Cattle futures were lower Thursday on likely profit taking and positioning ahead of Friday’s Cattle on Feed and Cattle inventory reports.

Toward the close, Live cattle futures were an average of 84¢ lower. Feeder Cattle futures were an average of $2.39 lower.

Negotiated cash fed cattle trade was limited on moderate demand in the Texas Panhandle through Thursday afternoon, according to the Agricultural Marketing Service. Although too few to trend, there were some early FOB live sales at $231/cwt. Elsewhere, trade was inactive on moderate demand.

Last week, FOB live prices were $230/cwt. in the Texas Panhandle, $230-$231 in Kansas and $240 in the North where dressed delivered prices were $380.

Choice boxed beef cutout value was 57¢ higher Thursday afternoon at $368.09. Select was $1.61 higher at $347.00.

Grain futures were higher Thursday but continue to be capped by positive crop progress and weather.  

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