Cattle futures softened Thursday with the lack of negotiated cash fed cattle direction, positioning ahead of the three-day weekend and monthly Cattle on Feed report (see below), as well as potential profit taking.
Toward the close, Live Cattle futures were an average of $1.14 lower. Feeder Cattle futures were an average of 75¢ lower.
Negotiated cash fed cattle trade was mostly inactive on light demand in all major cattle feeding regions through Thursday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $255-$256/cwt. in the Texas Panhandle, mostly $256 in Kansas and $255-$258 in the North. Dressed delivered prices were $403-$405.
Choice boxed beef cutout value was 58¢ lower Thursday afternoon at $393.92/cwt. Select was $2.51 lower at $374.75.
Grain and Soybean futures softened Thursday as traders positioned ahead of the Juneteenth holiday and without bullish news.
Toward the close, and through near Mar contracts, Corn futures were 3¢ to 4¢ lower. Soybean futures were 7¢ to 10¢ lower. Kansas City HRW Wheat futures were mostly 8¢ to 9¢ lower.
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