Negotiated cash fed cattle trade remained undeveloped through Thursday afternoon.
Cattle futures mostly tread water, pressured early by sharply lower Lean Hog futures, but recovering as trade picked up.
Live Cattle futures closed narrowly mixed (17¢ lower to 11¢ higher).
Except for unchanged in the back contract, Feeder Cattle futures closed an average of 26¢ higher.
Corn and soybean futures came under pressure Thursday, perhaps in part to negative rhetoric regarding a trade resolution with China, as well as defensive positioning ahead of USDA reports Friday that will provide the first glimpse at grain stocks and usage estimates in more than a month.
Corn futures closed 2¢ to 3¢ lower through Sep ’20 and then fractionally lower to 1¢ lower.
Soybean futures closed 3¢ to 8¢ lower.
Wholesale beef values were lower on light to moderate demand and offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 86¢ lower Thursday afternoon at $216.71/cwt. Select was 84¢ lower at $211.53.