Cattle futures regained some footing Thursday with some likely positioning ahead of Friday’s monthly Cattle on Feed report. Depending on who you follow, August placements are estimated to be nearly 9% less year over year with August marketing down about 13% and the Sept. 1 cattle on feed inventory down nearly 1%.

Toward the close, Live cattle futures were an average of $1.53 higher. Feeder Cattle futures were an average of $3.10 higher.

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

Dressed delivered prices were $5-$8 lower in Nebraska at $370/cwt. FOB live prices there last week were mostly $240.

In the western Corn Belt, FOB live prices were steady to $3 lower at $237. Dressed delivered prices in the region last week were $375-$378.

Although too few to trend, there were some FOB live trades in Kansas at $240. Prices in the Southern Plains last week were $240.

Choice boxed beef cutout value was $2.37 lower Thursday afternoon at $385.81/cwt. Select was $5.06 lower at $361.31.

Grain and Soybean futures continued lower Thursday with harvest pressure, farmer selling and profit taking. 

Toward the close and through away Jly contracts, Corn futures were 2¢ lower. Kansas City Wheat futures were 5¢ to 6¢ lower. Soybean futures were 4¢ to 5¢ lower.