Cattle futures started the session with optimism but eroded as the day wore on with likely pressure from profit taking and lower outside markets.
Live Cattle futures closed an average of 77¢ lower.
Feeder Cattle futures closed an average of $1.23 lower (82¢ to $1.87 lower).
Negotiated cash fed cattle trade was light to moderate on moderate demand in Nebraska through Thursday afternoon, according to the Agricultural Marketing Service. Dressed trade was $2 higher at $224/cwt. Live prices a day earlier were steady to $2 higher at $140.
Trade in the western Corn Belt was limited on light demand. There were a few live sales at $141-$142, but too few to trend. Prices last week were $140 on a live basis and $220-$222 in the beef.
In the Southern Plains, trade was limited on light demand. Live prices a day earlier were at $140.
Choice Boxed beef cutout value was 97¢ lower Thursday afternoon at $274.82/cwt. Select was $3.10 lower at $268.95.
Corn futures closed mostly 3¢ to 5¢ lower.
Soybean futures closed 10¢ to 20¢ lower in the front five contracts and then 5¢ to 15¢ lower.