Cattle futures were sharply lower Thursday, weighed down by wobbly cash trade, technical selling, bearish outside markets and lower wholesale beef values.

Before settlement, Live Cattle futures closed an average of $1.84 lower. Feeder Cattle futures were an average of $4.97 lower.

Negotiated cash fed cattle trade ranged from slow on light to moderate demand in the Southern Plains to slow on light demand in the North through Thursday afternoon, according to the Agricultural Marketing Service.

Although too few to trend, there were some early FOB live trades in the Southern Plains at $188/cwt.

Last week, FOB live prices were $190 in the Southern Plains, $198 in Nebraska and $196-$198 in the western Corn Belt. Dressed delivered prices were $312/cwt.

Choice boxed beef cutout value was $1.98 lower Thursday afternoon at $312.79/cwt. Select was $2.70 lower at $297.46/cwt.

Net U.S. beef export sales of 17,700 metric tons (2024) the week ending July 25 were 32% more than the previous week and 35% more than the prior four-week average, according to USDA’s weekly report. Increases were primarily for South Korea, Japan, Mexico and China.

Grain and Soybean futures were mixed Thursday.  

Heading into the close, through Jly ’25 contracts, Corn futures were fractionally mixed. Kansas City Wheat futures were 5¢ to 7¢ higher on likely short covering. Soybean futures were 6¢ to 10¢ lower.