Cattle futures gained Thursday with support from lower feed futures and the likelihood of fewer Mexican cattle imports when new tariffs begin.

Toward the close, Live Cattle futures were an average of 67¢ higher. Feeder Cattle futures were an average of $2.06 higher.

Negotiated cash fed cattle trade ranged from a standstill in the Southern Plains to limited on very light demand in the North through Thursday afternoon with too few transactions to trend, according to the Agricultural Marketing Service.

Last week, FOB live prices were $199/cwt. in the Southern Plains, $199-$200 in Nebraska and $199-$201 in the western Corn Belt. Dressed delivered prices were $315.

Choice boxed beef cutout value was $1.72 lower Thursday afternoon at $311.18/cwt. Select was $1.11 lower at $302.13.

Grain futures were lower again Thursday with likely liquidation prior to the first notice day on Friday, looming U.S. tariffs and initial domestic grain production estimates (see below).

Toward the close and through Sep ’25 contracts, Corn futures were 8¢ to 14¢ lower. Kansas City Wheat futures were 12¢ to 15¢ lower. Soybean futures were mostly 3¢ lower.