Cattle futures drifted lower Thursday, lacking the week’s cash fed cattle direction and perhaps with some wariness about Friday’s monthly Cattle on Feed report. Depending on the estimates you consider, analysts peg May placements about 2% less year over year, May marketings about even and the June 1 cattle on feed inventory about 1% less.

Before settlement, Live Cattle futures were an average of 38¢ lower, except for an average of 49¢ higher in the front two contracts. Feeder Cattle futures were an average of 37¢ lower.

Negotiated cash fed cattle trade ranged from mostly inactive on light demand to a standstill through Thursday afternoon, according to the Agricultural Marketing Service.

Based on final established trade last week, FOB live prices were $186/cwt. in the Southern Plains $195-$198 in Nebraska and $193-$195 in the western Corn Belt. Dressed delivered prices were $305-$306; prices as high as $310.

Choice boxed beef cutout value was $2.17 higher Thursday afternoon at $322.87/cwt. Select was $1.14 higher at $304.40/cwt.

Turning to grain and Soybean futures, heading into the close, through Jly ’25 contracts, Corn futures were 8¢ to 10¢ lower. Kansas City Wheat futures were 7¢ to 10¢ lower. Soybean futures closed were 10¢ to 18¢ lower.