Cattle futures softened Thursday on likely profit taking and weaker wholesale beef prices. Depending on the projections considered, analysts peg September placements about 8-9% less year over year with September marketings down about 7% for an on-feed inventory Oct. 1 about even.
Toward the close, Live Cattle futures were an average of 52¢ lower except for 2¢ higher in near Dec. Feeder Cattle futures were an average of $1.99 lower.
Negotiated cash fed cattle trade was mostly inactive on light demand in the North through Thursday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $225-$227/cwt. in Nebraska and mainly $224 in the western Cron Belt. Dressed delivered prices were $350-$355 in Nebraska and mainly $350 in the western Corn Belt.
The Texas Cattle Feeder Association reported its members trading fed steers at $228.50 and fed heifers at $226.
Choice boxed beef cutout value was $3.12 lower Thursday afternoon at $369.47/cwt. Select was $4.93 lower at $350.41.
Grain and Soybean futures were mixed Thursday.
Through late afternoon, and through the front four contracts, Corn futures were 2¢ to 3¢ lower with pressure from harvest progress.
Kansas City HRW Wheat futures were 7¢ to 9¢ lower with less Ukraine-Russia war premium.
Soybean futures were mostly 4¢ to 7¢ higher, helped by Chinese buying.
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