Live Cattle and Feeder Cattle futures faced downward pressure, fading an early gap higher to close the session lower. The August Feeder Cattle contract saw significant intraday swings, dropping $5.75 from its early morning highs. Deferred cattle contracts gave up even more ground, declining over $6. Lean Hog futures also followed the downward trend, with the June contract falling $1.80. In the cash market, the wholesale boxed beef report showed strength in both Choice and Select cuts, while daily slaughter numbers ticked up to 102 thousand head. Market sentiment was influenced by analyst concerns regarding potential reductions in beef tariffs, raising the prospect of long liquidation among funds currently holding 138 thousand long futures and options contracts.