Cattle futures continued to correct lower Thursday, as wholesale beef prices continued lower and despite hefty gains in Southern Plains fed cattle prices. Keep in mind, the much-anticipated USDA Cattle inventory report will be released Friday afternoon.

Toward the close, Live Cattle futures were an average of $2.04 lower. Feeder Cattle futures were an average of $2.46 lower, except for $1.35 higher in expiring Jan.

Negotiated cash fed cattle trade was moderate on very good demand in the Southern Plains through Thursday afternoon, with FOB live prices $6-$7 higher at $208/cwt., with a few up to $209 in Kansas.

Trade was slow on moderate demand in the North, according to the Agricultural Marketing Service. Although too few to trend, there were some dressed delivered trades in Nebraska at $330 and a few FOB live trades in the western Corn Belt at $210.

Last week, FOB live prices were $210-$212 in the North. Dressed delivered prices were $328-$330 in Nebraska and $330 in the western Corn Belt.

Choice boxed beef cutout value was $3.06 lower Thursday afternoon at $327.48/cwt. Select was $4.77 lower at $315.90.