Cattle futures stepped lower Thursday as wholesale beef prices continue to fall and with early weekly cash fed cattle trade weaker.

Toward the close, Live cattle futures an average of $2.60 lower. Feeder Cattle futures were an average of $5.49 lower, except for 2¢ higher in spot Sep.

Negotiated cash fed cattle trade was light on moderate demand in the Texas Panhandle and light to moderate on moderate demand in Kansas through Thursday afternoon, according to the Agricultural Marketing Service. In the North, trade was moderate on moderate demand.

For the week, FOB live prices are $3 lower in the Southern Plains at $237/cwt., $3-$4 lower in Nebraska at $232-$235 and $4-$5 lower in the western Corn Belt at $232. Dressed delivered prices are $5 lower in Nebraska at $365 and $3-$11 lower in the western Corn Belt at $365.

Choice boxed beef cutout value was $5.42 lower Thursday afternoon at $371.97/cwt. Select was $2.97 lower at $353.45.

Grain and Soybean futures firmed Thursday with support including Argentina’s renewal of its agricultural export tax.

Toward the close and through Jly contracts, Corn futures were fractionally higher to 1¢ higher. Kansas City Wheat futures were 4¢ to 5¢ higher. Soybean futures were 2¢ to 3¢ higher.