak on light to moderate demand and offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 5¢ higher Thursday afternoon at $203.80/cwt. Select was 48¢ lower at $197.10.
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