Cattle futures ground higher Thursday with fundamental strength.

Toward the close, Live Cattle futures were an average of $1.61 higher. Feeder Cattle futures were an average of $4.44 higher.

Negotiated cash fed cattle trade was inactive on light demand in all major cattle feeding regions through Thursday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were $256-$258/cwt., in Kansas and $256 elsewhere. Dressed delivered prices were mainly $405.

Choice boxed beef cutout value was 8¢ lower Thursday afternoon at $393.21/cwt. Select was $2.46 lower at $373.25.

Corn and Soybean futures were lower Thursday with pressure on the positive weather outlook.

Toward the close, and through near Mar contracts, Corn futures were 7¢ to 8¢ lower also pressured by increased old-crop world stocks in the monthly World Agricultural Supply and Demand Estimates (see below). Soybean futures were mostly 4¢ to 7¢ lower. Kansas City HRW Wheat futures were 1¢ lower to 3¢ higher.