Cattle futures closed sharply lower Thursday with likely profit taking, month-end position squaring and technical wariness over the impact of steeper U.S. tariffs on Brazilian beef imports.
Toward the close, Live cattle futures were an average of $4.68 lower. Feeder Cattle futures were an average of $8.59 lower.
Negotiated cash fed cattle trade was light on moderate demand in Nebraska through Thursday afternoon, according to the Agricultural Marketing Service. There were some early dressed delivered prices $3 higher at $383/cwt. FOB live prices there last week were $242-$245.
Trade was limited on moderate demand in Kansas. Although too few to trend, there were some early FOB live sales at $235/cwt. Prices last week were $230-$232.
Elsewhere, trade was mostly inactive on moderate demand.
Last week, FOB live prices were $230-$232/cwt. in the Texas Panhandle and mostly $240 in the western Corn Belt where dressed delivered prices were $380.
Choice boxed beef cutout value was 67¢ lower Thursday afternoon at $361.32. Select was 46¢ higher at $341.37.
Grain and Soybean futures were mixed Thursday.
Toward the close and through away Jly contracts, Corn futures were fractionally higher to 2¢ higher. Kansas City Wheat futures were fractionally lower 4¢ higher. Soybean futures were 4¢ to 5¢ lower.
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