Cattle futures closed lower Thursday, pressured by lower cash fed cattle prices in the South and skittish outside markets.
Live Cattle futures closed an average of $1.64 lower. Feeder Cattle futures closed an average of $3.23 lower.
Negotiated cash fed cattle trade ranged from moderate on moderate demand in the Texas Panhandle to slow on light to moderate demand in Kansas through Thursday afternoon, according to the Agricultural Marketing Service. Live FOB prices were $181/cwt., which was $2 lower in the Texas Panhandle and $1-$2 lower in Kansas.
Elsewhere, trade was slow on light demand with too few transactions to trend.
Last week, FOB live prices were $184 in Nebraska and $183-$185 in the western Corn Belt. Dressed delivered prices were $288-$292.
Choice boxed beef cutout value was 9¢ lower Thursday afternoon, at $311.51/cwt. Select was $2.61 lower at $296.78.
Grain futures softened Thursday with likely farmer selling. Corn futures closed mostly fractionally lower to 2¢ lower. Kansas City Wheat futures closed 2¢ to 4¢ lower. Soybean futures closed mostly 1¢ to 2¢ higher.
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