US cattle futures rebound as feeder prices rise after June lows

Feeder cattle futures on the CME regained ground on Thursday, climbing 2.60 cents to finish at 343.775 cents per pound after slipping to fresh lows not seen since early June. Live cattle futures slipped slightly, with August contracts down 2.20 cents to 225.40 cents per pound. At the same time, grain futures used for feed saw modest gains – soybean settled up 4.75 cents to $12.44 per bushel and corn up 2 cents to $4.64 per bushel.

The market rebound was attributed to profit‑taking after the previous day's sell‑off and to strong wholesale pork prices, which helped lean‑hog futures firm. The USDA's upcoming cattle‑on‑feed report and lingering drought conditions in the U.S. Plains kept traders cautious, while hot weather in the Midwest has reduced feeder cattle purchases. Boxed beef prices fell, with choice cuts down $0.63 to $362.87 per cwt and select cuts down $1.82 to $348.75 per cwt.