Cattle futures lost momentum on Thursday, despite higher negotiated cash fed cattle prices.
Toward the close, Live Cattle futures were an average of 34¢ lower, except for an average of $1.96 higher in the back two contracts.
Feeder Cattle futures were an average of $2.30 lower, except for an average of 35¢ higher in three contracts toward either end of the board.
Negotiated cash fed cattle trade ranged from inactive on light demand in the Texas Panhandle to light on moderate demand elsewhere through Thursday afternoon, according to the Agricultural Marketing Service.
Based on the latest established trade, compared to last week, FOB live prices are $4 higher in the Texas Panhandle at $260/cwt. Elsewhere, FOB live prices are mostly $265/cwt., which is $5-$9 higher in Kansas, $5 higher in Nebraska, and $5 higher in the western Corn Belt. Dressed delivered prices are $13 higher in Nebraska at $415 and $5-$10 higher in the western Corn Belt at $410.
Choice boxed beef cutout value was $1.23 lower Thursday afternoon at $387.45/cwt. Select was 42¢ higher at $389.00.
Grain and Soybean futures were lower Thursday, likely tied with disappointment in the lack of commodity news from the U.S.-China trade talks.
Toward the close, and through near Dec contracts, Kansas City HRW Wheat futures were 19¢ to 20¢ lower. Corn futures were mostly 10¢ to 13¢ lower. Soybean futures were 23¢ to 35¢ lower through near Nov.
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