The growing likelihood that the U.S. would impose increased and expanded tariffs on Chinese imports Friday morning cast a pall over equity and futures markets Thursday. However, late session buying capped losses in Cattle futures.
Other than 87¢ and 20¢ higher in the front two contracts, Live Cattle futures closed an average of 15¢ lower.
Feeder Cattle futures closed an average of 37¢ higher.
Wholesale beef values were weak on light to moderate demand and moderate to heavy offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 54¢ lower Thursday afternoon at $222.47/cwt. Select was 41¢ lower at $207.08.
Grain futures fell hard, presumably pressured by the aforementioned trade news, as well as defensiveness ahead of Friday’s monthly World Agricultural Supply and Demand Estimates.
Corn futures closed mostly 8¢ to 11¢ lower through the front five contracts and then mostly 4¢ to 5¢ lower.
Soybean futures closed 11¢ to 14¢ lower through Aug ’20 and then mostly 6¢ to 9¢ lower.