Chicago Mercantile Exchange (CME) feeder cattle futures ticked down on Thursday for a second session in a row as Chicago Board of Trade corn futures moved up, reported Reuters.
Live cattle also fell as boxed beef values headed down.
CME April feeders finished down 3.45 cents at 355.275 cents per pound.April live cattle settled down 2.125 cents at 233.275 cents per pound.
CBOT corn futures firmed on Thursday on rising crude oil prices and disruptions to fertilizer supplies.
Brent oil prices jumped above $119 a barrel after Iran attacked energy facilities across the Middle East following Israel's strike on its South Pars gas field.
Strength in crude oil is seen as supportive given corn's role as a feedstock for ethanol, but rising corn prices make feeding cattle more expensive, according to analysts.
On Thursday afternoon, the US Department of Agriculture reported choice cuts of boxed beef fell $1.45 to $400.30 per hundredweight (cwt), and select cuts dipped down $3.72 at $392.45 per cwt.
But adding support were wildfires burning vast swaths of grazing lands in Nebraska, endangering cattle producers' plans for production increases that could help ease record-high US beef prices.
Beef packer margins rose to $132.20 per head on Thursday, down from gains of $142.15 on Wednesday, and $20.00 a week ago, according to livestock marketing advisory service HedgersEdge.
CME lean hog futures ended down 1.700 cents at 92.05 cents per pound.
Source : The Pigsite