Cattle futures were lower again Thursday, on weaker boxed beef cutout values and the lack of cash direction.

Live Cattle futures were an average of 63¢ lower.

Feeder Cattle futures were an average of $1.19 lower.

Front month Cattle futures were trending mixed early in today’s session.

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

Last week, FOB live prices were $184/cwt. in the Southern Plains $186-$187 in Nebraska and $185-$187 in the western Corn Belt. Dressed delivered prices were $294-$295.

Choice boxed beef cutout value was $1.28 lower Thursday afternoon at $295.39/cwt. Select was $2.49 lower at $285.76/cwt.

Net U.S. beef export sales the week ending May 2 of 12,300 metric tons for 2024 were down 45% from the previous week and 29% from the prior four-week average. Increases were primarily for Japan, South Korea, Mexico, Taiwan, and Canada.

Grain futures were lower Wednesday with likely producer selling and perhaps positioning ahead of Friday’s World Agricultural Supply and Demand Estimates.

Corn futures mostly 1¢ to 2¢ lower through Jly ‘25. Kansas City Wheat futures mostly 3¢ higher. Soybean were 9¢ to 20¢ lower through Aug ‘25.