Feeder Cattle futures continued to adjust lower, down an average of $2.32 amid a bounce in Corn futures.
Live Cattle futures closed an average of 39¢ lower with apparent pressure from sliding seasonal wholesale beef values.
Corn futures bounced back Thursday with a gloomier weather outlook. They closed 12¢ to 18¢ higher through Jly ‘24, and then 6¢ to 7¢ higher.
Soybean futures closed lower on oversold conditions. They were down 15¢ to 24¢ lower through Jan ‘24, and then 7¢ to 12¢ lower.
KC HRW Wheat closed mixed, fractionally lower to 6¢ lower through May ’24 and then 3¢ to 6¢ higher.
Negotiated cash fed cattle trade ranged from slow on light demand to mostly inactive on very light demand through Thursday afternoon, according to the Agricultural Marketing Service.
On light trade, live prices were steady to $1 lower in the Southern Plains at $178/cwt. and unevenly steady in the western Corn Belt at $179-$184, where dressed prices last week were $290.
Last week, live prices in Nebraska were $180-$183 on a live basis and $290 in the beef.
Choice boxed beef cutout value was $2.91 lower Thursday afternoon at $319.87/cwt. Select was $2.72 lower at $289.97/cwt.
Major U.S. financial indices closed lower Thursday with worries that positive employment data will fuel more interest rate hikes. Private sector employment increased by 497,000 in June, according to the ADP National Employment report. That was significantly more than expected.
The Dow Jones Industrial Average closed 366 points lower. The S&P 500 closed 35 points lower. The NASDAQ was down 112 points.
West Texas Intermediate Crude Oil futures (CME) closed mostly narrowly lower through the front six contracts.