Feeder Cattle futures closed lower while August Live Cattle futures posted modest gains in a mixed trading session. Cash steer prices softened slightly to 238.28, though the pace of recent cash market declines appeared to slow. Meanwhile, daily slaughter held steady at 106,000 head. Market participants are turning their attention to the upcoming USDA Cattle on Feed report, with average analyst estimates projecting On Feed at 102.2%, Placements at 98%, and Marketings at 97%. Traders are also monitoring positioning changes following recent fund long liquidation in cattle contracts.