Cattle futures ran out of steam Thursday amid higher Corn futures, softer cash fed cattle prices and continued volatility in outside markets. Perhaps the possibility of a U.S. railroad strike on Monday also played a role.
Feeder Cattle futures closed an average of $1.29 lower (87¢ to $1.90 lower).
Live Cattle futures closed an average of $1.33 lower through the front four contracts, then an average of 79¢ lower.
Negotiated cash fed cattle trade was mostly inactive on light demand through Thursday afternoon, according to the Agricultural Marketing Service.
So far this week, live prices are steady in the Southern Plains at $137/cwt., steady to $4 lower in Nebraska at $144-$145 and $2-$5 lower in the western Corn Belt at $145. Dressed prices are $2 lower in Nebraska at $230 and $2-$4 lower in the western Corn Belt at $228-$230.
Choice Boxed beef cutout value was 30¢ lower through Thursday afternoon at $267.75/cwt. Select was 65¢ lower at $241.91/cwt.
A hotter, drier forecast helped lift Corn futures mostly 5¢ to 8¢ higher, except for 45¢ lower in spot Jly. However, declining oil prices weighed on Soybean futures, which were mostly 7¢ to 13¢ lower, except for 22¢ higher in spot Jly.
So far Friday, Cattle futures are trending lower.