At the Chicago Mercantile Exchange, live and feeder cattle were lower, pressured by lower boxed beef, and waiting for direct business to develop.  June live cattle closed $.77 lower at $175.60 and August lives closed $.42 lower at $172.70.  May feeders closed $2.27 lower at $242.57 and August feeders closed $2.20 lower at $252.45. 

There was a very light, scattered direct cash cattle trade that took place on Wednesday. Dressed deals in the North had a range of $295 to $296.50, $3.50 to $5 below the prior week’s weighted averages.   

…