Although cash fed cattle trade remained undeveloped through Thursday afternoon, and wholesale beef values were sharply lower, Cattle futures eked out slight gains. Some credited part of the support to the lack of bounce in grain prices, following the monthly World Agricultural Supply and Demand Estimates.
Except for 2¢ lower in the back contract, Live Cattle futures closed an average of 44¢ higher.
Except for unchanged in the back contract, Feeder Cattle futures closed an average of 22¢ higher.
Wholesale beef values were sharply lower on light to moderate demand and moderate to heavy offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was $2.15 lower Thursday afternoon at $216.07/cwt. Select was $2.66 lower at $199.11.