Negotiated cash fed cattle trade was mostly $3 lower in Nebraska Thursday at mostly $127/cwt. Dressed trade was mostly $3 lower at mostly $205. Dressed sales were $2-$3 lower in the western Corn Belt at mostly $205-$206.
Pessimism began to build about looming cattle supplies as some funds began to unwind long positions. Technical pressure that began in Cattle futures the previous session found a new gear on Thursday, getting more fuel from limit-down moves in Lean Hog futures, which was tied to the lack of exports to China.
Live Cattle futures closed an average of $2.54 lower, for an average of about $4.50 lower in the last two sessions.
Feeder Cattle futures closed an average of $3.27 lower, for an average of about $6 lower in the last two sessions.
Wholesale beef values were steady to weak on light to moderate demand and moderate to heavy offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 3¢ lower Thursday afternoon at $232.93/cwt. Select was 53¢ lower at $219.75.
Corn futures closed 1¢ higher.
Soybean futures bounced back and closed 3¢ to 4¢ higher.