Cattle futures were lower Thursday with dimming cash fed cattle price  prospects, unwinding wholesale beef values, more bearish outside markets and perhaps positioning ahead of the monthly Cattle on Feed report due out Friday. Ahead of the report, analysts see January placement 3% higher year over year, January marketings about 2% higher and the on-feed inventory Feb. 1 at about 99%.

Toward the close, Live Cattle futures were an average of 65¢ lower, except for unchanged in spot Feb. Feeder Cattle futures were an average of $1.11 lower, except 20¢ higher in Nov.

Negotiated cash fed cattle trade ranged from a standstill in the Texas Panhandle to light on light demand elsewhere, through Thursday afternoon, according to the Agricultural Marketing Service. There were a few FOB live trades in Kansas at $199/cwt., and a few dressed delivered trades in Nebraska at $315, but too few transactions to trend in any region.

Last week, FOB live prices were $203/cwt. in all regions. Dressed delivered prices were $320-$321.

Choice boxed beef cutout value was $1.26 lower Thursday afternoon at $312.63/cwt. Select was 58¢ lower at $303.18.

Soybean futures led Corn futures higher Thursday amid chatter from the White House that a trade deal with China could get done.  

Toward the close and through Sep ’25 contracts, Soybean futures were 9¢ to 13¢ higher. Corn futures were unchanged to 6¢ higher. Kansas City Wheat futures were 5¢ to 6¢ lower.