What's more, spot months in both commodities were under pressure amid liquidation by long position holders ahead of pending expirations later this month. And there was a buzz in the live cattle pit that prices for unsold cattle may not exceed last week's values and that boxed-beef prices are close to topping out.

CME lean hog contracts finished mixed while belly contracts posted steep gains toward the closing bell.

Pre-market live cattle optimism faded after futures again rebuffed advances from attractive fundamentals. Also, potential bullish cattle players clung to the fringes of the pit following Wednesday's sell-off that some suspect could ruin chances for higher cash bids this week.

There were reports of isolated $99 live basis cattle sales and $160 dressed trades on Thursday.

And although beef cutouts so far this week performed admirably, midday boxed-beef's modest rise on Thursday is a sign to some that retail interest in buying product may be slowing.

Source: FXSTREET