Cattle futures held on to most of the previous session’s gains, but closed marginally lower Thursday.
Except for $1.57 higher in expiring Jun, Live Cattle futures closed an average of 30¢ lower.
Feeder Cattle futures closed an average of 48¢ lower.
Grains mainly tread water Thursday, ahead of Friday’s much-anticipated Stocks and Acreage reports from USDA.
Corn futures closed 2¢ to 3¢ lower through Jul ’20 and then mostly fractionally higher.
Soybean futures closed mostly 3¢ to 6¢ lower through Aug ’20 and then unchanged to fractionally higher.
Wholesale beef values were weak to lower on light to moderate demand and offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 67¢ lower Thursday afternoon at $219.03/cwt. Select was $1.66 lower at $196.90.